National Standards for Financial Literacy: Rationale and Content

The <italic>National Standards for Financial Literacy</italic> describe the knowledge, understanding, and skills that are important for students to learn about personal finance. They are designed to guide teachers, school administrators, and other educators in developing curriculum and educational materials for teaching financial literacy. In this article, the authors explain the reasons for the development of the <italic>Standards</italic> by the Council for Economic Education and the work of economists, economic educators, and teachers to prepare them. They describe each of the six content standards and how they are supported by associated benchmarks at the fourth, eighth, and twelfth grades. The authors also discuss several valuable <italic>Standards</italic>' features, including a focus on economic content and decision-making skills as the foundation for financial literacy.