ELIZABETHTOWN – Thousands of Pennsylvania students will be better prepared to manage and make sound decisions about their personal finances as the result of a program being offered this week to teachers by the state departments of Education and Banking.
Nearly 100 educators from across Pennsylvania are taking part in this year’s Governor’s Institute for Financial Education at Elizabethtown College in Lancaster County. The week-long program, which started Monday, is designed to help teachers at all grade levels integrate financial concepts – such as budgeting, saving and identity theft – into their existing lesson plans.
The institute helps teachers understand how personal finance content can be taught in other contexts, such as using credit card or banking statements to teach middle school math or, for example, books like “The Berenstain Bears and the Trouble with Money” to teach elementary school reading.
“Financial education is critical to the future of our state. Yet, study after study shows us that students know surprisingly little about things like credit cards, interest rates and savings accounts,” said Acting Secretary of Banking Victoria Reider. “We need to make sure that young people have the skills and know-how to successfully navigate today’s financial marketplace. The governor’s institute offers an approach that meets state education standards but doesn’t require new textbooks or the development of entirely new courses.”
According to the Jump$tart Coalition for Personal Financial Literacy, the average high school senior scored 52-percent in 2006 on a survey measuring their basic financial knowledge. Teachers attending the governor’s institute receive scholarships from the state to cover the cost of materials, program of study, meals and lodging. Participants receive two graduate credits from Cheyney University upon successful completion of the program. This is the institute’s third year.
“This program offers Pennsylvania’s teachers a rich opportunity to advance their own professional development and educate our children about the importance of money management,” Education Secretary Gerald L. Zahorchak said.
Many of Gov. Edward G. Rendell’s education initiatives are aimed at better preparing our children for life after high school, whether they opt for higher education or the workforce. Zahorchak said proper fiscal management is a crucial part of a student’s future, regardless of what path they choose.
For more information about the Department of Banking’s Office of Financial Education, visit here. To apply for participation at one of the governor’s institutes for educators, visit here. For information about the Department of Education, visit here.