Download Dear Colleague - Oakland County

OAKLAND COUNTY TREASURER
1200 N. T E L E G R A P H R D ., D E P T . 479
P O N TI A C , MI 48341-0479
ANDY MEISNER
COUNTY TREASURER
JAMES VANLEUVEN
CHIEF DEPUTY TREASURER
2012 Oakland County Treasurer Andy Meisner Annual Financial
Literacy Multimedia Art Contest Lesson Plan Information
_______________________________________________________________________
The Michigan Department of Education has specified course content for financial
literacy. It is listed under E4 Personal Finance, 4.1 Decision Making in the Social
Studies Curriculum. The benchmarks are as follows:
4.1 Decision Making
Describe and demonstrate how the economic forces of scarcity and opportunity costs
impact individual and household choices.
 4.1.1 Scarcity and Opportunity Costs- Apply concepts of scarcity and
opportunity costs to personal and financial decision making.
 4.1.2 Marginal Benefit and Cost- Use examples and case studies to explain and
evaluate the impact of marginal benefit and marginal cost of an activity on
choices and decisions.
 4.1.3 Personal Financial Strategy- Develop a personal financial strategy for
earning, spending, saving and investing resources.
 4.1.4 Key Components of Personal Finance- Evaluate key components of
personal finance including, money management, saving and investment,
spending and credit, income, mortgages, retirement, investing (e.g. 401K, IRAs),
and insurance.
 4.1.5 Personal Decisions- Use a decision- making model (e.g., stating a problem,
listing alternatives, establishing criteria, weighing options, making the decision,
and evaluating the result) to evaluate the different aspects of personal finance
including careers, savings, and investing tools, and different forms of income
generation.
 4.1.6 Risk Management- Develop a risk management plan that uses a
combination of avoidance, reduction, retention, and transfer (insurance).
O F F I C E (248) 858-0623
F A X (248) 858- 1810
The National Standards in K-12 Personal Finance Education, created by the Jump$tart
Coalition for Personal Financial Literacy, has laid out competency areas with standards
for grades 4, 8 and 12 directly related to financial literacy. The competency areas include
financial responsibility and decision making, income and careers, planning and money
management, credit and debt, risk management and insurance and saving and investing.
Below are examples of how you can apply the standard at each grade level:
Financial Responsibility and Decision Making
Standard 1- Take responsibility for personal financial decisions
4th Grade student can:
List examples of financial
decisions and their possible
consequences.
8th Grade student can:
Identify ways to be a
financially responsible young
adult.
Identity ways to be a
financially responsible youth.
Give examples of the benefits
of financial responsibility and
the costs of financial
irresponsibility.
12th Grade student can:
Explain how individuals
demonstrate responsibility for
financial well-being over a
lifetime.
Analyze how financial
responsibility is different for
individuals with and without
dependents.
Give a scenario, discuss
ethical considerations of
various personal finance
decisions.
Standard 4- Make financial decisions by systematically considering alternatives and
consequences.
4th Grade student can:
8th Grade student can:
12th Grade student can:
Explain how limited personal
Set measurable short- and
Set measurable short,
financial resources affect the
medium-term financial goals.
medium-, and long-term
choices people make.
financial goals.
Prioritize personal financial
Rank personal wants/needs in goals.
Use a financial or online
order of importance.
calculator to determine the
Evaluate the results of a
cost of achieving a long-term
Set measurable short-term
financial decision.
goal.
financial goals.
Use a financial or online
Apply systematic decision
Outline the steps in
calculator to determine the
making to a long-term goal.
systematically evaluating
cost of achieving a mediumalternatives and making a
term goal.
Analyze how inflation affects
decision.
financial decisions.
Apply systematic decision
Apply systematic decision
making to a medium-term
Analyze how taxes affect
making to a short-term goal.
goal.
financial decisions.
Give examples of how
decisions made today can
affect future opportunities.
O F F I C E (248) 858-0623
F A X (248) 858- 1810
Planning and Money Management
Standard 1- Develop a plan for spending and saving
4th Grade student can:
Give examples of household
expense categories and
sources of income.
Describe how to allocate a
weekly allowance among the
financial goals of spending,
saving, and sharing.
8th Grade student can:
Prepare a personal spending
diary.
Calculate the sales tax for a
given purchase.
Discuss the components of a
personal budget, including
income, planned saving, taxes,
and fixed variable expenses.
Given a household case study,
calculate percentages for
major expense categories.
12th Grade student can:
Explain how to use a budget to
manage spending and achieve
financial goals.
Identify changes in personal
spending behavior that
contribute to wealth-building.
Given a scenario, design a
personal budget for a young
person living alone.
Analyze how changes in
circumstances can affect a
personal budget.
Standard 6- Develop a personal financial plan
4th Grade student can:
Give examples of household
assets.
8th Grade student can:
Explain the difference, with
examples, between assets and
liabilities.
Given a simplified case study,
construct a net worth
statement.
12th Grade student can:
Discuss the factors that affect
net worth.
Explain the difference, with
examples, between cash
inflows (including income)
and outflows (including
expense).
Explain the difference
between a cash flow statement
and a budget.
Given a simplified case study,
construct a cash flow
statement.
Develop, monitor, and modify
a personal financial plan,
including goals, net worth
statement, cash flow
statement, insurance plan,
investing plan, and a budget.
O F F I C E (248) 858-0623
F A X (248) 858- 1810
FDIC Money Smart Pod Castshttp://www.fdic.gov/consumers/consumer/moneysmart/audio/index.html
o Click on ‘enter portable version online’
o Click on ‘listen now’
o Can listen to pod casts on areas such as:
 Checking/savings
 Budget/savings
 Credit
O F F I C E (248) 858-0623
F A X (248) 858- 1810