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Thursday, May 21, 2015

Washington Governor Signs Bill Incorporating Financial Education into K-12 Standards

On May 8, 2015, Washington Governor Jay Inslee signed into law Substitute Senate Bill 5202, making Washington State one of only 20 other states requiring financial education incorporation into existing K-12 learning requirements.

Originally sponsored by Senators Mullet, Fain, Litzow, Billig, Frockt, Keiser, and Habib, the bill – now Chapter 211, Laws of 2015 – also authorizes the Financial Education Public Private Partnership (FEPPP), chaired by Representative Sharon Tomiko Santos, to “seek federal and private funds to support the school districts in providing access to the materials listed pursuant to section 4(1) of this act, as well as related professional development opportunities for certificated staff.”

“It’s so important that our children receive integrated financial education in their classrooms,” DFI Director Scott Jarvis said. “Having financial education from an early age provides a solid foundation to help them make smart money choices throughout their lives – it’s one of the reasons why DFI is supporting a financial education pilot program in daycare pre-schools this year."

View Bill Details

Tuesday, May 19, 2015

Online Calculators That Teach Money Basics

Online calculators are a great tool for financial educators to show how certain financial habits can impact your life.

These 5 calculators below are some of our favorites for introducing students to basic personal concepts.

Saving for a Goal Calculator
Saving for a new MP3 player, a new snow board, or your first car?  This savings calculator from www.themint.org allows you to calculate what it’ll take to reach your goal.
http://www.themint.org/kids/saving-calculator.html

Lifetime Income Calculator
The Lifetime Income Calculator from the Department of Labor allows you to calculate how much you will need to save and earn to meet your retirement goals.
http://www.dol.gov/ebsa/regs/lifetimeincomecalculator.html

Emergency Savings Calculator
Having enough money in a savings account for emergencies is a fundamental lesson in personal finance. This calculator from the American Institute of CPAs helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.
http://www.feedthepig.org/toolbox/calculators/emergency-savings-calculator

Student Loan Repayment Calculator
One of the biggest decisions for those entering college is how to finance their education. This calculator from the New York Times offers a guide to the borrowing picture at various institutions — and what it takes after graduation to repay the loans.
http://www.nytimes.com/interactive/2014/your-money/student-loan-repayment-calculator.html
 
Credit Card Payoff Calculator
This calculator from Bankrate.com allows you to calculate how long it will take to pay off a credit card. See how adjusting your monthly payment impacts how long it takes to pay off your balance.
http://www.bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx

Friday, May 15, 2015

Resource of the Week – Financial Education Games for Kids

Online games can be a fun way to introduce kids to important money concepts such as budgeting, saving, and even investing.

From financial football to investigating a financial crime, there are many free games available online.

We have posted a few of the best games available for use in the classroom or at home on our website.

See: Financial Education Games for Kids


Wednesday, May 13, 2015

CFPB Launches Financial Education Exchange

The Consumer Financial Protection Bureau (CFPB) has launched a Financial Education Exchange (CFPB FinEx) and is inviting financial educators across the country to sign up.
CFPB FinEx offers opportunities for you to:
  • Learn: Review latest research, tools, and resources for financial educators.
  • Pledge: Take the CFPB FinEx Pledge to use their tools and provide them feedback.
  • Connect: Join webinars on new research findings, and receive updates invitations via emails.
To sign up, email CFPB_FinEx@cfpb.gov
 
To find resources for financial educators, visit http://www.consumerfinance.gov/adult-financial-education

Monday, May 11, 2015

Add Your Classes to DFI’s Financial Education Calendar

Did you know that the Washington State Department of Financial Institutions (DFI) maintains a statewide financial education calendar? See: www.dfi.wa.gov/financial-education/calendar.

The calendar is a great resource for both the public and our financial education partners.

Adding Classes to the Calendar
DFI encourages financial education providers to add their classes to our calendar.

The calendar is a great way to increase awareness about your event. The calendar also has an option for users to subscribe to the calendar so the subscribers will be automatically notified when a class is added. The calendar is an easy, efficient way to do outreach and advertising for your events.  

Here’s how you can add a class to the calendar

1. Go to www.dfi.wa.gov/financial-education/calendar
2. On the right side of the page, there is an ‘Add Class to Calendar’ link. Click it.
3. Fill in the required information and add your class to the calendar!

Voilà! We'll review what you have submitted and then add it to the calendar.