Financial Literacy Standards & Framework for Student Learning Outcomes & Financial Educators

The NFEC’s Financial Literacy Standards for learners and educators were developed to improve the quality and enhance the impact of financial literacy instruction. These standards define what a person should know about personal finance across the core areas of this subject matter and the best practices for teaching personal finance.

The objective was to create financial literacy standards and make them available to the public to provide educators, learners, and organizations with guidelines to help improve financial capabilities and enhance the long-term outcomes of financial literacy programming.

Working with a team of over a hundred professionals from financial services, traditional education, personal finance, and psychology – the NFEC developed standards for both the people delivering the education and those learning the subject matter.

Financial Literacy Standards – Student Learning Outcomes

These student learning standards reports for elementary, high school, and adult learners set forth learning goals and educational targets for financial literacy curriculum and instruction. By separating material based on cognitive abilities, socioeconomic status, and life stages the NFEC empowers instructors to scaffold lessons appropriately and ensures that students can complete the lessons successfully at each level.

Financial Literacy Framework & Standards for Learners℠ – High School, College, & Adult

Learner Financial Literacy Standards

Access Resource

Kids Financial Literacy Standards℠
– PK – 8th Grade

Kids Financial Literacy Standards PK – 8th Grade

Access Resource

Policy and Standards Framework for High School
Financial Literacy Education

Access Resource

The learner standards were developed through a collaboration between the NFEC educational development team and curriculum advisory board. The effort was led by consultant Dr. Heidi Jacobs, an internationally recognized education leader known for her work in curriculum mapping, curriculum integration, and developing 21st-century approaches to teaching and learning.

Within each section the standards are separated by grade level, from PK through 8th grade. To guide these educational standards and ensure that instructional targets are age-appropriate, the NFEC consulted pedagogical theories including Webb’s Depth of Knowledge Theory, Core Knowledge Theory, and Piaget’s Theory of Cognitive Development. Taken together, these models offered a conceptual frame for effectively teaching kids about money in a way that meets them at their current developmental level.

The development team found that the age breakdowns in existing industry guidelines did not align with students’ cognitive abilities to evaluate key concepts. To address this problem, the NFEC team interviewed educators and sought research to provide evidence-based reasoning for the age breakdowns of the Framework & Standards.

The big ideas, essential questions, and content standards are separated into 4 groups: 1) PK – 2nd grade, 2) 3rd – 5th grade, 3) 6th – 8th grade, and 4) teen and adult. The NFEC separated each age range grouping into ‘beginner,’ ‘intermediate,’ and ‘advanced’ categories using Webb’s Depth of Knowledge framework. This design gives the instructor flexibility to assess and encourage participants to reach higher levels of achievement.

Both the Core Knowledge Theory and Piaget’s Theory also were explored during standard development. Piaget’s cognitive development theory says that children learn by reconciling inconsistencies through four developmental stages. In some instances the Core Knowledge Theory challenges Piaget’s theory by saying that age or developmental stage matter less than the level at which a child engages with particular theories about the world. Yet while these theories differ in some respects, they also share commonalities. Piaget’s Theory supports current researchers to conclude that effectively teaching kids about money must connect lessons to existing cognitive structures; Core Knowledge theorists hold that effective education will relate to existing theories or models. Both schools of thought emphasize that children are active learners who filter new information to fit with their current beliefs.(44)

The Financial Literacy Framework & Standards for kids was developed using Piaget’s Theory of Cognitive Development as a model and their understanding of key concepts to separate material based on cognitive abilities (pre-operational ages 2 to 7, concrete operational ages 7 to 11, and formal operational for those older than age 11). The NFEC converted the ages to grade levels to ensure that students had the cognitive abilities and skills necessary to successfully complete the lessons at each level.

Above age 11, the framework and standards were separated based on students’ math abilities and understanding. In the 7th and 8th grades (ages 11 to 14), students are learning the skills essential to making fundamental personal finance calculations, including negative numbers, rates, decimals, and basic statistics needed to solve personal finance problems.

For younger children, the NFEC also explored the key concepts featured in the report ‘Financial Literacy Programs Targeted on Pre-School Children: Development and Evaluation,’ including development of the concepts of number, time, money and income, value, market and exchange, choice, and social values.

The NFEC asserts that high school students can and should learn advanced personal financial planning topics. Starting in high school, most students possess the cognitive abilities (according to Piaget’s Theory of Cognitive Development) and math skills needed for the majority of the financial literacy lessons. Thus the learning outcomes for high school students and adults of all ages are the same and the standards have been broken down into beginner, intermediate, and advanced lessons based on the Depth of Knowledge framework.

It is important to note that, although the subject matter taught to teens and adults is similar, the NFEC’s Framework for Teaching Personal Finance highlights the importance of understanding the audience and modifying how lessons are taught to maximize appeal to the targeted age groups. The Framework also addresses the importance of providing timely financial education – for example, reaching participants when they are considering a major financial step.

The topics included in the Financial Literacy Framework & Standards were selected based on 8 years of refinement, research on existing standards, review of academic studies, suggestions from our Curriculum Advisory Board, and feedback from organizations around the globe.

For adults and teens the topics are broken down into 10 personal finance topic areas: Financial Psychology, Budgeting, Account Management, Jobs & Careers, Credit Profile, Loans & Debt, Risk Management & Insurance, Investments & Personal Finance Planning, Entrepreneurship, and Economic & Government Influences.

The kids’ (PK to 8th Grade) topics are broken down into 5 areas: Financial Psychology / Budgeting, Savings & Investing / Income, Career & Entrepreneurship / Credit, Debt & Loans / Risk Management & Insurance.

When teaching fundamental lessons to kids, the curriculum development team found that many of the lessons were interconnected. That is, curricula for specific lessons bridged many of the separate topics that are included in the teen and adult material. All of the 10 topic areas in the teen/adult package are addressed in the material; however, we considered it best to combine areas for kids to show how the lessons interrelate.

In the Financial Literacy Framework & Standards below you will find big ideas, supporting standards (teen & adult framework), and essential questions (kids’ framework). The big ideas provide the context of what students should learn and show the relationships between critical components. The standards describe what is necessary to achieve the big ideas. The kids’ framework currently provides essential questions and skill sets, the method preferred by our development team; we are currently in process of expanding this framework into content standards.

Financial Literacy Standards & Teaching Methodologies – Instructors & Providers

The NFEC developed standards to guide financial education instructors and outlined educational methodologies that assist educators to become more effective instructors and give them tools to help students improve their financial capabilities.

Framework for Teaching Personal Finance℠

Access Resource

Educational Methodologies of Personal Finance℠

Educational Methodologies of Personal Finance Financial Literacy Curriculum PDF Download

Access Resource

Financial Coaching Standards & Code of Conduct

Financial Literacy Standards for Coaches

Access Resource

The Framework for Teaching is backed by evidence-based research and widely accepted by educators, administrators, policymakers, and academics. It defines the skill sets distinguished educators should possess and performance levels that define educator capabilities. The Framework for Teaching has been adopted as a model approved in more than 20 states, making it the most widely-used teaching model in the US.

Working directly with the Danielson Group consultants, the NFEC modified Charlotte Danielson’s Framework for Teaching. The Framework for Teaching represents the most widely-accepted standards for educators in the US. This collaboration yielded the first and only national standards for financial educators – the Framework for Teaching Personal Finance℠.

The Framework for Teaching Personal Finance identifies the responsibilities of financial educators proven by empirical studies and theoretical research to produce the highest gains in participant test scores, and provides clear benchmarks to enhance educators’ ongoing professional development.

The Framework is a research-based set of components aligned with InTASC standards and grounded in a constructivist view of learning and teaching. This Framework breaks down teaching financial literacy into 22 components recognized as best practices in the industry. To date the NFEC is the only organization to clearly define the knowledge, performance expectations, and skill sets in which financial educators should demonstrate competency in teaching financial literacy.

The Educational Methodologies of Teaching Personal Finance℠ highlights research-based education principles that support learners to develop positive financial behaviors, acquire financial knowledge, and establish systems that help them work toward stronger financial positions.

Just knowing the subject matter does little to improve a person’s financial behaviors and potential for a secure future. Helping improve a person’s long-term financial outlook requires helping them adopt positive financial behaviors and systems that support their journey toward financial security.

Every person a financial educator teaches has different financial habits, emotional connections with money, and current financial realities – in other words, each learner is different and their unique needs should be considered in the programming. From an early age, our financial attitudes and habits start to form. Brown University’s research on chores demonstrates that financial habits tend to form and take firm root by as young as age nine.(45)

The Educational Methodologies of Teaching Personal Finance℠ was developed to help financial education instructors maximize existing research-based educational principles to enhance financial wellness programming.

Why NFEC Financial Literacy Standards

As an IACET Accredited provider, the NFEC developed the leading financial literacy industry standards to help learners and educators maximize the efficiency and efficacy of financial literacy instruction. The development was self-funded by the NFEC to avoid sponsor bias and ensure that the needs of educators and learners formed the primary focus.

Verify our IACET Accreditation

Financial Education Industry Standards


Financial Literacy Standards Topics by Age Groups

When teaching fundamental lessons to kids, the curriculum development team found that many of the lessons were interconnected. That is, curricula for specific lessons bridged many of the separate topics that are included in the teen and adult material. All of the 10 topic areas in the teen/adult package are addressed in the material; however, it was best to combine areas for kids to show how the lessons interrelate.


Topics for Learners Age 3 to 13

[1] Lusardi, A., & Mitchell, O.S. (2011). Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth. NBER Working Paper No. 17078.

[2] Bennett et al. (2012). Correlates of health and financial literacy in older adults without dementia. BMC Geriatrics, 12:30.

[3] Nisen, M. (September 16, 2013). Impact of teachers on lifetime earnings. Business Insider.

[4] Tucker, P.D., & Stronge, J.H. (2005). Linking teacher evaluation and student learning. Alexandria, VA: Association for Supervision and Curriculum Development.

[5] Webster, W.J., & Mendro, R.L. (1997). The Dallas ValueAdded Accountability System Report. Dallas, TX: Dallas Public Schools.

[6] Sanders, W.L., Wright, S.P., & Horn, S.P. (1997). Teacher and classroom context effects on student achievement: Implications for teacher evaluation. Journal of Personnel Evaluation in Education, 11.

[7] Marzano, R.J., Pickering, D.J., & Pollock, J.E. (2001). Classroom instruction that works: Research-based strategies for increasing student achievement. Alexandria, VA: Association for Supervision and Curriculum Development.

[8] Sanders, W.L. (2006). Taking ownership of the future. Baltimore, MD: Financial Literacy and Education Committee.

[9] Johnson, B. (July 14, 2011). Student commitment depends on teacher commitment. Edutopia blog, George Lucas Educational Foundation. Student Commitment Depends on Teacher Commitment | Edutopia [Accessed May 25, 2021].

[10] Archibold, R.C. (November 18, 1999). Students’ success depends on teachers most, poll says. The New York Times.

[11] Leithwood, K., Louis, K.S., Anderson, S., & Wahlstrom, K. (2004). Review of research: How leadership influences student learning. New York: The Wallace Foundation.

[12] Baron-Donovan, C., Wiener, R.L., Gross, K., & Block-Lieb, S. (2005). Financial literacy teacher training: A multiple-measure evaluation. Westerville, OH: Association for Financial Counseling and Planning Education.

[13] Cordray, R. (April 17, 2013). Prepared remarks. Director of the Consumer Financial Protection Bureau, Federal Reserve Bank of Chicago, Visa Inc. Financial Literacy and Education Summit, Chicago, IL.

[14] Jacobs, H. (October 11, 2013). Here’s how to raise teachers’ salaries without spending a dime. Business Insider.

[15] Allan, L. (2017). 10 steps to creating effective systems for your business. Business knowhow. https://www.businessknowhow.com/manage/systematize.htm [Accessed 8 Aug 2019].

[16] Finkel, D. (2016). A secret 4-step process to systematize your business starting in as little as 90 days. Inc. This Morning. https://www.inc.com/david-finkel/a-secret-4-step-processto-systematize-your-business-starting-in-as-little-as-90.html [Accessed 8 Aug 2019].

[17] Hoffman, J., & Finkel, D. (2014). Scale: Seven proven principles to grow your business and get your life back. New York: Portfolio/Penguin.

[18] Jarrett, C. (2018). Learning by teaching others is extremely effective – a new study tested a key reason why. The British Psychology Society Research Digest. https://digest.bps. org.uk/2018/05/04/learning-by-teaching-others-is-extremely-effective-a-new-studytested-a-key-reason-why/ [Accessed 8 Aug 2019].

[19] Kaufman, J. (2012). The personal MBA: Master the art of business. New York: Portfolio/ Penguin. https://personalmba.com/systemization/

[20] Lusardi, A., Michaud, P-C., & Mitchell, O.S. (2017). Assessing the impact of financial education programs: A quantitative model. TIAA-CREF. https://www.aeaweb.org/ conference/2018/preliminary/paper/TSKYYFn6 [Accessed 8 Aug 2019].

[21] Resnick, N. (2017). 4 achievable steps to systemize your business. Business.com. https:// www.business.com/articles/nathan-resnick-business-growth-systemization/ [Accessed 8 Aug 2019].

[22] Watkins, A. (2018). The importance of ongoing training and follow-up. eLeap. https:// www.eleapsoftware.com/importance-ongoing-training-follow/ [Accessed 8 Aug 2019].

[23] Wharton, University of Pennsylvania (2015). Why financial literacy programs require long-term follow-up. Knowledge@Wharton. http://knowledge.wharton.upenn.edu/ article/why-financial-literacy-programs-require-long-term-follow-up/ [Accessed 8 Aug 2019].

[24] American Counseling Association (2014). ACA code of ethics. Alexandria, VA: ACA. https://www.counseling.org/resources/aca-code-of-ethics.pdf

[25] American Psychological Association (2003). Ethical principles of psychologists and code of conduct. Washington, DC: APA. http://www.apa.org/ethics/code

[26] Association for Financial Counseling and Planning Education (n.d.). AFCPE ® Standards of Practice. Westerville, OH: AFCPE. https://www.afcpe.org/certification/standards-of-practice

[27] Certified Financial Planner ® Board of Standards, Inc. (2008). Standards of professional conduct. Washington, DC: CFPBS. https://www.cfp.net/for-cfp-professionals/professional-standards-enforcement/ current-standards-of-professional-conduct/standards-of-professional-conduct

[28] Certified Financial Planner ® Board of Standards, Inc. (2017). Continuing education policies. Washington, DC: CFPBS. https://www.cfp.net/

[29] Financial Industry Regulatory Authority (2010). FINRA rules, 2000. Duties and conflicts. Washington, DC: FINRA. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_ id=8849

[30] Financial Industry Regulatory Authority (2011). FINRA rules, books and records requirements. Washington, DC.: FINRA. http://finra.complinet.com/en/display/display_main.html?rbid=2403&element_ id=9957

[31] Financial Conduct Authority (2017). Consumer explanations of “advice and guidance.” London, UK: FCA. https://www.fca.org.uk/publication/research/fawg-consumer-explanations-advice-guidance.pdf

[32] Federal Trade Commission (2006). Financial institutions and customer information: Complying with the Safeguards Rule. Washington, DC: FTC. https://www.ftc.gov/tips-advice/business-center/guidance/financial-institutions-customer-information-complying

[33] Federal Trade Commission (2002). How to comply with the Privacy of Consumer Financial Information Rule of the Gramm-Leach-Billey Act. Washington, DC: FTC. https://www.ftc.gov/tips-advice/business-center/guidance/how-comply-privacy-consumer-financial-information-rule-gramm

[34] International Coaching Federation (2015). Code of ethics. Lexington, KY: ICF. https:// coachfederation.org/code-of-ethics

[35] International Coaching Federation (2015). Core competencies. Lexington, KY: ICF. https:// coachfederation.org/core-competencies

[36] International Society for Technology in Education (2019). ISTE standards for educators. Arlington, VA: ISTE. https://www.iste.org/standards/for-coaches

[37] Institute of Management Consultants (2005). IMC USA code of ethics. North Palm Beach, FL: IMC. https://imcusa.org/about/ethics/code-of-ethics/

[38] The National Association of Personal Financial Advisors (n.d.). Mission and fiduciary oath. Chicago, IL: NAPFA. https://www.napfa.org/mission-and-fiduciary-oath

[39] National Board for Professional Teaching Standards (2016). What teachers should know and be able to do. Arlington, VA: NBPTS. https://www.nbpts.org/certification/five-core-propostions/

[40] Philbin, G. (2017). What is financial coaching, and best practices for becoming one. https://www.kitces.com/blog/financial-coaching-what-it-is-and-how-to-become-one/

[41] U.S. Department of Health & Human Services (1996). The HIPAA Privacy Rule. Washington, DC: USDHHS. https://www.hhs.gov/hipaa/for-professionals/privacy/index.html

[42] U.S. Department of Labor (2017). Definition of the term ‘fiduciary’; Conflict of interest rule – Retirement investment advice. Washington, DC: U.S. Department of Labor. https://www.federalregister.gov/d/2016-07924/p-25

[43] U.S. Securities and Exchange Commission (2001). Books and records requirements for brokers and dealers under the Securities Exchange Act of 1934. Washington, DC: SEC. https://www.sec.gov/rules/final/34-44992.htm

[44] Financial Literacy Programs Targeted on Pre-School Children: Development and Evaluation by Karen Holden, Charles Kalish, Laura Scheinholtz, Deanna Dietrich, and Beatriz Novak at the University of Wisconsin-Madison.

[45] Study finds habits in children take root by age 9 – Here’s what that means for parents, by Rebecca Jackson, The Huffington Post, February 26, 2015, Study Finds Habits in Children Take Root by Age 9 — Here’s What That Means for Parents | HuffPost Life.

Framework for Teaching Personal Finance

Education Methodologies of Personal Finance

Financial Coaching Standards & Code of Conduct

Financial Literacy Standards for Leaners: High School to Adult

Financial Literacy Standards for Kids

The National Financial Educators Council has Statistics for Individual States

View all 50 states’ financial literacy standards, scores, and state-legislated requirements.

Financial Literacy Standards for Educational Quality

Financial Literacy Standards and Teaching Best Practices

Giving instructors a framework for professional practice is common in many fields – education, financial services, accounting, law, and medicine, for example. Yet until now the financial education industry has provided limited guidelines for financial education instructors and financial coaches. The NFEC changed this by developing financial literacy standards and guidelines that help promote a better quality financial education.

Benefits of Standards

The NFEC sets benchmarks for the financial education and coaching industry that will assist providers to become more effective and competent in helping individuals work toward financial wellness. The NFEC standards for professionals and learners offer the following benefits:

Standards for Professionals

Financial Educators: Framework for Teaching Personal Finance

The Framework for Teaching Personal Finance identifies the responsibilities of financial educators proven by empirical studies and theoretical research to produce the highest gains in participant test scores, and provides clear benchmarks to enhance educators’ ongoing professional development.

Working directly with the Danielson Group consultants, the NFEC modified Charlotte Danielson’s highly-recognized Framework for Teaching. The Framework for Teaching is a set of standards for educators that has become widely accepted in the US by educators, administrators, policymakers, and academics. The collaboration between the Danielson Group and the NFEC yielded the first and only national standards for financial educators – the Framework for Teaching Personal Finance.

Financial Coaches: Financial Coaching Standards and Code of Conduct

The Financial Coaching Standards and Code of Conduct shares benchmarks with the financial coaching industry that will assist financial coaches, counselors, and consultants to become more effective and serve their clients’ best interests.

Because financial coaches deal with people’s finances – a topic which can evoke strong feelings – and because each person has pre-existing financial behaviors and a unique financial situation, effective coaching requires someone with cross-disciplinary knowledge in counseling, psychology, personal finance, and coaching techniques.

The NFEC drew upon existing policies set by organizations, including the Certified Financial Planner Board, the American Psychological Association, the American Counseling Association, the International Coaches’ Federation, and the National Best Practices for Teaching Standards. Excerpts from the policies set by each of these organizations, as well as by other highly-respected groups, influenced this document.


Standards for Learner & Educational Methodology Best Practices

Learner Standards: Financial Literacy Framework & Standards

The NFEC’s Financial Literacy Framework & Standards for learners was developed to improve the quality and enhance the impact of instruction in financial literacy. These standards define what a person should know about personal finance across 10 core area of this subject matter.

For educators, these standards set performance goals for those who participate in the training. For learners, they provide learning goals that give students clear targets to strive for. When both educators and learners have set goals, the program is better positioned to achieve positive outcomes.

Educational Methodologies of Personal Finance

Modifying research-based educational methodologies to fit personal finance education supports learners to develop positive financial behaviors, acquire financial knowledge, and establish systems that help them work toward stronger financial positions. Toward those ends, these research-based educational and financial principles incorporate insights from both the pedagogical canon as well as current research into how people change attitudes and behaviors.

These methodologies account for the facts that every person has different financial habits, emotional connections with money, and current financial realities. Each learner is different, and their unique needs should be considered in the programming.

The National Financial Educators Council developed professional teaching standards for financial educators that serve as the basis for instructor preparation and assessment. These financial education instructor standards provide a benchmark that describe the skills-sets, traits and knowledge an educator should possess.

The National Financial Educator Standards define the knowledge and skill sets that qualify individuals to teach personal finance. The objective is to provide financial educators and those developing a financial literacy program clear framework within which they should demonstrate competence.

Learn more about the National Financial Educator Standards.

National Financial Education Standards

All of the NFEC’s curriculum and presentations for youth PK through College are aligned with the Jump$tart Coalition® for Personal Financial Literacy standards. The NFEC has also expanded these standards to include easy to follow guidelines for educators. The objective was to make aligning lesson plans with national standards easier to follow and implement.

The NFECs Financial Literacy Learning Outcomes were developed to help individuals achieve a state of financial capability and provide clear steps so they implement the learned money management lessons in the ‘real world’. Through collaborative efforts from the NFEC’s team of educators, financial professional and community leaders, these financial education standards represent the best practices in the industry.We invite you to use these guidelines when developing a new program or updating an existing program. These financial education standards were also designed with the NFECs holistic approach to financial capability in mind. Taking a comprehensive view of the issue of financial illiteracy and an individual’s personal definition of financial success, these standard encompass the NFECs financial literacy definition “possessing the skills and knowledge on financial matters to confidently take effective action that best fulfills an individual’s personal, family and global community goals.” Download the PDF of the NFECs’ Financial Literacy Grant Funding Outcomes

Viewers of this page also visited:

Teaching Financial Literacy – Learn how to earn your Certified Financial Education Instructor status and get tips to teaching personal finance.

Financial Literacy Programs– Top rated and certified personal finance programs.

Financial Literacy Workshops – NFEC certified courses, afterschool programs and workshops.


Financial Literacy Standards – Overview

The National Financial Educators Council (NFEC) financial literacy standards deliver clear guidelines on how to implement the Jump$tart national standards. They are aligned with standards for National Council of Economic Education, Jump$tart Coalition, National Council of English Teachers, National Council of Teachers of Mathematics, National Business Education Association and the National Council for Social Studies.The NFEC financial literacy standards were developed by a team of educators, financial professionals and business experts. They bridge the gap between education and practical application. The focus is on helping participants achieve financial wellness and success (their own personal definition of success).On top of the education value, the NFEC financial literacy curriculum is entertaining, engaging and focuses on moving students to take positive financial action. Many of the activities are hands on in nature, increasing retention rates and providing a true experiential learning program.

Educators who deliver the lesson plans report an excellent response from the students, and the post testing quantifies the effectiveness. Educators who complete our Certified Financial Education Instructor Training Course have a deep understanding of the standards and know how to deliver the material effectively.

In discussions with hundreds of financially successful people and conducting in depth reviews of tens of thousand people from across the country, the NFEC standards have been highly acclaimed in their design and real world approach to the subjects. These standards have help improve existing programs and our Financial Literacy Programs can help shape any program to align with our standards.

The NFECs’ comprehensive financial literacy standards are available for students in Junior High, High School, College and adult education. NFEC maintains that whether you are a student or an adult you should have some type of personal finance curriculum or money management training. It has been observed that at any age people are given a course that delivers financial literacy curriculum they have a better understanding on practical money management matters.

We have included a list of the lessons that help young students build the foundation knowledge and serve as a backbone to helping them achieve financial wellness. The foundation of the NFECs’ financial literacy standards addresses the psychology behind personal finances. This feature of the standards (also a feature of the financial literacy pyramid) is included based on the consensus of financially successful people and educators. Here are some additional unique features included in the NFECs’ financial education curriculum.

The NFEC’s standards cover ten key topics that exceed current national and state guidelines. These foundation topics covered include: credit & debt, accounts & budgeting, psychology, skill growth and income. The next level addressed is long-term planning, business relations, risk management and investing. The final topic addressed is social enterprise; this is where students pick up basic entrepreneurial skill sets and a focus for working for the greater good.

Many professional arenas have well-established standards for educational quality, including medicine, accounting, education, finance, and law. Yet, although some guidelines had been set for school-based personal finance curriculum, financial literacy standards to guide educators and coaches were sorely lacking until now. The National Financial Educators Council (NFEC) has addressed this need by developing a full complement of benchmarks to provide oversight for the financial literacy field.

The NFEC put together an expert team and partnered with the Danielson Group – educational consultants with a global reputation – to write the Framework for Teaching Personal Finance. This framework poses the first national standards for financial literacy education and educator training today. The guidelines lay out the skill and knowledge bases financial instructors must attain to achieve competence and effectiveness.

These financial education standards offer multiple advantages:

  • Ensured better program quality
  • Distinct criteria for educator performance evaluation and self-assessments
  • Recommendations for ongoing professional development
  • Shared language to enhance communication
  • Assurance that educators are held to the highest financial literacy standards for practice
  • Instructor preparation tools and evaluation measures

After completing this document, the NFEC turned to development of financial education standards governing coaches and counselors. They consulted the regulations of nationally reputable agencies such as the American Psychological Association, the Certified Financial Planner Board, and the International Coaches’ Federation and conducted financial literacy best practices research. The NFEC’s team of experts designed the Financial Coaching Standards and Code of Conduct to outline ethical and practical guidelines for financial coaches, consultants, and counselors.

Simultaneously with this effort, the NFEC was conducting a complete design overhaul of its all-ages financial education curriculum packages. The organization’s national standards for financial literacy now have been made available to the public at large for purposes of setting benchmarks to define the top quality of educational and programming efforts. Educators and programs that adhere to these standards strongly improve their chances of success at raising the financial capabilities of the people they serve.

Funded by the NFEC’s Social Enterprise Fund – a fund that supports financial education standards and research – the standards behind curriculum development were informed by learning theories such as Webb’s Depth of Knowledge and Piaget’s Cognitive Development theory. Piaget was particularly helpful in designing the curriculum for children, as his theory posits separating content material based on a child’s stage of cognitive development. Webb was more useful to inform the adult curriculum, as his theory lays out methods for understanding the target audience and tailoring lessons to make them more relatable for the specific group.

CNBC on how states approach student financial literacy.

Learning financial literacy and other subjects from home.

Financial Literacy Standards & Framework for Educators, Coaches, Students, & Learners: Access Full Standards Complimentary

Until the NFEC, the financial wellness industry provided limited guidelines for financial education instructors and financial coaching professionals. There were existing standards for learners; however, those standards were not aligned with youth developmental needs and failed to address the behavioral aspects of adult education. The NFEC fixed this problem.

Working with a team of over a hundred professionals from financial services, traditional education, personal finance, and psychology – the NFEC developed standards for both the people delivering the education and those learning the subject matter.

These standards improve the quality of programming, give our graduates credibility, and position them as highly-qualified providers of financial wellness programming.

Benefits of Standards

The NFEC sets benchmarks for the financial education and coaching industry that will assist providers to become more effective and competent in helping individuals work toward financial wellness. The NFEC standards for professionals and learners offer the following benefits:

The National Financial Educators Council is accredited by the International Accreditors for Continuing Education and Training (IACET) and offers IACET CEUs for its learning events that comply with the ANSI/IACET Continuing Education and Training Standard. IACET is recognized internationally as a standard development organization and accrediting body that promotes quality of continuing education and training.

Standards & Framework for Financial Wellness Professionals: Financial Educators & Coaches

Financial Educator Standards: Framework for Teaching Personal Finance

The Framework for Teaching Personal Finance identifies the responsibilities of financial educators proven by empirical studies and theoretical research to produce the highest gains in participant test scores. Working directly with the Danielson Group consultants, the NFEC modified the Framework for Teaching – the most widely-used framework for traditional educators in the United States.

Training on Financial Educator Standards: Certified Financial Education Instructor (CFEI) training.

Financial Educator Standards: Educational Methods of Personal Finance

The Educational Methodologies of Teaching Personal Finance highlight research-based education principles that support learners to develop positive financial behaviors, acquire financial knowledge, and establish systems that help them work toward stronger financial positions.

Training on Financial Educator Standards: Certified Financial Education Instructor (CFEI) training.

Financial Coaching Standards & Code of Conduct

Effective financial coaching and counseling requires cross-disciplinary knowledge in counseling, psychology, personal finance, and coaching techniques. The Financial Coaching Standards and Code of Conduct shares benchmarks with the financial coaching industry that will assist financial coaches, counselors, and consultants to become more effective and serve their clients’ best interests.

The NFEC drew upon existing policies set by organizations, including the Certified Financial Planner Board, the American Psychological Association, the American Counseling Association, the International Coaches’ Federation, and the National Best Practices for Teaching Standards. Excerpts from the policies set by each of these organizations, as well as by other highly-respected groups, influenced this document.

Training on Financial Coaching Standards: Certified Personal Financial Wellness Consultant training

Financial Literacy Standards for Learners & Student Outcomes: Age 3 through Adult

Financial Literacy Standards for Learners: High School & Adult

To evaluate the quality of learning, the NFEC created its Financial Literacy Standards & Framework. This book sets educational targets for both learners and instructors across 10 essential categories of personal finance knowledge.

Courses Aligned with Learner Standards: Online Learning Center | Financial Literacy Curriculum

Kids’ Financial Literacy Standards: Age 3 to 14

The NFEC’s Financial Literacy Framework & Standards for learners was developed to improve the quality and enhance the impact of instruction in financial literacy. These standards define what a child should know about personal finance across 5 core areas of this subject matter.

These standards lay out the learning goals and educational outcomes for financial education programs designed to reach children in PK through eighth grade. Drawing upon well-recognized pedagogical principles including Core Knowledge, Depth of Knowledge, and Cognitive Development theories, the standards offer a conceptual framework to teach kids about money in a way that aligns with their current developmental levels.

Courses Aligned with Learner Standards: Kids Financial Education Program

Financial Literacy Standards & Framework

The NFEC’s Financial Literacy Framework & Standards for learners was developed to improve the quality and enhance the impact of financial literacy instruction. These standards define what a person should know about personal finance across the core areas of this subject matter.

To develop these standards, the NFEC worked subject matter experts in personal finance, education and with Dr. Heidi Jacobs, an education leader known for her work in curriculum mapping. The objective was to create financial literacy standards available to the public to provide educators, learners, and organizations with guidelines to help improve financial capabilities and enhance the long-term outomes from financial literacy programming.


Core Financial Education Topics

Over the course of developing a personal finance curriculum for kids, teens, and adults, the NFEC created the Financial Literacy Framework & Standards to guide its curriculum development team. The NFEC brought together a team of experts, leveraged existing research, and received feedback from hundreds of individual educators and financial professionals to create these frameworks. These efforts provided our instructional design team with guidelines that outlined practical recommendations while still allowing them freedom to interject their own passion and real-world expertise.

Kids (PK to 8th Grade) Financial Literacy Standards

Financial Literacy Standards for Kids

Access Resource

High School, College, & Adult Financial Literacy Standards

Access Resource

Standards for Those Teaching Financial Literacy Coursework

Access Resource


Age Segmentation Reasoning

The development team found that the age breakdowns in existing industry guidelines did not align with student’s cognitive abilities to evaluate key concepts. To address this problem, the NFEC team interviewed educators and sought research to provide evidence-based reasoning for the age breakdowns of the Certification age levels.

Youth Learners Ages 3 to 13

The youth personal finance certifications are separated into 4 groups: 1) PK – 2nd grade, 2) 3rd – 5th grade, 3) 6th – 8th grade, and 4) teen and adult. The NFEC separated each age range grouping into ‘beginner,’ ‘intermediate,’ and ‘advanced’ categories using Webb’s Depth of Knowledge framework. This design gives the instructor flexibility to assess and push participants to encourage higher levels of achievement.

Both the Core Knowledge Theory and Piaget’s Theory also were explored during personal finance certification assessment development. Piaget’s cognitive development theory says that children learn by reconciling inconsistencies through four developmental stages. In some instances the Core Knowledge Theory challenges Piaget’s theory by saying that age or developmental stage matter less than the level at which a child engages with particular theories about the world. Yet while these theories differ in some respects, they also share commonalities. Piaget’s Theory supports current researchers to conclude that effectively teaching kids about money must connect lessons to existing cognitive structures; core knowledge theorists hold that effective education will relate to existing theories or models. Both schools of thought emphasize that children are active learners who filter new information to fit with their current beliefs. (1)

The personal finance certification assessments were developed using Piaget’s Theory of Cognitive Development as a model and their understanding of key concepts – separating material based on cognitive abilities (pre-operational ages 2 to7, concrete operational ages 7 to 11, and formal operational for those older than age 11). The NFEC converted the ages to grade levels to ensure that students had the cognitive abilities and skills necessary to successfully complete the lessons at each level.

Above age 11, the learning barometers were separated based on students’ math abilities and understanding. In the 7th and 8th grade (ages 11 to 14) students are learning the skills essential to making fundamental personal finance calculations, including negative numbers, rates, decimals, and basic statistics needed to solve personal finance problems.

For younger children, the NFEC also explored the key concepts featured in the report ‘Financial Literacy Programs Targeted on Pre-School Children: Development and Evaluation,’ including development of the concepts of number, time, money and income, value, market and exchange, choice, and social values.

Click the Age Group to View Standards & Learning Outcome Summary

Financial Literacy Framework & Standards PK - 2nd Grade

PK – 2nd Grade

(Ages 3 – 7)

Kids National Standards for Financial Literacy

3rd – 5th Grade

(Ages 7 – 11)

Financial Literacy Standards for Kids

6th – 8th Grade

(Ages 11 – 13)

Teenage & Adult Learners Ages 14+

The NFEC asserts that high school students can and should learn advanced personal financial planning topics. Starting in high school, most students possess the cognitive abilities (according to Piaget’s Theory of Cognitive Development) and math skills needed for the majority of the personal finance lessons. The learning outcomes for high school students and adults of all ages are the same and the standards have been broken down into beginner, intermediate, and advanced lessons based on the Depth of Knowledge framework.

The NFEC’s Personal Finance Certifications used when teaching personal finance are the same for teenage and adult learners. We hold younger learners to the same standards as we do our adult graduates. They possess the cognitive and skills needed to achieve Master-level Certification and demonstrate extended thinking. Youth and adult learners are able to connect lessons with other concepts.

It is important to note that, although the subject matter taught to teens and adults is similar, the NFEC’s Framework for Teaching Personal Finance highlights the importance of understanding the audience and modifying how lessons are taught to maximize appeal to the targeted ages. The Framework also addresses the importance of providing a timely financial education – for example, reaching participants when they are considering a major financial step. Younger learners may lack experience but they typically have suffered shorter periods of person financial problems and less ingrained habits than their adult counterparts.

For educators, these standards set performance goals for those who participate in the training. For learners, it provides learning goals that give them clear targets to strive for. When both educators and learners have set goals, the program is better positioned to achieve positive outcomes.

Click to View Standards & Learning Outcome Summary

Financial Literacy Standards for Students, Teens & Adults

High School, College
& Adult

(ages 14+ with Beginner, Intermediate & Advanced Levels)

Click the Age Group to View Standards & Learning Outcome Summary

Financial Literacy Framework & Standards PK - 2nd Grade

PK-2nd
Grade

(Ages 3 – 7)

Kids National Standards for Financial Literacy

3rd – 5th Grade

(Ages 7 – 11)

Financial Literacy Standards for Kids

6th – 8th Grade

(Ages 11 – 13)

Financial Literacy Standards for Students, Teens & Adults

High School, College
& Adult

(ages 14+ with Beginner, Intermediate & Advanced Levels)