Where can I read the official document?

Iowa Core 21st Century Skills - Financial Literacy

Financial Literacy: Grades 6, 7, 8
Other Iowa 21st Century Skills sets
Employability Skills: Grades K, 1, 2
Financial Literacy: Grades K, 1, 2
Health Literacy: Grades K, 1, 2
Technology Literacy: Grades K, 1, 2
Employability Skills: Grades 3, 4, 5
Financial Literacy: Grades 3, 4, 5
Health Literacy: Grades 3, 4, 5
Technology Literacy: Grades 3, 4, 5
Employability Skills: Grades 6, 7, 8
Health Literacy: Grades 6, 7, 8
Technology Literacy: Grades 6, 7, 8
Employability Skills: Grades 9, 10, 11, 12
Financial Literacy: Grades 9, 10, 11, 12
Health Literacy: Grades 9, 10, 11, 12
Technology Literacy: Grades 9, 10, 11, 12

Develop short-term and long-term financial goals.
1. •
  Define the steps in the goal-setting process.
2. •
  Explain the relationship between goal setting and achievement.
3. •
  Create goals according to a prioritization of wants and needs that are specific, realistic, and measurable.
Understanding needs vs. wants.
1. •
  Identify expenditures as needs or wants.
2. •
  Describe persuasive strategies used by peers, media, and businesses to influence society (in decision making).

Develop a realistic spending plan for financial independence.
1. •
  Describe the concept of a spending plan.
2. •
  Explain the advantage of spending less than you have.
3. •
  Explain the short- and long-term consequences of over spending.
4. •
  Recognize the impact of global issues on financial planning.
Understand various sources of compensation.
1. •
  Describe potential sources of income for middle school students.
2. •
  Identify factors to consider when analyzing different methods of compensation.
3. •
  Explain how income can affect goals.
Understand the distribution of resources.
1. •
  Explain factors that impact savings and spending plans.
2. •
  Describe expenses that employees might have.
Understand financial instruments.
1. •
  Identify possible financial accounts.
2. •
  Recognize that fees or charges may be attached to accounts.
3. •
  Recognize the importance of keeping accurate records.

Identify responsible credit management.
1. •
  Identify the various types of credit card companies available and the features of each (interest rates, annual fees, limits, reward system).
2. •
  Explain appropriate and inappropriate use of credit cards.
3. •
  Explain how use of credit cards can help or hurt a budget.
Understand different types of debt.
1. •
  Identify the types of purchases that generally require a loan.
2. •
  Demonstrate the ability to calculate the cost of borrowing money.
Understand rights and responsibilities as borrowers.
1. •
  Explain that a borrower needs to have assets to use as security for a loan.
2. •
  Explain an individual's rights and responsibilities as a consumer.
3. •
  Explain the concept of a credit rating.

Establish strategies for protection of identity.
1. •
  Recognize that a personal identity needs to be protected.
2. •
  Recognize the impact of technology on personal security.
Recognize different types of insurance.
1. •
  Explain why an individual needs various types insurance.
2. •
  Identify factors to consider when deciding the type of and amount of insurance.
Recognize different types of non-insurance protection.
1. •
  Identify types of documents that can serve as legal protection.
2. •
  Explain the potential hazards of inappropriate or missing documentation.

Recognize investment options.
1. •
  Explain how saving is needed for investing.
2. •
  Explain the relationship between investing and potential entrepreneurship goals.
3. •
  Explain the difference between saving and investing.
Distinguish investment options.
1. •
  Explain various options for investing money.
2. •
  Understand the effect of interest and percentage rates on investments.
Understand the relationship between investment risk and return.
1. •
  Explain how an investment differs from a savings account in potential risks and return.
2. •
  Explain the importance of a personal budget and goals in the investing process.

What grade levels do these standards cover?: Grade 6, Grade 7, and Grade 8
When were these standards adopted?: 2010
Where can I read the official document?: Iowa Core 21st Century Skills - Financial Literacy

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