HSEDPersonal Finance Literacy
Course Information
Description
This course provides learners the concepts and skills needed to make informed financial decisions, develop sound financial habits, and manage money effectively. Finance topics include: budgeting, saving, investing, credit, risk management, financial psychology awareness and digital literacy.
Total Credits
0
Course Competencies
  1. Develop strategies to make intentional financial decisions throughout your lifespan
    Criteria
    identify financial goals aligned with different life stages
    create actionable financial strategies with specific steps and timelines for major life transitions
    select appropriate decision-making frameworks for different financial scenarios
    develop a contingency plan that accounts for unexpected life events
    align stated values and proposed financial decisions
    compare alternative courses of action by weighing trade-offs and long-term implications
    establish regular review intervals for reassessing and adjusting financial strategies
    prioritize financial goals based on current life stage and future objectives

  2. Analyze how financial psychology impacts financial well-being
    Criteria
    identify common cognitive biases that affect financial decision-making
    explain how specific psychological factors influence financial behaviors
    describe how money scripts or childhood experiences shape current financial attitudes
    identify how psychological factors such as family, social influences, and childhood experiences can and do affect your personal financial decisions
    identify psychological triggers that impact financial behaviors

  3. Establish digital awareness to enhance your financial mindset
    Criteria
    select secure and credible digital financial tools and platforms
    identify digital security risks relevant to personal financial management
    implement protective measures against fraud, phishing, and identity theft
    assess the reliability and credibility of online financial information sources
    apply privacy best practices when managing finances digitally
    compare digital versus traditional financial management methods for specific tasks
    utilize digital tools to track, monitor, or automate financial activities
    describe psychological impacts of digital finance on spending and saving behaviors

  4. Compare the effect of personal income on your goals
    Criteria
    identify personal goals and the income level required to achieve each goal
    analyze how a specific change in personal income (increase or decrease) affect the timeline or feasibility of achieving goals
    compare the relationship between current income and desired goals
    identify gaps or alignment between income and goal achievement

  5. Evaluate the impact of lifelong learning on one’s ability to function effectively in a diverse and changing economy
    Criteria
    explain how lifelong learning enhances adaptability in response to economic or workplace changes
    describe potential career or education options to enhance skills
    identify the current industry trends or technological changes in a chosen career field
    describe new skills and knowledge be necessary to remain competitive
    assess personal strengths and learning opportunities
    compare current skills against job market demands in different economic sectors or career paths

  6. Demonstrate your ability to use money management skills and strategies
    Criteria
    create budgets based on income frequency that allocates income across needs, wants, savings, and debt repayment categories
    track all personal income and expenses
    analyze spending data
    identify specific patterns or trends that impact financial goals
    develop a prioritized action plan with specific steps to improve personal money management
    calculate savings needed for a specific financial goal
    determine the monthly contribution required to reach goals within a set timeframe

  7. Utilize financial institutions and service providers to support money management
    Criteria
    compare the different types of financial institutions and service providers
    compare the services, fees, interest rates, and accessibility features of different financial institutions
    access online or mobile banking services to complete common transactions
    identify the characteristics of qualified providers for specific financial needs

  8. Explore savings concepts and apply this knowledge to attain financial security
    Criteria
    identify different types of savings accounts or products
    compare the features, interest rates, and accessibility
    calculate the growth of savings over time using compound interest formulas for different scenarios with varying interest rates and time periods
    establish an emergency fund savings goal based on personal monthly expenses
    create a plan to reach goals within a specific timeframe
    design a savings strategy that automatically allocates a percentage of income to savings before discretionary spending

  9. Explore investing concepts and apply this knowledge to attain financial security
    Criteria
    explain the differences between different investment types
    describe risk levels and potential returns of investment types
    describe different investment options that align with personal financial goals and risk tolerance
    identify the impact of investment fees, taxes, and inflation on long-term investment growth
    develop a diversified investment strategy including multiple asset types
    explain how diversification reduces overall portfolio risk

  10. Examine the benefits and costs of using credit
    Criteria
    identify at least benefits and costs associated with using credit in various financial situations
    compare the total cost of purchasing an item using credit versus cash
    calculate interest charges, fees, and the final amount paid over time
    calculate different interest rates and payment schedules affect the total cost of credit for a purchase or loan
    assess personal credit card offers or loan terms

  11. Interpret lending options and consumer rights and responsibilities
    Criteria
    describe different types of lending terms
    describe different types of lending interest rates
    describe different types of lending repayment requirements
    compare different types of lending options
    explain consumer rights related to credit and lending (such as the right to fair lending practices, credit report access, dispute errors, or protection from discrimination).
    identify at least four consumer responsibilities when using credit or loans
    identify the apr of a loan agreement or credit contract
    identify a loan agreement or credit contract payment schedule, penalties, and total amount to be repaid

  12. Contrast different types of risk and how it could affect financial decisions
    Criteria
    identify different types of financial risk (such as personal risk, property risk, liability risk, or income risk)
    identify potential financial consequences in risk scenarios
    analyze personal situations to determine which types of risk pose the greatest threat to financial security
    analyze how a specific financial risk could affect both short-term and long-term financial goals and decision-making

  13. Assess possible choices to protect against financial risk
    Criteria
    describe coverage options, costs, and benefits of different types of insurance (i.e., health, auto, homeowners, renters, life/disability insurance)
    assess personal insurance needs based on individual circumstances, assets, and potential risks
    determine appropriate coverage levels
    identify key components including premiums, deductibles, coverage limits, exclusions, and claim procedures
    assess alternative risk management strategies beyond insurance (such as emergency funds, risk avoidance, or risk reduction

This Outline is under development.