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Educator Toolkit Supports Student Financial Skills
The Obama Administration has released a new educator toolkit to help teachers prepare students for the 2011 National Financial Capability Challenge. The toolkit includes ready-to-use lesson plans focused on key money skills.
These lessons help students learn how to save, budget, invest, and manage money wisely. All of these skills are important for building a secure financial future.
About the National Financial Capability Challenge
The National Financial Capability Challenge is a voluntary online exam for high school students. The exam opens on March 7, 2011, and will run through April 8, 2011.
Students who score the highest will be honored at a national awards ceremony in Washington, D.C. Other top performers will receive official award certificates.
Why Financial Education Matters
Treasury Secretary Tim Geithner stressed the importance of financial knowledge. He explained that learning how to manage money helps students make smart choices for the future. These skills also support long-term economic growth and stability.
Education Secretary Arne Duncan added that students must graduate ready for college and careers. Financial literacy helps students plan for major expenses, such as paying for higher education.
What the Educator Toolkit Includes
The online toolkit is available starting today. It covers five core areas of financial education:
Earning
Spending
Saving
Borrowing
Protecting against risk
The toolkit includes lesson plans from the Federal Reserve, the Federal Deposit Insurance Corporation, and nonprofit organizations. These lessons teach practical skills such as creating a spending plan, managing bank accounts, using credit wisely, understanding insurance, and avoiding identity theft.
New Features in This Year’s Toolkit
For the first time, the toolkit includes interactive online lessons. It also offers materials in Spanish. Teachers can use these resources not only for exam preparation but also for year-round classroom instruction.
Growing Participation Nationwide
Last year, more than 76,000 students and 2,500 educators took part in the Challenge across all 50 states. This year, teachers can give the exam at any time between March 7 and April 8.
Educators can register for the Challenge during this period.
Part of a Larger National Effort
The Challenge is part of a broader effort to improve financial capability nationwide. In November, the Administration launched a National Strategy for Financial Literacy. This strategy helps guide both government and private organizations.
The Administration also formed the President’s Advisory Council on Financial Capability. The council works to improve financial education programs and explore new ideas.
In addition, several federal agencies announced partnerships to expand student access to safe banking services. Recently, the Treasury also launched a pilot program offering low-cost financial accounts for people without access to traditional banking.
