Colorado Financial Literacy Standards
Although the Centennial State has made some headway toward setting standards for teaching youth about personal finance, the state was given a “C” grade in 2023 on the National Report Card compiled by Champlain College. That’s because a high school course with personal finance content is not a specific requirement for graduation. However, Colorado does include a Personal Financial Literacy Expectations Addendum in its social studies and mathematics criteria.
State law now requires Colorado school districts to revise curricula to ensure that financial literacy is included in their programs of study, and adopt assessments aligned with the financial literacy benchmarks. Further, the Centennial State uses assessments to determine seniors’ qualification to graduate – and these assessments include a modest number of personal finance questions. Champlain College estimates that approximately 11% of the social studies assessment exam is related to personal finance. Colorado also gets extra credit for requiring its Department of Education to provide online financial literacy resources for teachers and school districts.
While personal finance instruction is included in Colorado’s K-12 standards which must be implemented at the district level, no high school course is mandated to be offered and/or taken. Standardized financial literacy testing is in place. These data were presented courtesy of the Economic Education Council (CEE).
National Standards for Financial Education
Financial Literacy Standards for Older Youth & Adults (High School through Adults)
Although there is no direct mandate by the California State Board of Education, it is recommended that national standards be implemented. Financial education is a unique subject; all participants have developed financial habits and relationships with money before instruction begins.
National standards are those that have been proven in empirical and theoretical research to produce the highest improvements in participant test scores.
Financial Literacy Standards for Kids (Kids PK through 8th Grade)
In collaboration with education leader Heidi Jacobs, the NFEC created these financial literacy standards to define learning goals and educational targets for optimal child financial education. Guided by strong pedagogical theory, the standards ensure that instructional targets are age- and developmentally-appropriate and that lessons can be effectively scaffolded. Standards represent five sections based on topic areas in the NFEC curriculum.
Standards for Financial Education Instructors
The NFEC teamed with the well-known Danielson Group to develop the first and only national standards for financial educators – The Framework for Teaching Personal Finance – to define optimal educator skill sets and performance levels. The framework also identifies the financial educator responsibilities empirically proven to produce highest gains in participant test scores. This framework is used in all 50 states, including California.