Academic Standards are defined as the expectations for what students should know, understand, and be able to do; standards represent educational goals.
The overarching goal for the West Virginia social studies standards was to build a rigorous, relevant, challenging, and developmentally appropriate framework for social studies learning on which West Virginia teachers can create curricula suited to the needs of their individual students. Together, the standards and social studies curriculum prepare students for college and careers.
In today’s world, with its economic complexities and uncertainties, it is essential for all West Virginia students to understand the elements of personal finance and how it relates both to the economy and to their personal lives.
The West Virginia social studies standards address personal finance beginning in Kindergarten. Using developmentally appropriate materials and concepts, West Virginia educators guide students’ learning so they may acquire and further develop their abilities to be critical and successful consumers.
Following is a snapshot of the economics and personal finance concepts our students’ learn.
• Explain how people earn income.
• Describe the roles banks play.
• Explain why people save.
• Compare the benefits and costs of individual choice.
• Describe the role of financial institutions in an economy.
• Study banking services.
• Correlate occupations with the economy and the available resources of a region.
• Explain how economic decisions affect the well-being of individuals, businesses, and society.
• Explain how inflation, deflation, and unemployment affect different groups.
• Analyze the role of innovation and entrepreneurship in a market economy.
• Examine financial aid planning opportunities and programs to help students and families make sound college savings decisions.
• Describe the roles of banks and other financial institutions.
• Describe the roles institutions play in such things as clearly defined property rights and the rule of law in a market economy.
• Use current data to explain the influence of changes in spending, production, and the money supply on various economic conditions.
• Investigate the cost of postsecondary education.
• Examine the expectations and benefits of potential careers and their impact on lifelong earning potential.
• Understand consumer rights, how to protect oneself against fraud, the advantages and disadvantages of different types of consumer debt, examine financial habits that promote economic security, stability and growth, describe and explain the role of money, banking, savings and budgeting in everyday life.
Assuring that our students understand personal finance will help them create successful and secure futures for themselves.