While the education industry has established criteria that qualify teachers, until now - with the release of the Framework for Teaching Personal Finance - the financial literacy industry lacked clear guidelines for financial educators.
Los Angeles, CA (PRWEB) July 16, 2014
The National Financial Educators Council brought together a think tank of educators, financial professionals and personal finance experts to develop benchmarks for financial education instructors – Framework for Teaching Personal Finance. The Framework and report is made available complimentary by the NFEC.
While the education industry has established criteria that qualify teachers, until now the financial literacy industry lacked clear guidelines for financial educators. Financial education is typically taught by financial professionals, traditional educators and volunteers – each had unique problems. Traditional educators report lacking the confidence to teach financial literacy. Financial professionals often understand financial topics yet lack training on general teaching and presentation methods. And volunteers often lacked teaching skill sets and knowledge on personal financial matters.
The Framework for Teaching Personal Finance includes performance standards that provide professional development guidelines. This Framework was designed to assist organizations to set clear evaluation criteria, establish benchmarks for hiring educators and provide the public assurance that financial education instructors are held to the highest standards of practice.
To develop the Framework for Teaching Personal Finance, the NFEC selected to work with Charlotte Danielsons' Framework for Teaching. The Framework for Teaching is the most widely-used teaching model in the United States, and has been adopted in over twenty states. With the support of their consultants the NFEC modified the Framework to meet the specific needs of Financial Education Instructors.
Studies demonstrate that a Framework for those teaching financial literacy topics is needed. Students of highly-qualified educators accomplish more positive outcomes than those taught by less-qualified instructors. The Dallas Public Schools’ Accountability System found that, the more effective the instructor, the greater the student gains. Studies conducted by researchers at the University of Tennessee demonstrate that teacher effectiveness has a cumulative, financially measurable effect on student achievement; those effects are long-lasting and sustainable. Researchers also found that teachers are the single most important variable contributing to student success, regardless of student age.
“Teachers are the single most important variable contributing to student success. The qualifications of financial educators directly influences both short-term student outcomes and long-term impact on their financial well-being,” states Vince Shorb, NFEC CEO.
Financial education is a unique subject that requires specialized expertise to teach effectively. Unlike other core subject matter typically taught in schools, the topic of money elicits emotional reactions in people. Each participant going through financial literacy curriculum brings his or her own experience, emotions, and relationship with money into the classroom. The Framework for Teaching Personal Finances outlines benchmarks for financial educators so they understand and respect these emotional reactions to succeed in improving the financial capabilities of the participants.
The National Financial Educators Council developed the Framework for Teaching Personal Finances to illuminate best practices to share with others in the financial literacy industry. The NFEC is a research and resource provider with the end objective of helping individuals improve their financial capabilities.