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  What should kids—not to mention adults—know about personal finance?
What should kids—not to mention adults—know about personal finance?

What should kids—not to mention adults—know about personal finance? Following is a list of National Standards in Personal Finance compiled by the Jump$tart Coalition for Personal Financial Literacy, a national coalition of more than 150 non-profit organizations, government agencies, and corporations dedicated to improving the financial skills of young adults by promoting the teaching of personal finance in grades K-12.

Broken down into four general categories, the topics are meant to be flexible, so that teachers can pick and choose the materials they think appropriate to their class.

The standards were developed by a group of 20 professionals from a broad range of education, government, and financial service organizations. The standards have been reviewed and approved by a number of educational organizations, including the American Association of Family and Consumer Sciences; National Council on Economic Education, Junior Achievement Inc., the National Association of Elementary School Principals, and others.

To contact the Jump$tart Coalition, call (888) 45-EDUCATE.
 
INCOME
Income sources
Factors affecting income
Entrepreneurship   
Taxes, government services
Inflation, purchasing power
Social Security, Medicare
Legal documents (wills, etc.)
                       
MONEY MANAGEMENT
Needs and wants
Financial decision-making
Budget
Financial Responsibility
Insurance, risk management
Financial information sources
Employer-sponsored savings plans     
Personal financial plan
 
SPENDING AND CREDIT  
Comparison shopping
Opportunity cost
Payment methods
Consumer information
Consumer complaint procedures
Credit costs and records
Credit problems, including bankruptcy           
Consumer credit protection laws
 
 
 
SAVING AND INVESTING
Reasons for saving, investing
Saving and investing products
Risk, return, liquidity
Compound growth, time value
Rule of 72, cost averaging
Diversification                          
Prospectus, other information
Regulation of markets
Employer savings plans         
                        – Larry Collins

Posted on Wednesday, March 31, 2004 (Archive on Tuesday, June 29, 2004)
Posted by kdroney  Contributed by kdroney
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