Where can I read the official document?

Iowa Core 21st Century Skills - Financial Literacy

Financial Literacy: Grades 3, 4, 5
Other Iowa 21st Century Skills sets
Employability Skills: Grades K, 1, 2
Financial Literacy: Grades K, 1, 2
Health Literacy: Grades K, 1, 2
Technology Literacy: Grades K, 1, 2
Employability Skills: Grades 3, 4, 5
Health Literacy: Grades 3, 4, 5
Technology Literacy: Grades 3, 4, 5
Employability Skills: Grades 6, 7, 8
Financial Literacy: Grades 6, 7, 8
Health Literacy: Grades 6, 7, 8
Technology Literacy: Grades 6, 7, 8
Employability Skills: Grades 9, 10, 11, 12
Financial Literacy: Grades 9, 10, 11, 12
Health Literacy: Grades 9, 10, 11, 12
Technology Literacy: Grades 9, 10, 11, 12

Develop short-term and long-term financial goals.
1. •
  Distinguish between short- and long-term goals.
2. •
  Explain the importance of goal setting, how to prioritize those goals, and the need for both short- and long-term goals.
3. •
  Create a timely, attainable goal.
Understanding needs vs. wants.
1. •
  Explain difference between wants and needs.
2. •
  Explain prioritization factors to consider when determining expense-related decisions.

Develop a realistic spending plan for financial independence.
1. •
  Illustrate that career choice, education and skills, and economic conditions affect income.
2. •
  Determine own attitudes and behaviors toward spending, saving, and investing.
3. •
  Recognize sources of money (earned or gifted).
Understand various sources of compensation.
1. •
  Recognize multiple sources of income as well as alternative sources (family members, neighbors, friends for jobs or gifts).
2. •
  Recognize other types of compensation (bartering, trading).
Understand the distribution of resources.
1. •
  Explain the benefits of savings versus spending.
2. •
  Describe the impact of spending on savings.
Understand financial instruments.
1. •
  Identify the different ways to pay for items (cash, check, credit, and debit).
2. •
  Explain how non-cash methods of payment still require adequate funds.

Identify responsible credit management.
1. •
  Recognize the uses of credit.
2. •
  Identify appropriate times to use credit.
Understand different types of debt.
1. •
  Recognize that borrowing is a debt to be repaid.
2. •
  Explain the role of interest regarding debt.
Understand rights and responsibilities as borrowers.
1. •
  Recognize the importance of repaying a debt.
2. •
  Explain potential consequences for not returning a borrowed item.
3. •
  Explain the positive consequences of repaying debt on time.

Establish strategies for protection of identity.
1. •
  Explain what it means to have a personal financial identity stolen.
2. •
  Identify ways of protecting their identity.
Recognize different types of insurance.
1. •
  Describe what insurance is and why it is important.
2. •
  Describe the impact of losses, financial and non-financial.
Recognize different types of non-insurance protection.
1. •
  Recognize the importance of written documentation and other types of protection available for students.
2. •
  Explain the various people who provide protection and the roles they play.

Recognize investment options.
1. •
  Identify various ways to save.
2. •
  Explain the importance of saving in relation to future needs.
Distinguish investment options
1. •
  Identify various options for saving/investing.
Understand the relationship between investment risk and return.
1. •
  Explain how an investment can grow in value.
2. •
  Explain how an investment might decrease in value.

Recognize the local, state, national, and international impact of personal financial habits and actions.
1. •
  Recognize that different people have different needs, wants, and financial priorities
2. •
  Explain how one's actions impact others.
Demonstrate responsible financial behaviors, at the personal, local, state, national, and international levels.
1. •
  Recognize consequences for both good and bad decisions.
2. •
  Recognize that an individual's behavior impacts the decisions and consequences of the broader community.

What grade levels do these standards cover?: Grade 3, Grade 4, and Grade 5
When were these standards adopted?: 2010
Where can I read the official document?: Iowa Core 21st Century Skills - Financial Literacy

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