Financial Literacy: Grades 3, 4, 5

Create long and short term goals based on a prioritization of wants and needs.

Recognize how one's personal career choice and attitude can impact financial planning decisions.

Identify the concept of debt and an individual's responsibility for that debt.

Recognize common risks to one's identity and demonstrate the ability to protect that identity.

Determine the importance of saving/investing in relation to future needs.

Recognize that spending choices differ between groups of people and settings.

Develop short-term and long-term financial goals.

Understanding needs vs. wants.

Develop a realistic spending plan for financial independence.

Understand various sources of compensation.

Understand the distribution of resources.

Understand financial instruments.

Identify responsible credit management.

Understand different types of debt.

Understand rights and responsibilities as borrowers.

Establish strategies for protection of identity.

Recognize different types of insurance.

Recognize different types of non-insurance protection.

Recognize investment options.

Distinguish investment options

Understand the relationship between investment risk and return.

Recognize the local, state, national, and international impact of personal financial habits and actions.

Demonstrate responsible financial behaviors, at the personal, local, state, national, and international levels.

Distinguish between short- and long-term goals.

Explain the importance of goal setting, how to prioritize those goals, and the need for both short- and long-term goals.

Create a timely, attainable goal.

Explain difference between wants and needs.

Explain prioritization factors to consider when determining expense-related decisions.

Illustrate that career choice, education and skills, and economic conditions affect income.

Determine own attitudes and behaviors toward spending, saving, and investing.

Recognize sources of money (earned or gifted).

Recognize multiple sources of income as well as alternative sources (family members, neighbors, friends for jobs or gifts).

Recognize other types of compensation (bartering, trading).

Explain the benefits of savings versus spending.

Describe the impact of spending on savings.

Identify the different ways to pay for items (cash, check, credit, and debit).

Explain how non-cash methods of payment still require adequate funds.

Recognize the uses of credit.

Identify appropriate times to use credit.

Recognize that borrowing is a debt to be repaid.

Explain the role of interest regarding debt.

Recognize the importance of repaying a debt.

Explain potential consequences for not returning a borrowed item.

Explain the positive consequences of repaying debt on time.

Explain what it means to have a personal financial identity stolen.

Identify ways of protecting their identity.

Describe what insurance is and why it is important.

Describe the impact of losses, financial and non-financial.

Recognize the importance of written documentation and other types of protection available for students.

Explain the various people who provide protection and the roles they play.

Identify various ways to save.

Explain the importance of saving in relation to future needs.

Identify various options for saving/investing.

Explain how an investment can grow in value.

Explain how an investment might decrease in value.

Recognize that different people have different needs, wants, and financial priorities

Explain how one's actions impact others.

Recognize consequences for both good and bad decisions.

Recognize that an individual's behavior impacts the decisions and consequences of the broader community.