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:

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.

The NFEC modify Charlotte Danielson’s Framework for Teaching working directly with Danielson Group consultants. 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

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. Contact us for the report.

Contact us for the report

Framework for Teaching Personal Finance

[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.

 

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