Recommendations on methods, materials, procedures, and in-service training of teachers relating to principles of economics and personal finance;
Recommendation One:
The Final Report: Towards Economic and Financial Literacy contains in Appendix I an in-depth description of suggested methods and materials, procedures and in-service training models to prepare teachers to conduct effective economic and financial education programs with students from kindergarten through high school. This description is commended to DESE, to all institutions conducting pre-service (training new teachers) and in-service (training active teachers) in Missouri and to school districts in the state conducting teacher-training activities.
Recommendations relating to funding to facilitate the integration of grade-appropriate principles of economics and personal finance from kindergarten through the twelfth grade into math, reading, writing, social studies, business, and family and consumer science courses;
Recommendation Two:
The state of Missouri is strongly urged to commit financial resources necessary to provide training to Missouri teachers to meet the new expectations for student performance on Missouri Assessment Program (MAP) tests that include economics and personal finance questions. This funding should be directed to DESE for its use through Regional Professional Development Centers (RPDC’s), colleges and universities conducting pre-service and in-service training of teachers in cooperation with experts in the field of economics and personal finance education, and other groups meeting DESE’s specifications. Training must be directed only towards preparing teachers to meet state and national standards for economic and personal finance education.
Because of the state’s financial exigencies in the current fiscal year, the funding recommended below should be added to the Governor’s budget recommendations and passed by the Missouri General Assembly at the earliest future date possible. DESE, RPDC’s, colleges and universities, and local school districts are urged to reallocate portions of existing teacher training funding towards this effort.
Missouri’s school funding formula is complex. Because future changes in this formula and alternative strategies to support the enabling funding required could be done in a variety of ways, a set of choices are described in Appendix L of the Final Report: Towards Economic and Financial Literacy. The funding changes should be permanent reflecting the permanent nature of the need for economic and financial literacy. The amount of money directed in this way should start at two million dollars annually or about two dollars each year for each student in the state. One-half of the funds should be restricted by DESE for direct grants to school districts that wish to work with experts in economics and personal finance education to provide teacher training for the integration of economics and personal finance content into math, reading, writing, social studies, business, agriculture and family and consumer science courses. The remaining funds will be directed by DESE to RPDC’s, colleges and universities that wish to work with experts in economics and personal finance education to conduct pre- and in-service teacher education, and to organizations meeting DESE specifications.
Recommendations concerning detailed procedures and time tables to assure integration of testing on appropriate areas of economics and personal finance into the Missouri Assessment Program (MAP), with sufficient test questions to permit a separate reportable test score for each of these two subjects;
Recommendation Three:
Because of the close and frequently overlapping relationship between economics and personal finance concepts, The Study determined at an early point that the two must be combined for organizational purposes within the DESE curricular design. This means that a separate MAP score for economics and another score for personal finance is not practical. Testing in both areas would be somewhat redundant.
Rather The Study recommends that DESE increase by 50% the current weight of the economics component of the social studies MAP tests more appropriately reflecting the legislative and executive intent of greater emphasis on this area. This larger allocation of questions should intentionally reflect benchmarks that cover “economics” concepts alone, concepts that are “personal finance” alone, as well as concepts that are “both” economics and personal finance. See Section III (page 22) of the Final Report of Towards Economic and Financial Literacy for a listing of all recommended economics (EC), or personal finance (PF) or both economics and personal finance (EC/PF) concepts.
Prior to adjusting existing MAP tests to reflect this increased emphasis on economic and personal finance education, DESE shall refer to the standard and benchmarks developed for Towards Economic and Financial Literacy (Section III, page 22) to determine appropriate adjustment to the Economics Show Me Standard (Social Studies Standard Four) and to determine benchmarks at the 4th, 8th, and 11th grade levels in economics and personal finance.
In order to accomplish these tasks, DESE shall organize appropriate committees that include teachers and experts in economics and personal finance education to make recommendations and conduct normal internal and external reviews completing this task by the end of 2003. DESE will then work with persons and organizations responsible for redesign of the MAP test and the selection of appropriate items for testing, completing this work in the next normal sequence of MAP revisions.
Recommendations relating to content for a capstone high school course in economics and personal finance in which a passing grade shall be achieved by each public school student prior to graduation from high school;
Recommendation Four:
Missouri’s state rules for graduation from
high school require a total of 22 units with one unit being a year-long course
of study. There are specific requirements in several fields with two units
required for social studies. In the two units, one unit is required in American
Government and Missouri Government and ½ unit is required for American History
for a total of 1 ½ units of social studies required for graduation. This study
recommends that the Missouri State School Board amend this requirement and
require that a one semester (1/2 unit) Capstone Course in Economic and Personal
Finance be required for graduation from a Missouri high school. The content of
this course would be governed by the Missouri Show Me Standard and resulting
benchmarks established by DESE and described in Recommendation Three.
Recommendations relating to establishing appropriate undergraduate preparation requirements for teacher certification for teachers from kindergarten through the twelfth grade that will enable new teachers to meet these increased expectations in economics and personal finance education;
Recommendation Five:
Missouri currently has no requirement or expectation that students learn personal finance concepts or skills during their K-12 education. Because economic education has been required of students for many years in Missouri, several certification programs include some requirement for formal training in economics. Business teachers are required to complete two semester hours in economics and secondary social studies teachers are required to complete one course. Elementary teachers are required to complete one course in economics. Teachers preparing for certification are required to successfully complete the CBASE exams for entry into a professional certification program and the Praxis II examination in appropriate content certification areas.
The Study recommends that DESE organize an intensive review in cooperation with all Missouri teacher certification institutions to: 1) ascertain actual practices with respect to completion of DESE requirements; 2) identify areas where existing courses can be modified to accomplish appropriate training given the new requirements in personal finance education and the expansion of MAP testing allocated to economics and personal finance; and 3) develop a course in economics and personal finance reflecting DESE benchmarks for meeting requirements for certification.
Results of a preliminary study (see Appendix E) indicate that many teacher certification institutions currently do not require elementary certification candidates to take a course that appears to be required by the State Board of Education. Most institutions have actively cooperated with The Study and have identified contact persons to participate in such a continuing dialogue.
DESE is requested to report to the
Governor’s Office and to the Missouri General Assembly by September 15, 2004
with the results of the review and dialogue and to present recommendations to
the State Board of Education for implementing changes to more adequately meet
the needs of Missouri teachers to effectively address the expanded DESE
benchmarks in economics and personal finance education.
Recommendations relating to appropriate changes in state laws, rules, or regulations that are necessary to implement the stated purpose of this study.
The Study has no additional recommendations in this area.