Personal Finance, Economic Literacy Comes to Chicago Schools

The Council for Economic Education has created a new senior-level personal finance course which will be the culmination of a new K-12 Financial Literary Framework implemented by Chicago Public Schools.

CPS’ Financial Literary Framework is designed to build on financial skills at the K-11 level and the personal finance course is the result of a 4 year collaboration between CPS and the CEE.

“We couldn’t be more excited to be part of this important endeavor by Chicago Public Schools,” said Nan J. Morrison, President and CEO of CEE. “Our graduating seniors are entering college and the workforce woefully unprepared for the real-life financial challenges ahead of them. By providing them with the financial education they need, we hope to change that.”

The CEE and CPS were formally recognized at this month’s White House summit on Financial Literacy for their ongoing efforts to prioritize financial education in the nation’s schools. It is hoped the finance course will provide students with the critical real world skills they need to navigate a complicated financial landscape.

The 12th Grade personal finance course is a one semester class that uses curricula provided by the CEE and offers seniors both an academic challenge and an education in real life lessons they will need after graduation.

The Council for Economic Education claims to be the leading organization in the United States with a focus on the economic and financial education of students from kindergarten through high school. They aim to teach students how to be responsible and savvy consumer, savers, investors and participants in the global economy. They claim to reach more than 55,000 teachers and about five million students each year.

Additional partners in the development of the Financial Literacy Framework include: Ariel Investments, UIC – Center for Economic Education, Network for Teaching Entrepreneurship (NFTE), Federal Reserve Bank of Chicago, JP Morgan Chase, National Endowment for Financial Education, CME Group Foundation (Chicago Mercantile Exchange), Chicago Community Trust, Junior Achievement (JA), Illinois State Treasurer’s Office, City Treasurer’s Office, EverFi and the Economic Awareness Council. Money Savvy Generation, CARE, Girl Scouts of America/ Journey World, Illinois Credit Union League and Sargent Shriver National Center on Poverty Law.

The personal finance course is to be funded by a $1 million grant by Discover Financial Services and will be introduced in approximately 25 schools from Spring 2013. The grant includes funding for the training of 250 teachers over the next three years. The course is expected to reach all schools in the district by 2016.