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Posts Tagged ‘Financial literacy’

Two Surveys Examine Perceptions of and Concerns about Postsecondary Education

Tuesday, June 13th, 2017

The Princeton Review recently released the findings of their annual survey of college applicants and parents discussing their perspective on the admissions process. When asked about their biggest concerns about college, the biggest worry was the debt students and their families will take on to pay for a degree. Parents and students prioritized overall “fit” and a match with the student’s career interests when choosing a college. These results fit with the perceived biggest benefit of a college education – a better job and higher income. Given this information, communications about the opportunities CTE provides in these categories would be very beneficial as students begin to plan for their futures.

New America also just released national survey data about perceptions of higher education. This survey contains some promising data for community colleges. 64 percent of respondents believe that two-year community colleges “are for people in my situation.” More people (80%) believe that two-year community colleges prepare people to be successful. This is higher than four-year public (77%) four-year private (75%) and for-profit (60%). Additionally, 83 percent of respondents believe that two-year community colleges contribute to a strong workforce. This is higher than four-year public (79%) four-year private (70%) and for-profit (59%).

U.S. Teens Fall Behind International Peers in Financial Literacy Exam

The results of the 2015 Program for International Student Assessment (PISA) exam on financial literacy have been released, and the results are less than promising. The financial literacy exam has been administered twice now to a select number of participating Organization for Economic Cooperation and Development (OECD) countries. US teens scored an average score of 487, two points below the international average. In 2012, American students received average scores of 492, while the OECD average that year was 499.

Though the U.S. has scored close to the OECD average in both exams, the results are still concerning, given that an average score signifies that one in five American teens do not meet the financial literacy benchmark, and are therefore unprepared for the complex financial decisions that come with choosing postsecondary and career options. This data becomes more concerning when examined through the lens of socioeconomic status. Students from lower-income families were less likely to score high marks on the exam, indicating that schools are not doing enough to close gaps in knowledge.

Odds and Ends

What is a community college degree worth? A research brief from CAPSEE aims to answer that very question. The report examines independent state evaluations and finds that, on average, the quarterly earnings for men and women earning associate degrees are $1,160 and $1,790 higher than non-completers respectively. Further, the study finds that degrees earned in vocational fields, as opposed to arts and humanities, yield higher earnings, with degrees in health-related fields the most lucrative.

Speaking of skills learned in college, a recent Gallup poll — conducted for the Business-Higher Education Forum — finds that, while 69 percent of employers will prefer candidates with data science and analytics skills by 2021, only 23 percent of college and university leaders say their graduates will learn those skills. The report provides eight strategies educators and employers can use to help close the skills gap.

Ashleigh McFadden, State Policy Manager

By admin in Uncategorized
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Legislative Update: AMERICA Works, 21st Century Careers, Every Student Counts, Financial Literacy, Middle Schools

Friday, April 22nd, 2011

Amid all of the budget action over the last few weeks, Congress has also introduced a number of bills that may be of interest.

AMERICA Works Act

Rep. Joe Donnelly (IN) introduced H.R. 1325, the AMERICA Works Act, which would require that certain Federal job training and career education programs give a priority to programs that provide an recognized and nationally portable credential. This bill is similar to the one introduced by Sen. Kay Hagan (NC) last session. The bill would amend Perkins such that state plans would describe how the eligible agency would give priority to programs of study that lead to a skills credential that is in high demand in the area served and listed in the registry described in the AMERICA Works Act.

Providing Innovation to 21st Century Careers Act

Sen. Patty Murray (WA) introduced S. 830, the Providing Innovation to 21st Century Careers Act, to establish partnerships to create or enhance educational and skills development pathways to 21st century careers. The bill would fund $912 million in competitive grants to be used by state and regional partnerships to help students graduate high school and enter postsecondary education or a skilled career. State and regional partnerships would include representatives from secondary, postsecondary, business, labor, workforce, and economic development organizations. These partnerships would develop career pathways for high school students that include counseling, mentoring, work-based experiences, and support to obtain degrees, apprenticeships, and other postsecondary credentials.

Every Student Counts Act

Sen. Tom Harkin (IA) introduced S.767, the Every Student Counts Act . The goal of the bill is to improve the calculation of, reporting of, and accountability for high school graduation rates. The bill would also give credit to schools, districts and states for graduating students in more than four years, as long as they graduate the majority of all students in four years. The bill also provides incentives for schools, districts and states to create programs to serve students who have already dropped out of school, are over-age or under credited. The Every Student Counts Act builds on the National Governors Association’s Graduation Rate Compact that was signed by all 50 of the nation’s governors in 2005. Rep. Bobby Scott (VA) introduced companion bill, H.R. 1419, in the House.

Financial and Economic Literacy Improvement Act

Sen. Patty Murray (WA) introduced S. 787, the Financial and Economic Literacy Improvement Act, which aims to provide grants to promote financial literacy for students and adults. The grants would provide funding to states for resources to teach financial literacy in K-12 schools and 2-and 4-year colleges. The bill also proposes a clearinghouse of resources, tools, and best practices for financial and economic literacy education.

Success in the Middle Act

Sen. Sheldon Whitehouse (RI) introduced S. 833, the Success in the Middle Act, which would fund grants for states to help school districts improve low-performing middle schools. The grants would be used for early intervention systems for at-risk youth, transition programs between elementary, middle, and high school, professional development, extended learning time, and personal academic plans. While the bill does not specifically mention CTE, there does seem to be a clear connection between the purposes of this bill and the work being done by the CTE community.

By admin in Legislation
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Treasury Seeks Comments on Financial Education Core Competencies

Tuesday, August 31st, 2010

The Department of the Treasury is currently accepting public comments on a proposed set of financial education core competencies. As the Chairperson of the Financial Literacy and Education Commission, the Treasury would like to know whether the proposed competencies are complete and whether there are portions that should be deleted, revised, or expanded. The goal of the Core Competencies is to define what consumers should know and be able to do to successfully understand and make informed decisions about their personal finances. The five core concept areas are:

  1. Earning
  2. Spending
  3. Saving
  4. Borrowing
  5. Protecting against risk

You may access the competencies in the Federal Register Notice requesting comments. Comments are due by September 12, 2010.

By admin in Public Policy
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Financial Education for College Access and Success Program Grants Available

Tuesday, July 27th, 2010

On Monday the Office of Vocational and Adult Education at the U.S. Department of Education announced a funding opportunity to support “State-led efforts to develop, implement, and evaluate the effectiveness of personal finance instructional materials and corresponding teacher training, with the express purpose of providing high school students with knowledge and skills to make sound financial aid and other personal finance decisions, particularly in relation to obtaining access to, persisting in, and completing postsecondary education.” Eligible applicants are State educational agencies that have included personal finance in their State education standards.

This is a great opportunity for the CTE community to help the nation meet the President’s challenge of once again having the highest proportion of college graduates in the world. One of the barriers to achieving this goal is the lack of financial literacy among youth, and studies have shown that Americans do not have the skills they need to make sound financial decisions, including decisions about postsecondary education. The Administration recognizes the role that CTE can play in equipping students with the financial literacy skills they need — the notice specifically mentions CTE as an area where teachers can integrate financial literacy instruction, and requires that the State project team include the agencies in the state representing CTE and 2-year postsecondary institutions.

Deadline for Notice of Intent to Apply: August 5, 2010.

Deadline to Apply: September 9, 2010.

For more information, please see the Federal Register notice.

By admin in Public Policy
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Legislative Update: Education Jobs Fund, Financial Literacy Bill

Friday, April 30th, 2010

Contact Congress about the Keep Our Educators Working Act

As we told you earlier this month, Sen. Tom Harkin (IA) introduced S. 3206, the Keep Our Educators Working Act of 2010 which would provide $23 billion for an “Education Jobs Fund,” modeled after the State Fiscal Stabilization Fund that was established in the American Recovery and Reinvestment Act.

I just returned from a meeting where we heard that Sen. Harkin needs help relating to Senate Majority Leader Harry Reid (NV) and other Senators about the importance of funding to help states and school districts fund education jobs and provide on the job training during a time of financial crisis.

You can share with them the financial situation in your state and why additional funding is needed to retain teachers and other education positions. Please urge them to support S. 3206, the Keep Our Educators Working Act of 2010.

Financial Education in the Classroom Act

On Wednesday, Congressman Michael Castle (DE) introduced H.R. 5165, the Financial Education in the Classroom Act.  The goal of this act is to improve the financial literacy for students in grades K-12 by strengthening the existing financial and economic education section currently under Title V of ESEA.  The bill would establish a competitive grant program for states who demonstrate a commitment to bringing financial literacy education to their schools.  Subgrants would then be awarded by States to school districts who partner with groups in the community to achieve student financial literacy through the teaching of personal financial management skills and the basic principles involved with earning, spending, saving, investing, credit, and insurance.

By admin in Legislation
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ED Introduces the National Financial Capability Challenge

Tuesday, February 16th, 2010

In December 2009, Secretary of Education Arne Duncan along with Treasury Secretary Timothy Geithner announced the National Financial Capability Challenge, an awards program for educators and high school students that aims to encourage the teaching of personal finance and to increase the financial knowledge and capability of high school aged youth across the United States so they can take control over their financial futures. Educators and top-scoring students in each school will earn personalized award certificates and states with the highest participation rates will also be recognized. Participation is free and the deadline to register for Challenge is March 14, 2010.

To reach their goal of getting one million high school students to take the Challenge by April 9, 2010, they are encouraging high school educators to take these steps:

  1. View the video message from Secretary Duncan
  2. Register for the Challenge by March 14th
  3. Recruit their colleagues to participate (flier available here)
  4. Prepare their students (using the free educator toolkit or their own resources)
  5. Administer the online exam one day between March 15th and April 9th
  6. Present official (printable) awards certificates to high-scoring students

By admin in Advance CTE Announcements
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