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State officials unveil financial literacy recommendations for students

dollars-moneyDES MOINES – Gov. Terry Branstad and Lt. Gov. Kim Reynolds were joined at their weekly press conference today by Iowa Department of Education Director Brad Buck to announce the recommendations of the Financial Literacy Work Team. Buck convened the 13-member work team in January of 2014 to ensure Iowa students are learning the financial literacy skills needed for success.

“We know our children need to be financially literate in order to have a bright future and many Iowans, including educators, financial services experts, and elected officials have expressed concerns about the status of financial literacy in Iowa,” said Branstad. “I’m pleased the Financial Literacy Work Team has completed its review and offered recommendations for the state to move forward educating our young people on how to make smart, responsible financial decisions.”

The work team included representatives from public and nonpublic schools, financial services, higher education and the Iowa Department of Education. The group’s recommendations included the following:

  1. Taking a close look at our financial literacy requirement for K-12 schools. This is included in the 21stcentury skills portion of Iowa’s statewide academic standards. The work team’s idea is to make sure the financial literacy component is clear and age appropriate.
  2. More support for schools around putting the financial literacy component of the standards into practice. More support would include providing better, more centralized resources to teachers.
  3. Tap into external stakeholder groups with expertise in financial literacy to assist in professional development trainings for teachers.
  4. Review how school districts approach financial literacy education.
  5. Improving communication statewide to keep a focus on this important issue.

“As former Clarke County treasurer, I understand the importance of financial literacy. I saw how far too many Iowans struggle to understand their rights and responsibilities when it comes to issues like tax payments and license fees,” said Reynolds. “Success in the 21st century requires being financially literate. These recommendations will help us focus on assuring that all students fully understand financial commitments and decisions.”

“We must do more to help students understand the power of financial literacy. And given that there’s this groundswell of support among stakeholders to be part of the solution, it made great sense to form the Financial Literacy Work Team,” said Buck. “At the Iowa Department of Education, we have moved forward by designating a staff member to the issue of financial literacy and we’ll work to provide leadership around professional development activities and a central online location for high-quality resources for teachers.”

The full report, including the Financial Literacy Work Team’s recommendations, can be found here.

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