Economics and Financial Literacy - Vital to a Well-Educated Workforce
The global economy has changed many of the ways we live and do business. It is critical that we equip our students, the workforce of tomorrow, with an understanding of how the economy works, and knowing how it affects everything from money management to small business to large corporations. A foundation in economic and financial literacy will inspire entrepreneurship, innovation, and prepare students to successfully adapt to a dynamic marketplace.
Virginia's Standards of Learning introduce key economic and personal finance concepts throughout grades K-12 including:
- The ability to analyze, reason, and apply good decision-making skills
- Recognizing that resources are limited and that every choice has an opportunity cost (making one choice means giving up another)
- How to buy, save, and invest wisely-for themselves and our future economy
- How being an effective employee contributes to a company's success-and their own
- Recognizing that they are their own best resource - education and skill-building is an important way for students to invest in themselves, their future, and their community
In addition to the economic and financial concepts introduced in elementary and middle school, Virginia is a national leader by requiring all students to earn a credit in economics and personal finance before they graduate. Adopted by the Virginia Board of Education in 2009, this graduation requirement became effective in 2011 and will be fully implemented by the 2014-15 school year.
Governor Bob McDonnell and Secretary of Education Laura Fornash commend Virginia's teachers-and their school divisions-who are working to provide students a solid foundation in economic and financial literacy. To help schools, many public and private efforts are underway to support teachers in this endeavor:
Governor’s Seal of Completion/Economics and Personal Finance Institutes
The Governor and Secretary of Education salute teachers who have completed special institutes to enhance their ability to teach the new high school economics and personal finance course.
Governor’s Challenge in Economics and Personal Finance
An online and ‘live’ competition open to teams of high school students to energize and emphasize the importance of economics and personal finance education.
TeachingMoneyVA
Designed specifically for Virginia’s high school teachers as a web-based resource to help identify and share quality classroom resources for teaching economics and personal finance.
The DOE offers resources and information to support the high school course as well as the economics strand in the K-12 History and Social Sciences SOL.
VCEE and its affiliated university-based centers provide professional development for K-12 teachers, along with classroom resources and programming such as The Stock Market GameTM where students practice economic and financial skills in a real-world setting.
