RSS General
-
How to Become a “Trillionaire”:Teaching Financial Literacy in Public Schools
Posted by P.I.E. | November 18, 2010
Crystal's Faulkner, CPA with Cooney, Faulkner & Stevens, LLC. & Chairperson for Accounting for Kids, Inc.
Eyes typically widen as students listen to the fortunes represented by individuals such as Bill Gates and Donald Trump. It isn’t over-reaching to tell kids that with a good idea, some financial moxy, and the will to succeed, anyone can become a “trillionaire”. But you have to start with the basics first…
And, especially now, with the economy and stock markets tumbling since 2007, students need to learn from the errors made within the public and private financial sectors. For instance, recent surveys show that at least 50 percent of workers are experiencing financial stress. Home foreclosure costs are calculated in the trillions as people – and banking institutions — assumed debt they couldn’t afford during an economic downturn. Those troubles also affect corporate bottom lines as employee efficiency declines.
According to the University of Cincinnati Economics Center’s review of published research, it is estimated “a worker with financial problems spends 15 minutes per day dealing with personal financial matters,” resulting in an annual loss of 62.5 hours of worker productivity for each worker. Moreover, 88 percent of American workers carry some form of monthly debt reducing their ability to save for emergencies and less discretionary income after paying expenses and obligations. Three years later, these facts are being reviewed with incoming high school freshman and elementary students hoping such mistakes won’t be repeated.
“Financial literacy is quickly becoming one of the top 21st Century skills that will be heavily integrated into the education curriculum,” explained Adrijana G. Kowatsch, Development Officer for the Economics Center at the University of Cincinnati. Classroom integration is needed immediately: High school seniors took a national test in 2008 that included financial literacy topics, and their average score was less than 50%. College freshman scored only marginally better.
In Ohio, Senate Bill 311 was passed in 2006, requiring the integration of economics and financial literacy within high school classes, beginning with freshman enrolled after July 2010. The program hopes to provide the Class of 2014 with the financial tools and smarts to be successful in any chosen career path or job opportunity. Kowatsch said helping schools meet the new mandate, titled Financial Education Initiative, is a huge undertaking in southwest Ohio with the intention of duplicating similar classroom models across the country.
Some Ohio area schools are electing to include six-weeks of personal finance content in existing classes, while others offer a full semester course, dedicated to personal finance. Kowatsch added the Economic Center, an organization offering support to teachers underprepared for teaching the subject, to provide teaching materials, training, and online resources. The results are promising. For example, since the program was implemented for a full semester at Reading High School, students showed a 30 percent increase in financial literacy knowledge.
“This provides the foundation for economic growth, better business environment and developing a community of individuals who are financially smart,” she said. “By changing students’ perspective on investing money, sticking to a budget and planning for their financial future, these individuals will be confident about how to manage their income, be competitive in the workforce and an asset to their employer.”
The reach, however, goes beyond high school. It seems the concept of financial literacy is touching a younger audience as well. Crystal Faulkner, business and financial consultant for Cooney, Faulkner & Stevens, LLC., founded the non-profit organization – Accounting For Kids, Inc. (AFK) and developed “Accounting For Kids Day”. Hundreds of business and financial professionals meet with local middle school children and teach financial decision-making skills. Kids become more knowledgeable consumers while learning math and financial concepts.
“We have a firm belief if children are empowered at an early age to learn fundamental financial skills, these skills can last a lifetime; thereby providing an opportunity for all children, regardless of their parents’ income, to have a life that is more financially upward mobile,” she said.
AFK is working closely with the Economics Center at the University of Cincinnati to assist in incorporating financial education in the classrooms on a regular basis. Both programs are non-profit organizations and receive support through voluntary donations from area banks, businesses and private individuals. Our children’s financial literacy begins with proactive adults through the implementation of educational programs like Accounting for Kids Day and is enhanced by the continued availability and dissemination of financial literacy information provided by the Economics Center and other similar organizations.
Trillionaires? Maybe not everyone. But teaching competent money management at a young age can only enhance future career opportunities. And of course, lucrative employment and a profitable business sector provide increasing tax revenues and allows for savvier citizens to create new avenues of entrepreneurial growth.
It may seem simple, but teaching kids how to use money as a tool for economic development and prosperity will help preserve the American Dream. And every trillionaire started with a dream….
About the Author
Crystal Faulkner, CPA is a business and financial consultant with Cooney, Faulkner & Stevens, LLC. She is the Chairperson for Accounting for Kids, Inc. Adrijana G. Kowatsch is the Development Officer for the Economics Center at University of Cincinnati.
-
“Career-Ready” Entrepreneurship: Rebranding the Technical School
Posted by P.I.E. | November 12, 2010
Kent Friel, Community Fellow, Knowledge Works Foundation
Over the past 20 years, the education sector has slowly attracted interest among business and economic leaders. And with philanthropic organizations such as the Bill and Melinda Gates Foundation measuring the impact of its sponsored programs, education leaders now need the business community to help in promoting academic achievement and workforce readiness as key opportunities for sustaining healthy communities.
Kent Friel is a perfect example of a businessman-turned-education-advocate.
Ten years ago, convinced the education community was not providing adequate numbers of career-ready graduates, Kent — CEO of a career-services firm — spearheaded an effort to promote workforce readiness within schools. In partnership with a dedicated task force, he convinced the Superintendent of Cincinnati Public Schools (CPS) to pursue a “portfolio” school responsible for preparing students to enter an immediate career upon graduation and the opportunity to attend a 2 or 4-year college.
With a recommendation and community commitment, the Superintendent and Cincinnati Board of Education approved plans for the $42 million Woodward Career Technical High School. The new school opened in 2002 with three learning academies, each focusing on a specific career area. The school moved into its new building in 2005.
But fate – and the economy – would not be so kind.
By 2005, CPS district was on its third Superintendent. No member of the administration who approved the plan was still there. With a capacity of 1,200 students and a tight financial situation within CPS, a 4th career academy was added to the school along with five multi-handicapped units. It was an overwhelming situation to manage. It was also clear that many within the CPS administration as well as those in schools feeding students to the school viewed it as a school in the old vocational model (prepare for a job) versus the new career-tech model (prepare for a career and college). The school was populated with 33% special needs students, over 100 homeless students, and a school leadership that was struggling and not achieving the promise of the school.
However, with the renewed calls for schools to support viable career-readiness curriculums, the school is now blossoming. A supportive new CPS Superintendent (the 4th since plan approval), a dynamic new principal (its 3rd) and state and federal funding to aid in providing the needed support services for the school are making a real difference. And…the school has returned to its three central learning academies.
And incrementally, a Community Learning Center (CLC) was added to the school building and physical plan, providing a broad range of student and community paid support services. As a result, discipline issues decreased while attendance increased across all grades.
Like other progressive schools, Woodward students can earn college credits in high school, thereby improving academic performance and further motivating teaching and support staff. And with project-based education models and curriculums, each student now uses a personal Apple Notebook computer for researching and developing education lessons. They can even receive credit for work performed with organizations such as Habit for Humanity, where Woodward students constructed houses and communities in New Orleans.
After a decade of hard work, bureaucratic endurance and a passionate community of advocates, Kent Friel helped create new opportunities for students by forging bonds with a diverse set of stakeholders.
But Kent is not ready to shift his attention. As Woodward’s business champion, he oversees the effects of economic uncertainty in an urban school system. With growing numbers of homelessness, poverty, financial constraints, and continuous administrative school leadership changes, challenges remain difficult.
However, overcoming difficulty is no surprise for Kent. He’ll be involved as Woodward continues to think beyond preparing students for known career opportunities. New electives like “Entrepreneurs Workshop”, “Career Incubator” or “Business Plan 101” are sure to arrive soon…
About the Author
Former business owner, Kent Friel is a Community Fellow with the Knowledge Works Foundation, a major educational foundation. He is also the Chairman of the Dean’s Advisory Council of the University of Cincinnati College of Education, Woodward Career Technical High School Advisory Council, Lighthouse Community School Board and Cincinnatus Association Education Panel. He sits on the Better Business Bureau Foundation Board.
Kent was recently awarded the ‘Award of Excellence’ honorary degree by the Board of Trustees of the University of Cincinnati for his work in education.
-
“Achieve Results” 2011 Education Action Plan-Press Release
Posted by P.I.E. | November 5, 2010
Contact: Mary Schlueter – President/CEO – (513) 378-8370
Press Release
2010 State Board of Education election ends, preparations for 2011 begin
Cincinnati, Ohio – Thursday, November 4, 2010: Thank you for supporting my “Achieve Results” education reform campaign — we received almost 23% of the total vote (52,000 votes) in a 5-candidate field.
I congratulate Debe Terhar (34.0%) on her win for the position. I look forward to working with her on issues benefitting all stakeholders, especially Ohio school children.
With this communication, I announce my 2011 candidacy for Cincinnati Board of Education. Currently, three members are looking for re-election on the seven-member Board.
As a CPS parent and concerned citizen, I will continue to provide strategic vision, financial restraint and, a collaborative spirit moving Ohio forward into the 21st century. “Educational rigor and success determine the opportunities we offer our nation’s children and ourselves. With an educational sector operating both effectively and inclusively, we guarantee our relevance in the competitive economic marketplace.”
As Founder and CEO of the nonprofit organization, Partnership for Innovation in Education (P.I.E.), I will join other education leaders — including Debe — at State, regional and Cincinnati Public School (CPS) meetings as we discuss innovative ways to:
- Correct historically uneven education funding for the Cincinnati Public School District,
- Lessen the impact of projected Ohio Department of Education 2011 Budget reductions of 10-30%, and
- Design action plans offering rigorous, career-ready opportunities moving Ohio’s kids into the 21st century.
Partnership for Innovation in Education is a registered non-profit organization. Mary Schlueter, coined an “edupreneur” by the national media, exemplifies the ultimate marriage of business and educational experience as she campaigns for the Cincinnati Board of Education. For more information, please visit and subscribe to the PIE website and social media sites listed below.
Contact:
Mary Welsh Schlueter, Chief Executive
Partnership for Innovation in Education
P.O. Box 8722
Cincinnati, OH 45208
513.378.8370 mobile
mary@piemedia.orgWebsite: www.marymeansbusiness.com and www.piemedia.org
Twitter: PIE_Innovation
LinkedIn: marywelshschlueter
YouTube: eduinnovate
Facebook: mary.schlueter and P.I.E.FanPage