1. Personal Financial Literacy
Implications
for
Colorado Teachers

2. The Need for Personal Financial Literacy
55% of parents with children voiced concern over their child’s ability to become financially independent
1 in 3 parents have taught their teen how to balance a checkbook, fewer (29%) explained how credit cards work
We wanted to start with a few statistics regarding financial literacy

3. 93% of parents worry their teen will make financial missteps
72% of parents acknowledge they are the primary source of PFL education
1 in 4 parents are not currently saving for retirement or their child’s education
More stats and your personal story about your son would be great!

4. More than 2/3’s of parents feel less prepared to give financial guidance than they do talking about the “birds & bees”
47% of teens between have a savings account, 12% have a checking account, and 15% have an ATM

5. Personal Financial Literacy- The first approach…making it simple
As a piece of levity, the initial response to PFL expectations was just to keep it simple. SHOW VIDEO.
We all know it isn’t that simple to be financially literate and we heard more than once on the standards feedback tour with regard to PFL from teachers and administrators “we need this”. So the call for action today isn’t if we need PFL or not but rather how will we support the implementation of PFL expectations.

6. Agenda Highlights: standards revision process
Key Features: PFL Expectations
Deeper Look: PFL expectations
Grounding: PFL expectations
Other Support
This is the agenda for this presentation (only) so for the next hour or so we will be:
1. Overview of personal financial literacy within the standards revision process
2. Key features-look at the process for writing
3. Deeper look- template for the standards document
4. Grounding-working with the documents
5 Other support-planned support from CDE

7. How familiar are you with the PFL writing process?
I heard something about that
What is PFL?
c. I am ready for implementation

8. Phases of Implementation for Colorado’s Revised Academic Standards
Awareness & Dissemination:
What is new?
Transition:
Moving to the new standards
Implementation:
Making Meaning
Transformation:
Change in Teaching and Learning
The Office of Teaching and Learning in conjunction with the Office of Standards and Assessment have partnered for the creation of the dissemination and implementation timeline of support from CDE. The purpose of this short overview is to let districts and organizations know when and what they can anticipate in the form of support as we begin this process.
Phase One: consists of the initial awareness and dissemination of the standards. While hardcopies, both PDF and Word, of the standards may be obtained from the CDE website under the Office of Standards and Assessment. The process will continue to create an interactive, searchable platform for the next generation of standards. This “new” portal will allow individuals to search by grade level, content area, and key words. This is an anticipated resource that is currently being created.
Phase Two: consists of the creation of alignment tools and resources. This phases consists of “unpacking standards” and making critical connections between content areas. Tools will be created in partnership with districts that can be used throughout the state and tailored to individual districts. More details will be shared in the next slide.
Phase Three: consists of the implementation period of support. This essential and critical piece will be an area of emphasis. This is the phase in which the teaching and learning cycle are testing and refining implementation to reflect the innovation, depth, and rigor of the revised Colorado Academic Standards.
Phase Four: This is the final phase in which the teaching and learning cycle has been transformed to reflect 21st Century skills and reflect graduates that are post secondary and workforce ready.

9. What are the highlights of personal financial literacy within the standards revision process?

10. Parameters for the standards revision process
Research Based
West Ed and CDE collaborated to gather national and international research
Inclusive
Educators, citizens, higher education, business & industry
Feedback ongoing from stakeholders throughout the process
As directed by the Colorado Board of Education the Office of Standards and Assessment began the work of standards revision with the support of the Office of Teaching and Learning using the following as the three guiding principles of the process:
Research Based-WestEd(a regional service center assigned to Colorado for support) gathered information that was shared with
subcommittees. Research was collected both nationally (Virginia, Massachusetts, Indiana, New Jersey) and internationally (Singapore, Finland, Scotland, New South Wales) for comparison purposes.
Inclusive-members of the all communities in Colorado were asked to serve on the stakeholders group (an advisory group for the entire standards process) and content area subcommittees (actually writers of the standards)
3. Transparent-All of the work was on the CDE website and ongoing feedback was sought throughout the entire process. Documents Posted on CDE website included:
Meeting dates and locations
Notes from subcommittee and stakeholder meetings
Reports
Drafts of the documents
In addition, feedback was collected through a feedback tour and online response opportunities.
Transparent
All could see updates, notes, and deliberations 10

11. Colorado Academic Standards
National & International Review
Feedback from National Experts
&
Colorado Citizens
Writing Subcommittees
Stakeholders help frame the design
Fewer,
Clearer,
Higher
Process for each phase
of standards revision
In Colorado and nationally, the standards reform movement has followed the mantra “fewer, clearer, higher.” In Colorado, these terms are defined as:
Fewer: Essential Concepts & Skills vs. Excessive Content;
Clearer: Coherent Focus on Student Outcomes;
Higher: Greater Depth of Knowledge and Skills.
This grounding drove a process that included national and international benchmarking and research. Standards Stakeholders (Commissioner appointed) made up of business leaders, early childhood experts, K-12 teachers and administrators, and higher education representatives helped frame the design features of the revised standards.
254 Coloradoans served on 15 content subcommittees to write and revise the standards. Drafts were disseminated to the Colorado public and national content experts for review, in addition public feedback was gathered through regional feedback tours held throughout the state, subcommittees made revisions and then the revised drafts were presented to the State Board of Education for adoption on December 10, 2009.

12. State Board of Education
Colorado Department of Education
Personal Financial Literacy Subcommittee
Financial Literacy Recommendations
Economics Grade Level Expectations
Mathematics Evidence Outcomes
Conference Committee
P-8 Integrated within economics and mathematics at every grade level
High School : Integrated in both economics and mathematics but designed for flexibility
Can be integrated within social studies and mathematics similar to P-8
Economics PFL expectations are “portable” to allow for flexibility of implementation
Mathematics PFL expectations are integrated into mathematics for assessment purposes
Integrated into Economics and Mathematics

13. What is your level of awareness of the PFL expectations?
I have thoroughly read through ALL of the PFL expectations and made note of implications for my district.
I have read the PFL expectations.
I have skimmed the PFL expectations.
I have not yet read the PFL expectations.

14. Key Features of Personal Financial Literacy Expectations

15. House Bill 1168 Manage savings, investments, checking accounts
Design and maintain a household budget
Manage personal debt
Understand consumer credit & finance
Manage personal credit options
Select among short-term and long term investments
House Bill 1168 was the master key to the PFL expectations. This legislation guided the subcommittee members in the development of four key components to be taught throughout the P-12 educational experience and guided the work of the group. The components listed become….

16. Financial Literacy Four Key Areas
Goal Setting, Careers, and Financial Responsibility
Planning, Income, Saving, and Investing
Credit
Risk Management and Insurance
Prepared Graduate Competency in Economics
Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL)
Goal Setting:
Understand the importance of personal goal setting, career choices, and financial responsibility, and apply those concepts in a consumer-driven, global marketplace.
Planning, Income, Saving & Investing
Create and manage a financial plan to make informed spending and saving decisions that are compatible with changing personal goals.
Credit
Analyze and manage factors that affect the choice, costs, sources, and the legal aspects of credit.
Risk Management & Insurance
Analyze and apply appropriate, cost effective risk management strategies
P-8: Integrated
High school
Integrated
Variations
P-8 Integrated within economics and mathematics at every grade level
High School : Integrated in both economics and mathematics but designed for flexibility
Can be integrated within social studies and mathematics similar to P-8
Economics PFL expectations are “portable” to allow for flexibility of implementation
Mathematics PFL expectations are integrated into mathematics for assessment purposes

17. Assessing Personal Financial Literacy
Within the new Colorado assessment system
Within the mathematics assessment at each assessed grade level
Details available in the future
Another key component of the PFL legislation included assessment. While few details are known about what that will specifically look like, we do know that it will occur within mathematics in the new Colorado Assessment System. We will be talking to you later about a PFL web page and up to date information will be found there throughout the next two years regarding implementation. This is where you will find the latest and greatest on resources, assessment questions, and other information to support your work.

18. A deeper look at the PFL expectations?
This portion of the slide show is designed to review the notable changes in the standards as they relate to a specific content area. Additional information may be found or questions may be answered by contacting the CDE designated content specialist.

19. High School and Grade Level Expectations
The Template
Content Area:
Standard
Prepared Graduates:
High School and Grade Level Expectations
Concepts and skills students master:
Evidence Outcomes
21st Century Skills and Readiness Competencies
Students can:
Inquiry Questions:
Relevance and Application:
Nature of the Discipline:
Before we get to specific with the PFL expectations we need to do an overview of the actual template of the documents because it has changed. Previously Benchmarks showed the grade bands within which content was to be taught. The new template shows reflects the design of learning progressions of mastery that flow from the goal of a prepared graduate. Content Area: This is the academic area of focus
Standard: The topical organization of a content area with a maximum of six per any one content area.
Prepared Graduates:
Beginning with the goal, the prepared graduate reflects those essential concepts and skills
that each and ever student must master prior to graduation and that will be needed for
a productive future.
Expectations:
Articulated grade by grade from P-8 in all content areas except Reading, Writing and Communication which goes through high school. GLE’s (as they have been nick named) are the concepts and skills indicating progress toward mastery of a Prepared Graduate Competency
Evidence Outcomes: Evidence outcomes (EO’s as they have been nick nammed) are the indicators of student mastery or the individual
components that create the thorough acquisition of concepts and skills
The 21st Century Skills and Readiness Competencies are divided into 3 major components:
Inquiry Questions:
These 3-5 questions are designed to promote discussion and critical thinking in the classroom. Designed to not be “googleable” These were designed to be essential questions that help support enduring understandings.
Relevance and Application: Designed to be a partial answer to the age old student question “Why do we have to know this?” This component reflects how mastery of this specific expectation is used or can be applied in society
Nature of “statements”:The nature of the discipline is designed as a reflection of the unique characteristics, learning's, and “lens” of a discipline. It is the special way of knowing and understanding essential for a specific discipline

20. High School example Economics Expectation:
Analyze the components of personal credit to manage credit and debt
Economics Evidence Outcomes:
Analyze various lending sources, services, and financial institutions
Investigate legal and personal responsibilities affecting lenders and borrowers
Make connections between building and maintaining a credit history and its impact on lifestyle
Mathematics Evidence Outcomes:
Evaluate the costs and benefits of credit (2.6f)
Analyze various lending sources, services and financial institutions (2.6g)
For an example we will take one high school expectation

21. High School Expectation
Content Area: Mathematics
Standard: Patterns, Functions, and Algebraic Structures
Prepared Graduate Competencies:
Use critical thinking to recognize problematic aspects of situations, create mathematical models, and present and defend solutions
High School Expectation
Concepts and skills students know include:
6. Identify essential quantitative relationships in a real-world problem, use elementary functions to develop a mathematical model, and use all available tools, including technology, to find and interpret solutions.
Evidence Outcomes
21st Century Skills and Readiness Competencies
Students can:
Represent and solve problems in various contexts using linear and quadratic functions
Represent and solve problems in various contexts, including investment growth and depreciation, using power and exponential functions
Represent and solve problems involving direct and inverse variations and a combination of direct and inverse variation
Analyze the reasonableness of a solution in its given context and compare the solution to appropriate graphical and numerical estimates
Analyze the impact of interest rates on a personal financial plan (PFL)
Evaluate the costs and benefits of credit (PFL)
Analyze various lending sources, services and financial institutions (PFL)
Inquiry:
What phenomena can be modeled with particular functions?
Which financial applications can be modeled with exponential functions? Linear functions?
How can patterns, relations, and functions be used as tools to describe and explain real-life situations?
What elementary function or functions best represent(s) a given scatter plot of two-variable data?
How much would today’s purchase cost tomorrow? (PFL)
What is the difference between simple and compound interest and how do these relate to linear and exponential growth? (PFL)
Applying Mathematics in Society and Using Technology:
Use translations of elementary functions to model real-world data
Use functions to represent population growth
Use spreadsheets to calculate loan amortization and make predictions about a personal financial plan (PFL)
Investigate the implications of inflation on income, budgets, savings and spending.
Apply interest formulas to explore the effect of compound interest on an investment over time (PFL)
Compare the costs of different ways of obtaining credit (PFL)
Analyze the most cost-effective option for a large purchase (PFL)
Nature of Mathematics:
Mathematicians represent concepts concretely and use multiple representations

22. Analyze various lending sources, services, and financial institutions
Content Area: Social Studies
Standard: Economics
Prepared Graduates:
Acquire the knowledge and economic reasoning skills to make sound financial decisions (PFL)
Grade Level Expectation: High School
Concepts and skills students master:
6. The components of personal credit to manage credit and debt(PFL)
Evidence Outcomes
21st Century Skills and Readiness Competencies
Students can:
Analyze various lending sources, services, and financial institutions
Investigate legal and personal responsibilities affecting lenders and borrowers
Make connections between building and maintaining a credit history and its impact on lifestyle
Inquiry Questions:
Why is it important to know the similarities and differences of revolving credit, personal loans, and mortgages?
How does the law protect both borrowers and lenders?
Why is a good credit history essential to the ability to purchase goods and insurance, and gain employment?
When should you use revolving credit and/or personal loans?
Relevance and Application:
The understanding of the components of personal credit allows for the management of credit and debt. For example, individuals can use an amortization schedule to examine how mortgages differ, check a credit history, know the uses of and meaning of a credit score, and use technology to compare costs of revolving credit and personal loans.
Knowledge of the penalties that accompany bad credit, such as the inability to qualify for loans, leads to good financial planning.
Nature of Economics:
Financially responsible consumers know their rights and obligations when using credit.
Financially responsible consumers frequently check their own credit history to verify its accuracy and amend it when inaccurate.
Financially responsible consumers make decisions that require weighing benefit against cost.

23. At your table, choose a partner
Directions
At your table, choose a partner
2. The table then decides which set of partners will review
P-K
1-2
3-4
5-6
7-8
Partner Discussion
What concepts & skills do you see emphasized at the grade levels?
Table Discussion:
Overview of what is emphasized at each grade level
Our intention here is to focus on preschool through 8th grade expectations to emphasize that comprehensive planning, beyond adding a PFL course at the high school level, is warranted.

24. Anticipated support from CDE
As you consider the scope of the planning involved in addressing PFL, we want to emphasize that you are not in this alone.

25. Here is an overview of what the site looks like:
Notice the right hand column with the following:
CDE standards
District Programs
Math & economics textbooks
Jump$tart Financial Literacy standards
Model curricula
Materials
Programs of instruction
National economic standards
Resources & articles
Bill sponsors
Contact us
These are all a result of the PFL legislation. This site will undergo revision to reflect the newly revised academic standards and with input from the field.

26. URL

27. What are the implications for your work?
Table Talk
What are the implications for your work?
Take a few minutes at your table or with a shoulder partner to discuss the implications of the new Academic Content Standards for your work.
(Take a few more minutes to have various groups report their thoughts.)

28. Multi-Dimensional Support from CDE
Tools
FAQs
Timeline for support
Online, searchable standards
Early Childhood Education companion materials
Standards crosswalk documents, integration documents, etc.
Communication and Collaboration
Web tools and resources
Regional meetings
Content area support and partnerships
Online office hours
Professional Development PD development tools for districts including:
Crosswalk documents, integration documents, alignment tools, guiding questions, promising practices
Personal Financial Literacy Summit and training
As mentioned previously, CDE has a multi-dimensional system of support planned for districts with the implementation of standards. The support can be categorized into three main areas:
Tools: In partnership with districts and individuals in the field, CDE will be working to create various tools to support implementation that include but are not limited to:
Frequently Asked Questions which will live on the standards Implementation Site web site at CDE and can be used to help answer district and individual questions regarding the standards. These FAQs will continue
to grow as more questions are sent to CDE
Timeline of Support-also located on the standards Implementation Site, the timeline will reflect the anticipated completion date of the various documents and tools for district use
As previously mentioned, the online, interactive and searchable standards are being created
Early Childhood education companions materials and documents are being created
Standards crosswalk documents have been created in order to support districts with the analysis of the content specific detailed changes from the old to the new standards
Integration documents, glossaries, and various other tools requested from the field will be created. Feel free to let us know what your needs are and we will try to support the work in your district.
Communication and Collaboration-As a part of the work in implementation and dissemination CDE is hoping to create a system of ongoing communication and collaboration. A district point person for the implementation support will be assigned by the superintendent and will receive all communication pieces from CDE, with the plan for a full state blanketing of communication. In addition, CDE is planning and encouraging multiple collaborative opportunities in creating many if not most of the support materials. Online office hours will continue to be held to help disseminate information in a timely manner and the implementation website will serve as a hub for information.
Finally , a new statewide focus on on-going and meaningful professional development will occur surrounding many, if not all of the support tools. The intention is also to help support districts with the implementation of personal financial literacy.

29. Crosswalk Documents Crosswalk Document
Standard Grade Expectation Referent District Notes Intention Implication
Crosswalk Documents
Example of one tool that has been created: This is the social studies crosswalk document.
Standard and grade reflect the content area standard and grade level for each set of expectations and evidence outcomes.
The referent indicates what the particular content area used as a point of comparison for the crosswalk. For example, the arts used a Suggested Grade Level Expectations document whereas reading, writing, and communicating used the CSAP assessment frameworks. Rationale for each content area referent is included in the content specific crosswalk information section that follows.
District curriculum notes and implications allow the crosswalk to become a working document. Just as the crosswalk working groups used a common referent for comparison, districts can use their curriculum guides to cross reference the revised standards. The implications portion of the crosswalk allow users to consider the impact of changed content for districts and schools, such as revising curriculum or professional development for teachers.
Like the other crosswalks, the first column of the social studies crosswalk is labeled "District Curriculum Notes" and is meant to allow for an analysis of the districts current curriculum alignment to the new evidence outcomes.  The next two columns are labeled "Intention"  and "Implications" and are meant to facilitate district team discussions regarding the following:
The concepts and skills intended in the new document.
What, if any, attention should be placed on implementation needs. In other words, what should students know and be able to do and what resources (i.e., time, materials, training, etc.) are needed in order to implement this evidence outcome?

30. How to Partner with CDE Communication opportunities Collaboration
Professional
development
opportunities
Sharing
opportunities
How do you become more informed and involved in standards implementation?
Communication opportunities:
Online office hours are scheduled and more will come after these:
Standards implementation updates (
Collaboration Opportunities:
Contact the Office of Teaching and Learning to help support collaboration opportunities as tools and resources are being developed.
Sharing opportunities:
Share your district work with CDE by contacting the Office of Teaching and Learning
Professional Development opportunities:
Utilize online tools and resources (as developed)
Request teaching and learning consultants for regional meetings (contact Melissa Colsman,
Thank you so much for your time and attention. Let the Colorado Department of Education know how we can support you in your work.
How to Partner with CDE