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Health & Fitness

MD TEACHERS SEEK MONEY LESSONS FOR THE CLASSROOM AND LIFE

MD educators recently gathered for the 5th Annual MCEE Financial Education Summit. Their objective? To gain financial knowledge and resources they can take back and use in the classroom and beyond.

In late June, 185 educators gathered for the Fifth Annual Maryland Council on Economic Education Financial Education Summit.  Their objective? To gain financial knowledge and resources they can use in the classroom and beyond.  Anne Ennis, who works as a Personal Finance and Accounting teacher at North Caroline High School, has attended the summit since its start in 2008.  She says, “The summit is an excellent place to find guest speakers and learn.  Each year I come hoping to find fresh ideas -- ways to make financial concepts relevant to my students.  As we start class, I always tell them ‘this is going to be one of the most useful courses you will ever take,’ and it’s true.  The economy touches each of us.  It’s important to cover these lessons at school because parents may not have the knowledge or time to teach them at home.”

Jim Godfrey, President and CEO of local nonprofit Consumer Credit Counseling Service of Maryland and Delaware (CCCS), agrees.  “Teaching personal finance is a job for parents and educators alike.  When students learn good decision making from an early age, it becomes intuitive.  Students who gain these skills while young are more likely to make wise financial choices and achieve greater economic security throughout their lives.”  CCCS, which provides financial counseling to more than 20,000 consumers each year, regularly deals with clients with serious debt problems. Godfrey notes, “The people we advise often tell us, ‘I wish I could have learned about personal finance when I was young.  Knowing more would have saved me costly mistakes.’  That’s one of the reasons we help sponsor the Summit and support MCEE’s teacher training efforts throughout the year.”

MCEE Executive Director Mary Anne Hewitt says that school systems have become increasingly aware of the importance of teaching personal finance in the past few years. “The economic crisis American families have recently faced has forced us all to recognize that financial education is essential. And when it’s taught in school, there’s a multiplier effect with knowledge.  The lessons children gain are often carried home where parents learn and benefit.”

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According to the National Council for Economic Education’s most recent survey, 46 states (including Maryland and Delaware) require school systems to include personal finance in their educational standards.  Only 13 require that their high school students take a course in personal finance to graduate. 

Teachers who hope to include financial education lessons in the classroom face their own challenges: Some say they already have more than enough to do.  Some may lack a fundamental knowledge of personal finance issues.  When teachers were interviewed for a University of Wisconsin study, only one in five said they “feel qualified to incorporate lessons about money in math, English, or other courses.” 

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MCEE staff member Dr. Allen Cox believes the Financial Education Summit helps teachers overcome these obstacles. Cox, who taught the “Behavioral Economics” workshop at the summit, notes, “Teachers who attend the summit walk away with classroom teaching tools. Those who lack knowledge or confidence also receive information to help them become more financially informed.  The lessons they learn don’t just help them in the classroom.  They also leave with a better understanding of the financially complex world in which we live.”

During the summit, CCCS Executive Vice President Lori Jankalski enjoyed interacting with educators at her “Understanding Credit Reports and Credit Scores” workshop. “Credit is one area we all need to comprehend,” she explains. “Whether I’m talking with teachers or with students, my message is the same:  Your credit report is your financial résumé.  It not only affects your ability to get a loan.  It also affects the amount of money you may receive or the interest rate you’ll pay.  If you’re applying for work that requires a security clearance or involves finance, it can even help determine if you get the job.”

At the close of the Financial Education Summit, Jim Godfrey applauded the MCEE and the teachers who attended for their commitment and effort.  “Personal finance affects each of us -- from the day we open a bank account or take out a student loan to the day we pay off a mortgage or retire.  Along the way there are hundreds of money management questions and decisions.  Each year, at CCCS we receive more than 160,000 calls from consumers who need help dealing with these issues.  By being here today, you have become a financial advocate.  Informing yourselves is the first step to educating those you serve.”

Do you want to know more about personal finance?  CCCS offers free, confidential budget and credit counseling at its local offices or by phone.  Call 1-800-642-2227 for an appointment or visit the agency website at www.cccs-inc.org.  The more you learn, the more you grow!

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Consumer Credit Counseling Service of MD & DE, Inc. (CCCS) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling. CCCS MD State License #14-01.

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