This article originally appeared in the Stamford Advocate.

STAMFORD — Teaching personal finance to high school students comes with plenty of challenges.

“I find it difficult because kids are coming to the class with certain values and you don’t want to disrupt the family values,” said Theresa Fischer, an adjunct professor of economics at Manhattanville College in Purchase, N.Y. and Iona University in New Rochelle, N.Y.

On Friday, Fischer asked a class of eight high school teachers to name some of the challenges they’ve faced teaching finance to their students. The teachers were gathered at an all-day professional development workshop hosted by the New York-based Council for Economic Education at the University of Connecticut Stamford. 

The workshop was the first of its kind in the state and was organized to help local educators prepare for the new state personal finance requirements for all graduating seniors, starting with the class of 2027.

The law requires students around the state to complete a half-credit course in financial literacy prior to graduation.

Brian A. Pounds/Hearst Connecticut Media

It’s still unclear how school districts will administer the course, as it could be offered through a variety of disciplines, such as economics, math, social studies, and others. However, everyone who attended the workshop agreed that adding personal finance to the list of student requirements is a good idea, albeit a challenge.

Teaching about stocks may not seem relevant to students from families who struggle to put food on the table, said Zeeshaan Arastu, a teacher of economics and world history at New Canaan High School.

“It’s also hard when you have a diverse group of kids in the classroom because, in addition to the values, you also have different financial situations,” Arastu said.

Other teachers in attendance agreed that teaching finance can be tricky.

“We don’t know a lot about what’s next so we’re trying to plan for what the institution wants to do in terms of offering this,” said Joel Nick, an economics teacher at Farmington High School. “We want more kids to be competent with personal finance. We think there’s big value in that.”

Mike Staffaroni, who teaches economics, civics and American history at New Canaan High School, said requiring financial literacy is a “great idea.”

“The financial world is becoming so much more complicated,” he said. “It is a fantastic and important idea that all students who graduate high school in Connecticut have some financial literacy background.”

Further, many students don’t get this sort of education elsewhere as many families do not discuss finances at home.

“It’s not something that is often brought up in families unless it’s a set discussion led by the parent,” Staffaroni said. “Talking about money is not a natural thing for many families.”

Stacia Connors, who teaches accounting, business and personal finance at Brookfield High School, said financial literacy courses for high school students can be beneficial for those students’ parents as well.

“The parents don’t really even understand personal finance,” she said, describing situations she has witnessed. “So, what happens is they’ll come to parent-teacher conferences and say, ‘My kid came home and taught me about this.’ So, the kids are actually going home and teaching their parents, which is fantastic.”

The workshop was offered at no charge and other such training sessions are in the works, said Erin Heald, senior manager of programs for CEE.

“We’re reaching out to help teachers who may be new to teaching this topic — or may not be confident managing their own personal finance — with training, lessons and curriculum so they can be effective and confident educators,” said Nan J. Morrison, CEE president and chief executive officer, in a press release. “Better prepared teachers today lead to students who can build fruitful financial lives tomorrow.” Fischer, who was the instructor of the Friday workshop, gave an example of how a family’s values can directly impact in-classroom instruction.

“I would have a student whose parents say, ‘Don’t buy anything on credit. You are never to buy anything on credit,’ ” she said. “Well, if you’re teaching credit cards, and you’re teaching interest rates, we’re having a problem here because they’re just going to turn off.”

Connors said she leads a project at her school in which she asks students to plan for their future by choosing a college or trade school to attend, joining the military or going straight to the workforce.

For the students who pick college, part of their homework is talking to their parents about how they’re going to pay for it. Sometimes, that can turn into a thorny subject.

“It becomes an uncomfortable situation for them with their parents because they’ll come back in and say ‘My parents aren’t paying for any of it,'” Connors said. “It puts them and the parents in this awkward spot.”

Connors said personal finance has been a requirement at Brookfield for about seven years now. She attended on Friday to see if the state requirements differed at all from what she’s been teaching and to learn “ways to change it up a bit” when it comes to curriculum.

For Michelle Parchesky, a math teacher at Stamford High School, the workshop was less about learning the new state requirement and more about discovering ways to implement personal finance curriculum into her classes for the benefit of her students, many of whom are recently arrived immigrants with little understanding of the English language.

“I’d like to do some personal finance with them this last quarter so they some fighting chance, especially when they go to work or want to find an apartment,” she said. 

About the Council for Economic Education

The Council for Economic Education’s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways.  We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.

Media contact: 

CEE: press@councilforeconed.org 

The post Training Connecticut Teachers for New Personal Finance Requirement appeared first on Council for Economic Education.

Key points:

• There is ample evidence that training teachers in financial education matters can improve their students’ future economic choices, which in turn influence broader economic trends.
• Currently, only half of states require at least one course in either economics or personal finance for high school graduation.
• Ensuring financial capability for every child in every state seems to have broad voter support, according to Pew Research.

About the Council for Economic Education

The Council for Economic Education’s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways.  We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.

Media contact: 

CEE: press@councilforeconed.org 

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Ray, Investor and founder of Bridgewater Associates, the world’s largest hedge fund, is hosting an exclusive ‘Lunch with Ray’ auction to raise funds to benefit CEE and bring attention to the importance of financial literacy for the next generation.  

“The Council for Economic Education and I share the goal of helping people understand how money and economics work. I believe these skills are fundamental to people’s well-being and are often neglected,” said Dalio. 

Dalio founded Bridgewater Associates out of his two-bedroom apartment in NYC and ran it for most of its 47 years, building it into the largest hedge fund in the world.  His investment innovations (e.g., risk parity, alpha overlay, and All Weather) changed the way global institutions approach investing. Over the decades he has been a valued macroeconomic advisor to many policymakers around the world. 

What you’ll win  

The winning bidder and up to two guests will join Ray Dalio for a private lunch on a date to be mutually agreed upon in New York City. Bidding closes on April 28th, 5pm ET. The winning donation is tax-deductible to the fullest extent allowed by law. 

Bid on lunch with Ray here: http://tinyurl.com/PrivateLunchWithRayDalio

In addition to holding the auction, the Council for Economic Education is celebrating Financial Literacy Month with free classroom resources and professional development for teachers on the six core knowledge areas of personal finance. 

About the Council for Economic Education

The Council for Economic Education’s (CEE’s) mission is to equip K-12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities which connects to and strengthens our broader economy. We carry out our mission primarily by providing resources and training to K-12 educators and have done so for nearly 75 years. EconEdLink, our free online educator gateway for economic and personal finance lessons, attracts approximately 450,000 users annually and nearly two-thirds of the tens of thousands of teachers we train are in low- to moderate-income schools. CEE also provides young people with programs to prepare them for their financial futures and help them understand the economic impact of real-world events. Invest in Girls, our program for high school girls, and our National Economics and Personal Finance Challenges together inspire and motivate over 30,000 high school students annually. All resources and programs are educator developed and delivered by our nearly 200 affiliates nationally. We also advocate for more and better education in personal finance and economics, leveraging our biennial Survey of the States.    

Media contacts: 

CEE: press@councilforeconed.org 

Ray Dalio: pro-principles@prosek.com 

About the Council for Economic Education

The Council for Economic Education’s (CEE’s) mission is to equip K–12 students with the tools and knowledge of personal finance and economics so that they can make better decisions for themselves, their families, and their communities, and learn to successfully navigate in our ever-changing economy. We carry out our mission in three ways.  We advocate to require financial and economic education in every state. We provide training, tools and resources – online and live through over 180 affiliates nationwide – to more than 40,000 teachers annually who in turn bring the highest quality economics and personal finance instruction to over 4 million students. We deepen knowledge and introduce high school students to critical career capabilities through our national competitions and Invest in Girls program.

Media contact: 

CEE: press@councilforeconed.org 

The post Bid on a Private Lunch with Ray Dalio appeared first on Council for Economic Education.

Despite advances in ensuring access to personal finance classes in K-12 schools, there’s troubling stagnation in equally important economics education, according to the 2022 Survey of the States: Economic and Personal Finance Education in Our Nation’s Schools by the Council for Economic Education (CEE).

“America is failing our children when we don’t provide them with opportunities to study critical economic and personal finance concepts before they leave high school for college, for jobs and for their futures,” said Nan J. Morrison, CEE president and chief executive officer. “While we’re encouraged by some progress in our latest Survey, all young people across the country need more and deserve better.”

Only 25 states require students to take a course in economics to graduate high school, the 2022 Survey found — a standstill from 2020’s Survey and an increase of only three states in the last decade. And several states, including Georgia and South Carolina, are considering removing economics from graduation requirements.

Parallel requirements for personal finance are on an encouraging upward path, the Survey found. States mandating that for graduation grew to 23, up by two – Nebraska and New Mexico – since 2020. Ohio and Mississippi updated their requirements to a standalone personal finance course. And the Florida legislature just this month unanimously sent to Gov. Ron DeSantis a bill that would make it the most populous state to require personal finance for graduation.

As noted in the Survey, “Absent exposure to both subjects, America’s young people are denied full access to the knowledge they need to successfully navigate their lives as both individuals and as members of larger and increasingly complex communities and societies.”

Adds Morrison, “Short-changing universal access hits particularly hard on historically underserved students and students of color. When requirements and funding vary among districts, the disparate quality and effectiveness of financial education create and extend inequities. Intentional statewide approaches help move the equity needle for all.”

With data showing millions of students left in the dark on money matters, Visa (NYSE: V), which helped fund this year’s Survey, and CEE are launching FinEd50, a coalition of private, public and nonprofit leaders that will promote guaranteed access everywhere to these essential courses. FinEd50 members also will provide additional training and curriculum support to teachers and school districts.

“The state of financial education offered to students in the U.S. varies significantly. Where students live should not impact whether they have access to knowledge that will help them learn how to make informed financial decisions in their lives,” said Worku Gachou, head of North America, inclusive impact & sustainability, at Visa. “Visa is proud to be a cofounding partner of FinEd50 and we welcome all who are passionate about ensuring young people have access to financial education to join us.”

Since 1998, CEE has collected and analyzed data from all 50 states and the District of Columbia, making the biennial Survey of the States an important benchmark for tracking progress on economic and personal financial education.

The full 2022 Survey report with detailed tables and methodology is available at SurveyOfTheStates.com. Additional information on the coalition is at FinEd50.com. And join the conversation at #SURVEYOFTHESTATES.

About the Council for Economic Education:

CEE’s mission is to teach K-12 students about economics and personal finance so they can make better decisions for themselves, their families and their communities. We carry out our mission by providing resources and training to K-12 educators and have done so for over 70 years. Nearly two-thirds of the tens of thousands of teachers we reach virtually and in-person are in low to moderate income schools. All resources and programs are developed by educators and delivered by our 200 affiliates across the country in every state. Through our student-facing programs, including Invest in Girls, the National Personal Finance Challenge and the National Economics Challenge, CEE continues to inform, motivate and inspire young minds across the country. Find out more at councilforeconed.org and on Twitter, Facebook and LinkedIn.

Media contacts:

For more information, team photos or to arrange interviews with team members and teacher/coaches:

Kate Alexander: kate@successioncommunications.com | 201-638-3946
Steve Hirsh: steve@successioncommunications.com | 202-441-1516

The post CEE’s 2022 Survey of the States appeared first on Council for Economic Education.