K–12 Standards

Grades K-4
Other New York Personal Finance Education sets
Grades 5-8
Grades 9-12

Budgeting and Money Management: The understanding of how to allocate one’s financial resources to meet life goals1

1
Explain what money is used for and identify common forms of money, including coins and bills.1.1
2
Demonstrate basic skills such as counting money and making change.1.2
3
Differentiate between needs and wants and explain how factors such as price, peer influence, and advertisements can influence purchasing decisions.1.3

Credit and Debt Management: The understanding of the role of credit in personal finance and how to avoid potential pitfalls of debt2

1
Describe the difference between borrowing and lending.2.1
2
Explain why a person who borrows money or an item is expected to return it in full, sometimes with an additional amount or condition.2.2
3
Provide reasons why a person might lend something to one individual rather than to another, such as trust or responsibility.2.3

Earning Income: The understanding of how income is earned and how taxes impact the money that is taken home3

1
Describe how knowledge, skills, and experience can influence the kinds of jobs people do.3.1
2
Explain how people earn money by working and providing goods or services. 3.2
3
Estimate how much income could be earned from an activity or business operated by young people (e.g., babysitting, lawn service, lemonade stand).3.3

Risk Management: The understanding that risks are a part of life and strategies to manage that risk, including insurance policies4

1
Provide examples of risks that people face and that could result in financial costs (e.g., illness, injury, accidental damage, job loss, theft).4.1
2
Recommend ways to reduce or prepare for risks (e.g., planning ahead, setting money aside for emergencies, or taking safety precautions).4.2

Saving and Investing: The understanding of the role of putting money aside to plan for longerterm expenditures5

1
Describe saving as setting money aside for future needs or goals.5.1
2
Describe investing as using money in ways that allow it to grow over time.5.2
3
Develop a short-term goal and develop a hypothetical savings plan to reach that goal within a defined time frame. 5.3

Frequently asked questions

What grade levels do these standards cover?: Kindergarten, Grade 1, Grade 2, Grade 3, and Grade 4
Where can I read the official document?: New York State Education Department Personal Finance Education Learning Objectives

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