MIAMI-DADE COUNTY PUBLIC SCHOOLS
Department of Social Sciences
District Framework – Financial Literacy
GRADE LEVEL OR COURSE TITLE: SEVENTH GRADE- CIVICS Course Code: 210601001The Department of Social Sciences has developed the following District Framework to facilitate the implementation of a three-week Financial Literacy Curriculum in all Miami-Dade County Public School Social Studies classes grades K-12.
Please note the following important general information regarding the Financial Literacy Framework:
· The Financial Literacy Framework provides lessons designed to implement a three-week Financial Literacy curriculum.
· Financial Literacy Frameworks have been developed for all elementary grade levels (K-5) and for each of the required social studies courses at the middle and senior high school levels.
· The Financial Literacy Frameworks are to be utilized by all teachers, grades K-12, when planning for social studies instruction in Financial Literacy.
· The Financial Literacy Framework outlines the pacing in which instruction should occur. Specifically, the Framework is divided into 15 daily lessons needed to complete a three-week instructional component in Financial Literacy. Teachers should make every effort to stay on pace and to complete the topics in the given three-week session. Slight variations in pacing may occur due to professional decisions made by the teacher or because of changes in school schedules.
The National Standards for Financial Literacy provides an outline for teaching personal finance in kindergarten through 12th grade. A student who masters the knowledge embodied in the standards should be able to avoid making poor financial decisions, understand the economic reasons behind the trade-offs between financial choices, and know the basis for their own decisions.
The standards contain the areas of knowledge and understanding that are fundamental to personal finance:
· Earning Income
· Buying Goods and Services
· Using Credit
· Saving
· Financial Investing
· Protecting and Insuring
Each of these six standards includes benchmarks outlining what a student should be able to understand and examples at the 4th, 8th and 12th grade levels of how the student might demonstrate this understanding. The benchmarks also emphasize decision-making skills by explicitly relating planning and goal setting, financial decision making, and assessing outcomes to each standard.
http://www.councilforeconed.org/resource/national-standards-for-financial-literacy/
In the summer of 2015, the Florida Legislature amended the Next Generation Sunshine State Standards to include Financial Literacy in the Social Studies Standards K-12:
2015 Florida Statutes 1003.41 Next Generation Sunshine State Standards (1) (d)
Social Studies standards must establish specific curricular content for, at a minimum, geography, United States and world history, government, civics, humanities, and economics, including financial literacy. Financial literacy includes the knowledge, understanding, skills, behaviors, attitudes, and values that will enable a student to make responsible and effective financial decisions on a daily basis. Financial literacy instruction shall be an integral part of instruction throughout the entire economics course and include information regarding earning income; buying goods and services; saving and financial investing; taxes; the use of credit and credit cards; budgeting and debt management, including student loans and secured loans; banking and financial services; planning for one’s financial future, including higher education and career planning; credit reports and scores; and fraud and identity theft prevention.
http://www.leg.state.fl.us/statutes/index.cfm?mode=View%20Statutes&SubMenu=1&App_mode=Display_Statute&Search_String=Financial+Literacy&URL=1000-1099/1003/Sections/1003.41.html
http://www.fldoe.org/core/fileparse.php/5444/urlt/0074986-financial.pdf
Course Code: / Essential Content / Lesson / Instructional Tools /Day 1 / Content Benchmark:
SS.8.FL.1.3 Explain that getting more education and learning new job skills can increase a person’s human capital and productivity.
Correlated Literacy Standards:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone..
LAFS.7.W.2.4 Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.
LAFS.7.W.3.7 Conduct short research projects to answer a question, drawing on several sources and generating additional related, focused questions for further research and investigation.
LAFS.7.W.3.8 Gather relevant information from multiple print and digital sources, using search terms effectively; assess the credibility and accuracy of each source; and quote or paraphrase the data and conclusions of others while avoiding plagiarism and following a standard format for citation
LAFS.7.SL.1.2 Analyze the main ideas and supporting details presented in diverse media and formats / Lesson 1: The Education-Income Connection
In this lesson, students will explore the concept of Human Capital. They will investigate the correlation between education and income. Through simulation, examination, and analysis students will come to understand that people with more education and job skills will earn a higher income than those without the skills and education. / · A post-it note for each student in the class on which you have written a numbers 1-7
· Handout #1 Relationship Between Education and Income (Included in Lesson)
· Index cards
· Human Capital Handout-for Home Learning or Extension Activity (Included in Lesson)
Day 2 / Content Benchmark:
SS.8.FL.2.2 Analyze a source’s incentives in providing information about a good or service, and how a consumer can better assess the quality and usefulness of the information.
Correlated Literacy Standards:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone..
LAFS.7.W.3.7 Conduct short research projects to answer a question, drawing on several sources and generating additional related, focused questions for further research and investigation.
LAFS.7.SL.1.2 Analyze the main ideas and supporting details presented in diverse media and formats / Lesson 2: Analyzing Advertisements
In this lesson, students will explore different techniques and incentives advertisers use in order to convey a certain message. Through a variety of activities, students will be able to identify advertising strategies and analyze advertisements with regard to the quality and the usefulness of the information presented. Students will create their own advertisements using the strategies learned in this lesson. / · Computer/Internet Access Projector
· SmartBoard
· PowerPoint Presentation: Analyzing Advertisements (Included in Lesson 2 File)
· Handout #1 Advertising Strategies/Persuasive Techniques (Included in lesson)
· Handout #2 Advertisements (Included in lesson)
· Handout # 3 Creating an Advertisement Using Persuasive Techniques (Included in lesson)
Day 3 / Content Benchmark:
SS.8.FL.3.2 Explain that, for the saver, an interest rate is the price a financial institution pays for using a saver’s money and is normally expressed as an annual percentage of the amount saved.
Correlated Literacy Standards:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone.
LAFS.7.W.3.7 Conduct short research projects to answer a question, drawing on several sources and generating additional related, focused questions for further research and investigation.
LAFS.7.W.3.8 Gather relevant information from multiple print and digital sources, using search terms effectively; assess the credibility and accuracy of each source; and quote or paraphrase the data and conclusions of others while avoiding plagiarism and following a standard format for citation
LAFS.7.SL.1.2 Analyze the main ideas and supporting details presented in diverse media and formats / Lesson 3: Simple vs. Compound Interest
Students will identify the difference between simple and compound interest and how it relates to earnings. They will also be able to understand and calculate: simple interest; compound interest; and the time it takes for investments to double using “The Rule of 72.” / · Video: Why Banks Pay Interest https://www.youtube.com/watch?v=HlQkZnnqjBQ
· Handout #1 Simple and Compound Interest (Included in lesson)
· Handout #1 Simple and Compound Interest Answer Key (Included in lesson)
· Video BizBasics: "The Rule of 72" with Peter Rodriguez https://www.youtube.com/watch?v=12FsjiVzTMA
· Handout #2 “The Rule of 72” (included in lesson)
· Handout #2 “The Rule of 72” Answer Key (included in lesson)
· Handout #3 Calculating Simple and Compound Interest (Included in lesson)
· Handout #3 Calculating Simple and Answer Key (Included in lesson)Compound Interest
Day 4 / Content Benchmark:
SS.8.FL.4.1 Explain that people who apply for loans are told what the interest rate on the loan will be. An interest rate is the price of using someone else’s money expressed as an annual percentage of the loan principal
Correlated Literacy Standards:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone.
LAFS.7.W.3.8 Gather relevant information from multiple print and digital sources, using search terms effectively; assess the credibility and accuracy of each source; and quote or paraphrase the data and conclusions of others while avoiding plagiarism and following a standard format for citation
LAFS.7.SL.1.2 Analyze the main ideas and supporting details presented in diverse media and formats / Lesson 4: Loans and Interest Rates
In this lesson students will examine interest rates as they relate to banks and borrowers. Students will understand and explain why people who apply for a loan are told the interest rate and that the interest rate is an amount of money paid back to the bank in addition to the principal. Students will calculate cost using various interest rates and explore ways to use credit wisely. / · Computer or tablets with internet connection
· Promethean or SmartBoard
· Video
https://www.bettermoneyhabits.com/teaching-kids-money/credit-basics-for-kids/help-your-child-understand-how-loans-work.html
· Handout # 1 Calculating Simple Interest (Included)
· Handout # 1 Calculating Simple Interest Answer Key (Included)
· Handout # 2 How much will it really cost? (Included)
· Handout # 2 How much will it really cost? (Included)
· Calculators (optional)
Day 5 / Content Benchmark:
SS.8.FL.5.3 Discuss that when people buy corporate stock, they are purchasing ownership shares in a business that if the business is profitable, they will expect to receive income in the form of dividends and/or from the increase in the stock’s value, that the increase in the value of an asset (like a stock) is called a capital gain, and if the business is not profitable, investors could lose the money they have invested.
Correlated Literacy Standard:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone..
LAFS.7.W.3.7 Conduct short research projects to answer a question, drawing on several sources and generating additional related, focused questions for further research and investigation.
LAFS.7.W.3.8 Gather relevant information from multiple print and digital sources, using search terms effectively; assess the credibility and accuracy of each source; and quote or paraphrase the data and conclusions of others while avoiding plagiarism and following a standard format for citation / Lesson 5: Stock Market Investments
Students will explore the concept of stock market is and come to understand how it works. Through engaging in a variety of activities, students will understand stock dividends, capital gains and the reasons why companies issue stocks. / · Computer with internet access
· SmartBoard or Promethean Board
· Video: School House Rock Walking on Wall Street https://www.youtube.com/watch?v=yIZaelw_cHE
· Handout # 1 Stock Market and Dividends (Included in Lesson)· Handout # 2 How to Read a Stock Table? (Included in Lesson)
· Handout # 3 Reading a stock table (Included in Lesson)
Day 6 / Content Benchmark:
SS.8.FL.6.1 Analyze the fact that personal financial risk exists when unexpected events can damage health, income, property, wealth, or future opportunities.
Correlated Literacy Standards:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone..
LAFS.7.W.2.4 Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.
LAFS.7.SL.1.2 Analyze the main ideas and supporting details presented in diverse media and formats / Lesson 6: Risk Management Strategies
Students will explore personal financial risks created by unexpected events. They will examine and be able to explain different strategies used to protect and manage risk. / · Computer with internet connection
· Promethean or smart board
· Video: Talking About Risk-http://www.scholastic.com/nextgeneration/videos.htm (2:33)
· Reading: Protecting Your Wealth (Included)
· Handout # 1 Types of insurance (Included)
· Handout # 2: Minimizing Damage from Unexpected Events. (Included)
· Handout # 2: Minimizing Damage from Unexpected Events. Answer Key(Included)
Day 7 / Content Benchmark:
SS.8.FL.4.3 Examine the fact that borrowers who use credit cards for purchases and who do not pay the full balance when it is due pay much higher costs for their purchases because interest is charged monthly. Explain how a credit card user can avoid interest charges by paying the entire balance within the grace period specified by the financial institution.
Correlated Literacy Standards:
LAFS.7.RI.2.4 Determine the meaning of words and phrases as they are used in a text, including figurative, connotative, and technical meanings; analyze the impact of a specific word choice on meaning and tone.
LAFS.7.W.2.4 Produce clear and coherent writing in which the development, organization, and style are appropriate to task, purpose, and audience.
LAFS.7.W.3.7 Conduct short research projects to answer a question, drawing on several sources and generating additional related, focused questions for further research and investigation.
LAFS.7.SL.1.2 Analyze the main ideas and supporting details presented in diverse media and formats / Lesson 7: Credit Cards: Easy Money-Big Debt
In this lesson, students will explore the costs involved in using credit cards. They will investigate APR’s and credit card fess as well as the smartest ways to manage credit card debt. Through video and simulation activities, students will learn the monetary loss involved in: making late payments; not making payments; paying only minimum payments; not reading the credit card agreement; and accepting credit cards with high interest rates. Students will be able to identify the total cost of borrowing on a credit card. / · Computer with internet access
· Promethean or Smart Board
· Video: Consumer Credit and Debt – It’s not Free Money https://www.youtube.com/watch?v=jxFckwpbOps