New Mexico Financial Literacy Standards
What grade does the Land of Enchantment merit for its public school benchmarks for financial education? Champlain College says New Mexico earns a “C” in that area. Every other year Champlain issues its National Report Card, which showed that in 2015 New Mexico required that personal finance be offered to high school students as an elective; however, financial education is not a graduation requirement.
New Mexico is one of only two U.S. states with standards requiring personal finance as an elective course in high schools. The elective criteria can be met through curriculum in social studies, family and consumer sciences, business, or mathematics strands, and the Department of Education allows an online option as well. In 2015, the New Mexico General Services Department sought proposals to provide financial literacy education to students throughout New Mexico.
In New Mexico, according to the Economic Education Council, a high school personal finance course is required to be offered, but not required to be taken. Financial education is not included in the K-12 standards that districts must implement.
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.
