March 23, 2018
Are you a high school economics teacher who is now charged with teaching the tricky subject of financial literacy?
You’re not alone. Many Ohio educators were tasked with the same when the Department of Education introduced Substitute Senate Bill 311, which states:
“Each school shall integrate the study of economics and financial literacy, as expressed in the social studies academic content standards adopted by the state board of education under division (A)(1) of section 3301.079 of the Revised Code…”
For many Ohio educators, these new standards mean they are required to become finance experts. However, while most educators have real-world experience with finance in their personal lives, they may lack fundamental knowledge to teach subjects like risk management, insurance or investing.
To help you get the financial literacy resources you need to guide students as independent learners and complex problem-solvers, continue reading below.
But first, what’s financial literacy?
According to the Ohio Department of Education, financial literacy is defined as “the ability to read, analyze, manage and communicate about the personal financial conditions that affect material well-being.”
The seven core topics for Ohio’s Learning Standards in Financial Literacy include:
- Financial responsibility/decision making
- Income and careers
- Planning and money management
- Risk management/insurance
Possessing knowledge in these areas helps students make informed and effective decisions when it comes to money management.
Where can I find resources to teach financial literacy?
No lesson plans? No problem. Supplement your curriculum with these online resources:
- ClearingHouse. Search, browse and view hundreds of financial resources suitable for high school students, including factsheets on credit score basics and investment tips for beginners.
- Junior Achievement. Through the delivery of experiential learning in financial literacy, work readiness and entrepreneurship, Junior Achievement programs prepare students to succeed in the global economy.
- Finance in the Classroom. With a variety of downloadable printables, teachers can educate students on saving, spending and retirement planning.
- National Financial Educators Council (NFEC). From book speakers and presenters to financial coaches and counselors, NFEC provides teachers with the training and expertise to tackle financial literacy in the classroom.
- InCharge Institute of America. Are you teaching a course in life skills and personal finance? InCharge offers a teacher’s guide with goals, objectives and suggested resources to help students understand the art of budgeting.
- InsuranceCareers.org. Help students explore career options available in insurance, including profession details, daily responsibilities, educational requirements, important skills and average salaries.
Additionally, OII offers a variety of financial literacy and insurance-based resources that meet state regulations. View our lesson plans for access to free, downloadable resources that overview auto insurance, household inventory, credit-based insurance and more. Or, check out our DVD library, which offers a free, loan-based program for educators searching for financial literacy resources in video format.
Financial literacy helps students become self-sufficient, so they can reach financial stability as early as graduation.
To help your students further their understanding of financial education, read these member resources:
- Allstate (@Allstate): 3 Budgeting Mistakes and How to Avoid Them
- Central Insurance Companies (@Central_Ins): Start Saving Today for Retirement
- Cincinnati Insurance Companies: 10 Ways to Give Yourself a Better Financial Future
- State Farm (@StateFarm): Today Is a Good Day to Start Your Financial Plan
- Nationwide (@Nationwide): Millennials and Generation Z: How to Prioritize Finances to Get Ahead
- Ohio Insurance Institute (@OIIOrg): Teacher Resources