Framework for Teaching Personal Finance
Effective educators help learners achieve better outcomes. Numerous studies have shown that students of highly-qualified educators accomplish more positive outcomes than those taught by less-qualified instructors. For example, students of qualified educators may expect higher lifetime earnings and greater security at retirement as well as improved mental and physical health and well-being.
The NFEC developed the Framework for Teaching Personal Finance to share benchmarks with the financial education industry that will assist educators to become more effective instructors and give them to tools to help individuals improve their financial capabilities. In addition, the Framework for Teaching Personal Finance offers the following benefits:
Standards for Professionals
Financial Educators: Framework for Teaching Personal Finance
The NFEC wrote its Framework for Teaching Personal Finance to propose the knowledge and skills financial instructors must attain to earn certification. This standards framework was developed with support of Charlotte Danielson’s team of consultants using her well-renowned Framework for Teaching and custom-tailored to meet the requirements of financial educators.
Danielson Group Collaboration
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 is 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.
Financial Educator Certification
Effective educators help learners achieve better outcomes. Numerous studies have shown that students of highly-qualified educators accomplish more positive outcomes than those taught by less-qualified instructors. For example, students of qualified educators may expect higher lifetime earnings and greater security at retirement [1] as well as improved mental and physical health and well-being. [2]
To ensure educators are qualified to teach personal finance the NFEC designed the Certified Financial Education Instructor course to align with the Framework for Teaching Personal Finance.
Complimentary Copies of the Framework for Teaching Personal Finance
Complimentary copies of the Framework are provided to academia, media, researchers and others that are seeking to use the materials for highlighting the importance of having qualified educators teach our nations citizens.
Page References
[1] Annamaria Lusardi and Olivia S. Mitchell, NBER Working Paper No. 17078 (May 2011), Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth. https://ideas.repec.org/p/crp/wpaper/54.html [2] Bennett et al., BMC Geriatrics, 12:30 (2012), Correlates of health and financial literacy in older adults without dementia. https://bmcgeriatr.biomedcentral.com/articles/10.1186/1471-2318-12-30Framework for Teaching Personal Finance References
[1] Annamaria Lusardi and Olivia S. Mitchell, NBER Working Paper No. 17078 (May 2011), Baby Boomer retirement security: The roles of planning, financial literacy, and housing wealth. [2] Bennett et al., BMC Geriatrics, 12:30 (2012), Correlates of health and financial literacy in older adults without dementia. [3] Max Nisen, Business Insider (Sep. 16, 2013), Impact of Teachers on Lifetime Earnings. [4] Pamela D. Tucker and James H. Stronge, Association for Supervision and Curriculum Development (2005), Linking Teacher Evaluation and Student Learning. [5] William J. Webster and Robert L. Mendro, Dallas Public Schools (1997), The Dallas Value-Added Accountability System Report. [6] W. L. Sanders, S. P. Wright and S. P. Horn, Journal of Personnel Evaluation in Education, Vol. 11 (1997), Teacher and classroom context effects on student achievement: Implications for teacher evaluation. [7] R. J. Marzano, D. J. Pickering and J. E. Pollock, Association for Supervision and Curriculum Development, Alexandria, VA (2001), Classroom instruction that works: Research-based strategies for increasing student achievement [8] W. L. Sanders, Financial Literacy and Education Committee (2006), Taking Ownership of the Future. [9] Ben Johnson, Principal, blog article (undated), Student Commitment Depends on Teacher Commitment. [10] Randal C. Archibold, New York Times article (November 18, 1999), Students’ Success Depends on Teachers Most, Poll Says. [11] Kenneth Leithwood, Karen Seashore Louis, Stephen Anderson and Kyla Wahlstrom, Wallace Foundation, Review of Research (undated), How leadership influences student learning. [12] Corinne Baron-Donovan, Richard L. Wiener, Karen Gross and Susan Block-Lieb, Association for Financial Counseling and Planning Education (2005), Financial Literacy Teacher Training: A Multiple-Measure Evaluation. [13] Richard Cordray, Director of the Consumer Financial Protection Bureau, Federal Reserve Bank of Chicago, Visa Inc. Financial Literacy and Education Summit, Chicago, IL (April 17, 2013), from prepared remarks. [14] Harrison Jacobs, Business Insider article (October 11, 2013), Here’s How to Raise Teachers’ Salaries without Spending a Dime.