Civics in a Digital Republic: A Transformative Curriculum

Lesson 3: National Financial Capability Challenge

208 FINANCIAL LITERACY E.3 NATIONAL FINANCIAL CAPABILITY CHALLENGE SUMMARY This unit investigates financial literacy through the St. Louis National Reserve Program. The program is designed to challenge students to develop a rich understanding of earning, spending, borrowing, and protecting against risk. • Students will understand earning through employment. • Students will analyze paychecks and tax documents. • Students will practice developing personal financial books and seek to keep them balanced in a variety of scenarios. • Students will develop an understanding of building financial resources through saving. • Students will investigate and understand the risks and rewards of borrowing money. PROCEDURE • Log into the National Financial Capability Challenge (http://challenge. treas.gov/educator_toolkit/topics.htm) Web page. There are a total of thirty lessons developed by the Federal Reserve. • Six focus on earning. • Five focus on spending. • Seven focus on saving. • Five focus on borrowing. • Seven focus on protection against risk. E.3 National Financial Capability Challenge continued FINANCIAL LITERACY • Choose to either complete all thirty lessons or the ones that meet the needs of your classroom. • The lessons make use of another website called Gen_i_revolution.org which was developed the the Council for Economic Education. We strongly encourage the teachers to incorporate this game into the lessons that they chose to do with students. Differentiated Instruction • Students not familiar with computers may need extra attention • Students that do not have a computer or Internet at home . . . make sure there is time for them to work at school Time Allotment • Up to thirty lessons at the discretion of the teacher MATERIALS & RESOURCES Instructional Materials • A class subscription to the free National Financial Capability Challenge website • Computers to occasional in-class computer work • Curriculum Toobox • National Financial Capability Challenge (http://challenge.treas.gov/ educator_toolkit/topics.htm) STANDARDS & ASSESSMENT Next Generation Content Standards and Objectives for Social Studies in West Virginia • SS.12.E.1 Students will examine the opportunity costs in ever-present scarcity for individuals, businesses and societies to understand how to make choices when facing unlimited wants with limited resources. E.3 National Financial Capability Challenge continued FINANCIAL LITERACY 210 • SS.12.E.5 Students will describe how households, businesses, and government interact in a free-market economy. • SS.12.E.8 Students will evaluate income,lifestyle,education,and employment decisions to make successful career choices: differentiate between gross and net income (e.g., taxes, insurance and pension plans), explore how benefits packages, unions, and professional organizations impact lifestyle, evaluate the impact of education on lifelong earning potential, examine the expectations and benefits of potential careers. • SS.12.E.9 Students will simulate managing the income and expenses of a household: determine what makes up the cost of living and how it varies in different locations, savings for emergency situations and long-term goals, utilizing traditional and online banking services as well as examining fees, services, and hidden costs of checking, savings, debit cards, Certificates of Deposit, etc., construct, analyze and monitor personal budgets, examine the causes of bankruptcy and how to avoid them, complete Federal and State income tax forms and examine other state and local taxes. • SS.12.E.10 Students will examine the advantages and disadvantages of different types of consumer debt to make sound financial decisions (e.g., home loans, credit card debt, automobile loans, pay-day loans and rentto -own). • SS.12.E.11 Students will develop the knowledge and practices of a savvy consumer who knows consumer rights and responsibilities, can identify and avoid fraudulent practices, and guard against identify theft. • SS.12.E.12 Students will assess and develop financial habits that promote economic security, stability, and growth, investments (e.g., stocks, mutual funds, certificates of deposits, and commodity trading) and insurance (e.g., life insurance, health insurance, automobile insurance, home and renters insurance and retirement plans). E.3 National Financial Capability Challenge continued FINANCIAL LITERACY National Council for the Social Studies National Curriculum Standards for Social Studies: A Framework for Teaching, Learning, and Assessment • Theme 4: Individual Development and Identity: Social studies programs should include experiences that provide for the study of individual development and identity. • Theme 5: Individuals, Groups, & Institutions: Social studies programs should include experiences that provide for the study of interactions among individuals, groups, and institutions. • Theme 6: Power, Authority, & Governance: Social studies programs should include experiences that provide for the study of how people create and change structures of power, authority, and governance. • Theme 7: Production, Distribution, & Consumption: Social...