The Take Charge Today program offers a comprehensive set of free, ready-to-teach classroom materials, teacher training, newsletters, grants, online resources, and other tools to further financial education in grades 7-12. The programs are "by educators...for educators" and are research based. Some may recall the program from its former name, Family Economics and Financial Education (FEFE).

To access the materials visit their website and request a user name and password. If you wish to preview materials in advance of registering, you can download samples of the lesson plans for grades 7-9 (introductory level) or grades 10-12 (advanced level).

A highlight of the program are the Active Learning Tools for grades 7-12 which encourage student engagement and activity (sample here). Teachers also appreciate the program's suggestions for integrating technology, service learning, and more. 

The program is made available by The University of Arizona's Take Charge America Institute. All lesson plans and materials can be downloaded free of charge from the website, but hard copies are also available for purchase. 

The use of the terms financial literacy, financial capability and financial education could cause confusion for those who are very technical and need to have everything in black and white or discrete categories because sometimes the terms seemed to be used interchangeably depending on the source. However, for general communication with the public, does it matter if these terms are discrete? 

Financial literacy is the ability to use knowledge and skills to manage financial resources for a lifetime of financial security. This definition was offered by the National Jump$tart Coalition� for Personal Financial Literacy and later adopted by the United States government (Hung, Parker, & Yoong, Defining and Measuring Financial Literacy, 2009). Researchers and others have offered other definitions with the intent to measure financial literacy in tangible ways over time (Remund, 2010; Schmeiser & Seligman, 2013).  However, from a practical perspective, financial literacy is simply the ability to effectively manage money for personal needs.

Financial capability is a term first used in conjunction with the 2010 President's Advisory Council on Financial Capability (PACFC).  PACFC was the successor to the 2008 President's Advisory Council on Financial Literacy. Financial capability was defined as "the capacity, based on knowledge, skills, and access, to manage financial resources effectively. In order to develop this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts. Financial capability empowers individuals to make informed choices, avoid pitfalls, know where to go for help, and take other actions to improve their present and long-term financial well-being" This definition was likely an attempt to further define a financially literate individual.

Finally, financial education is the formal and non-formal activities (seminars, workshops, webinars, classes, practical experiences), that occur periodically and/or repeatedly that build our financial knowledge, skills, and ability to operate in the marketplace. Financial education occurs in many forms and places (i.e., at home, schools, workplace, and communities) and can continue from childhood to older adulthood. 

Distinguishing among these terms do matter in academic settings and when discussions are being held among teachers, researchers and policy makers.  However, in communicating with the general public, it may be more important to focus on increasing consumers' knowledge, skills and desirable behaviors and not place too much attention on the words used when discussion or conversations are being held about improving personal financial knowledge or skills. The bottom line, focus on the end-improvement in learners' ability to manage money to meet their needs and to operate in our ever-changing marketplace.

References

Hung, A. A., Parker, A. M., & Yoong, J. K. (2009, September). Defining and Measuring Financial Literacy. RAND Corporation.

Remund, D. L. (2010). Financial Literacy Explicated: The Case for a Clearer Definition in an Increasingly Complex Economy. The Journal of Consumer Affairs, 44(2), 276-295.

Schmeiser, M. D., & Seligman, J. S. (2013, Summer). Using the Right Yardstick: Assessing Financial Literacy Measures by Way of Financial Well-Being. The Journal of Consumer Affairs, 243-262.

Did you know that an entire series of these classic 1970's cartoons were devoted to the topic of money? They include "Dollars and Sense," "Tax Man Max," and "Where the Money Goes." 

To use them in the classroom search online or purchase them on DVD. 

Lunch Money by Andrew Clements is a popular chapter book for students in upper elementary or early middle school grades. It follows the adventures of young Greg Kenton as he makes money selling miniature comic books. 

A great companion book to read is Frindle in which another boy coins a new term for pen and ends up making lots of money unexpectedly. 

Both books are at 4th-5th grade reading level with guided reading levels of R and DRA of 40. 

Corresponding lessons are available from Scholastic here and here. 

Making Cents is a cooperative effort by the Pennsylvania Department of Education and the Pennsylvania State University. If you find the content useful, please consider forwarding it to your colleagues. 

Team Members:

Sally Flaherty, PDE

Cathy F. Bowen, PSU

Hilary Hunt, Consultant