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Academic Standards for Personal Finance Grades K-12

Grades 6 to 8
Other Pennsylvania Personal Finance sets
Kindergarten to Grade 2
Grades 3 to 5
Grades 9 to 12

Financial goal setting and decision making
1. A
  Compare short-, intermediate-, and long-term financial goals.17.1.6-8.A
2. B
  Explain why the opportunity cost of a decision might differ from one person or situation to another.17.1.6-8.B
Financial mindset and behaviors
1. C
  Analyze how people differ in their attitudes toward money.17.1.6-8.C
2. D
  Describe behavioral biases that can affect financial decisions. 17.1.6-8.D
3. E
  Describe important financial conversations people have and with whom they have them.17.1.6-8.E
Financial services
1. F
  Identify personal information needed to establish a financial account.17.1.6-8.F
2. G
  Intentionally blank17.1.6-8.G
3. H
  Intentionally blank 17.1.6-8.H
Financial record keeping
1. I
  Describe information people document and track for their personal finances. 17.1.6-8.I
2. J
  Intentionally blank 17.1.6-8.J
Consumer protection
1. K
  Intentionally blank17.1.6-8.K
2. L
  Intentionally blank17.1.6-8.L

Sources of income
1. A
  Compare compensation methods, including hourly wage, salary, commission, tips, and piecework.17.2.6-8.A
2. B
  Intentionally blank 17.2.6-8.B
Factors influencing income
1. C
  Analyze connections between the amount individuals might earn in various careers and the education or training that is required.17.2.6-8.C
2. D
  Compare ways people pay for education and training, including scholarships, grants, savings, military service, apprenticeships, and loans. 17.2.6-8.D
3. E
  Explain factors that may impact a person's future income and employment status, including changes in technology, demand for workers, and the cost of postsecondary education.17.2.6-8.E
4. F
  Intentionally blank 17.2.6-8.F
Self-employment and supplemental income
1. G
  Compare various forms of selfemployment. 17.2.6-8.G
Income and payroll taxes
1. H
  Interpret a pay statement and explain the relationship between gross pay, net pay, and payroll deductions.17.2.6-8.H
2. I
  Intentionally blank17.2.6-8.I

Spending decisions
1. A
  Demonstrate making an informed purchase decision by evaluating price, product claims, and information from a variety of sources.17.3.6-8.A
2. B
  Apply mathematical skills to assess the impact of various ways retailers express prices (e.g., coupons, discounts, unit price). 17.3.6-8.B
Developing a budget
1. C
  Compare ways people organize and track their spending and income.17.3.6-8.C
2. D
  Explain the components of a personal budget (e.g., income, expenses, planned savings) and how budgeting can help people achieve their financial goals.17.3.6-8.D
3. E
  Intentionally blank17.3.6-8.E
4. F
  Intentionally blank17.3.6-8.F
Payment methods
1. G
  Describe the advantages and disadvantages of using various payment methods (e.g., cash, checks, gift cards, debit cards, credit cards, mobile payments).17.3.6-8.G
2. H
  Intentionally blank 17.3.6-8.H
3. I
  Intentionally blank17.3.6-8.I
Major life purchases
1. J
  Intentionally blank 17.3.6-8.J
2. K
  Intentionally blank17.3.6-8.K
Sales and Property Taxes
1. L
  Calculate the sales tax for various types of purchases.17.3.6-8.L
2. M
  Describe ways people support charitable organizations by donating money, items, and time.17.3.6-8.M

Asset building
1. A
  Explain the change in value over time of various assets.17.4.6-8.A
Saving
1. B
  Describe the process of creating, implementing, and adapting a personal savings plan.17.4.6-8.B
2. C
  Use different methods and tools to calculate the growth in savings given various scenarios (e.g., simple versus compound interest, starting age, years to save, and interest rates). 17.4.6-8.C
Investing
1. D
  Describe similarities and differences between saving and investing.17.4.6-8.D
2. E
  Identify publicly traded companies, the goods and services they produce, and their current stock prices.17.4.6-8.E
3. F
  Identify factors influencing investment planning (e.g., age, income, debt, assets, goals, family size, risk tolerance).17.4.6-8.F
4. G
  Describe how people make money through investing (e.g., buying low and selling high, earning dividends, buy and hold).17.4.6-8.G
5. H
  Intentionally blank17.4.6-8.H
6. I
  Intentionally blank17.4.6-8.I
Investing risk tolerance
1. J
  Assess the impact of values and attitudes, including tolerance for risk, on saving and investing decisions.17.4.6-8.J
2. K
  Intentionally blank17.4.6-8.K

Risk identification and management
1. A
  Provide examples of financial risks people face (e.g., losing a job, needing to replace damaged property, paying medical expenses). 17.5.6-8.A
2. B
  Describe how people manage the risk of financial loss through risk avoidance, reduction, retention, and transfer.17.5.6-8.B
Insurance
1. C
  Compare various types of insurance and what is typically covered by each.17.5.6-8.C
2. D
  Describe factors that impact the amount an individual can expect to pay for insurance (e.g., coverage types and amounts, age, location, driving record).17.5.6-8.D
3. E
  Defend decisions to purchase or forgo insurance, extended warranties, and service contracts.17.5.6-8.E
4. F
  Describe how insurance works by pooling the premiums of many policyholders in order to pay for claims. 17.5.6-8.F
5. G
  Intentionally blank17.5.6-8.G
Financial fraud and identity theft
1. H
  Describe strategies people can use to protect their personally identifiable information.17.5.6-8.H
2. I
  Intentionally blank17.5.6-8.I

Credit use and benefits
1. A
  Explain how credit is established and tracked over time for an individual.17.6.6-8.A
2. B
  Intentionally blank 17.6.6-8.B
Types of credit
1. C
  Discuss various forms of credit and their uses (e.g., credit cards, home loans, auto loans, student loans).17.6.6-8.C
2. D
  Summarize the differences between credit cards and debit cards.17.6.6-8.D
Costs of credit
1. E
  Analyze factors that influence the total cost of paying with credit, including interest rates, fees, repayment period, and source of credit. 17.6.6-8.E
2. F
  Explain why potential borrowers could reach different conclusions about the use of credit, including how much debt constitutes overborrowing.17.6.6-8.F
Credit rights and responsibilities
1. G
  Explain why lenders must provide borrowers with certain information (e.g., interest rates, annual percentage rates, fees, terms, conditions). 17.6.6-8.G

What grade levels do these standards cover?: Grade 6, Grade 7, and Grade 8
Where can I read the official document?: Academic Standards for Personal Finance Grades K-12

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