The 2005 General Assembly approved Senate Bill 950, a bill directing the Virginia Board of Education to “establish objectives for economic education and financial literacy” to be required of all students at the middle and high school levels. As a result, the Code of Virginia §22.1—200.03 required the Board of Education to develop and approve objectives for economics education and financial literacy to be required of all students at the middle and high school levels to “further the development of knowledge, skills, and attitudes needed for responsible citizenship in a constitutional democracy.”

On April 26, 2006, the Board of Education adopted Economics and Financial Literacy: Objectives and Correlations to Mathematics and History and Social Science Standards of Learning and Career and Technical Education Competencies. These objectives are designed to “further the development of knowledge, skills, and attitudes needed for responsible citizenship in a constitutional democracy.” They are correlated to the Mathematics Standards of Learning, the History and Social Sciences Standards of Learning and the Career and Technical Education competencies.

Banking-at-School Partnership Programs

The Code of Virginia also authorizes the Department of Education to develop guidelines to facilitate the objectives of economics education and financial literacy through practical experiences. The Guidelines for Banking-at-School Partnership Programs and Related Practical Experiences were developed by a committee of representatives from the State Corporation Commission’s Bureau of Financial Institutions, the Virginia Bankers Association, the Virginia Credit Union League, and schools that participate in banking-at-school partnerships. The guidelines are intended to provide guidance in areas that should be addressed as new banking-at-school partnerships and related practical experiences are developed.

Personal Finance Course for the Modified Standard Diploma

The Board of Education has approved certain courses to satisfy the graduation requirements for diplomas in Virginia. These courses are listed at http://www.doe.virginia.gov/VDOE/Instruction/webcrses.html

A personal living and finance course has been approved to meet a mathematics requirement for the Modified Standard Diploma. The personal living and finance course may not be used to satisfy the mathematics requirement for the Standard or Advanced Studies Diploma. This locally developed course must be based on the Objectives for Personal Living and Finance approved by the Board of Education in April, 1999, and revised in 2002: http://www.doe.virginia.gov/VDOE/Instruction/Math/persfin.pdf

Training Opportunities for Economics Education and Financial Literacy

To support the Economics Education and Financial Literacy objectives, the Department of Education has developed a series of training institutes hosted by the Virginia Council on Economic Education. These institutions will help middle and high schools meet the requirement that all students receive instruction in economics education and financial literacy. School divisions are invited to send three lead teachers to one of seven regional trainings. Registration information is available on-line:

Registration for Regional Training Sessions on Implementing Economics Education and Financial Literacy into Virginia’s Curricula

If you have any questions, please contact Deborah Kiger Bliss, mathematics coordinator, Office of Middle and High School Instruction, by e-mail at Deborah.Bliss@doe.virginia.gov, or by telephone at (804) 786-6418 or Anne Rowe, career cluster coordinator, Office of Career and Technical Education Services, by e-mail at Deborah.Bliss@doe.virginia.gov, or by telephone at (804) 225-2838.

Superintendent’s Memo INF #100 – May 5, 2006.