Financial Education

Did you know that Tennessee is one of only 23 states that require personal financial education as a requirement for high school graduation?

Beginning with the high school graduating class of 2013, Tennessee students now have to have completed a ½ semester class on personal financial education, as a graduation requirement. To view the standards for the required personal finance course, please visit:

http://www.tn.gov/education/cte/doc/PersonalFinance.pdf

TENNESSEE JUMP$TART

The Consumer Resources Section works with a number of organizations to help promote financial education. We have been involved with Tennessee Jump$tart, A Coalition for Personal Financial Education, since its inception in September 2000. We are a Board Member representative of the organization and we have been privileged to participate as a presenter at nine, of the ten, annual personal financial educator teacher conferences aimed at providing financial resources to high school teachers, in order to become eligible to teach the state’s required personal finance course.

TENNESSEE FINANCIAL LITERACY COMMISSION

We have also been able to partner with the Tennessee Financial Literacy Commission on some of the K-8 Teacher Summits they have sponsored, in an effort to help train teachers in these grades to incorporate personal financial education concepts in their classrooms. This is aimed at giving those students a head start on making sound financial and money management decisions.

BANK ON MUSIC CITY

Consumer Resources staff members also serve of the Advisory Council of Bank On Music City. This is a multi-partner effort to reach the un-banked and under-banked of the Middle Tennessee area. There are nine financial institutions who participate by offering low-cost, or second chance, checking accounts. Other partners offer financial education classes, which may be required by the participating financial institutions, in order to be able to open the checking account.

AMERICA SAVES WEEK

The Department of Financial Institutions and Consumer Resources is proud to support America Saves Week, which is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status. A major emphasis of this group is the providing of savings tips through social media. We’ve been able to partner with a number of government and non-profits groups in bringing more awareness to the importance of saving.

FDIC MONEY SMART

Money Smart - The FDIC initiated this financial education curriculum that is designed to help individuals outside the financial mainstream develop financial skills and positive banking relationships. Money Smart has developed programs for Youth, Young Adults, Adults and Older Adults which consists of eight to ten instructor-led modules. Each module includes a fully scripted instructor guide, participant guide, overhead slides and worksheets.

FEDERAL RESERVE EDUCATION

The Federal Reserve System splits regulation in Tennessee between two District Banks. The Atlanta Branch oversees banking institutions in East and the majority of Middle Tennessee, which is part of Reserve District 6. The St. Louis Branch, of Reserve District 8 oversees the institutions that are in West Tennessee. The Federal Reserve has a number of financial education programs that are age specific and includes lesson plans for use.

NATIONAL CREDIT UNION ADMINISTRATION

The National Credit Union Administration, or NCUA, is the regulator for federally-chartered credit unions. They also oversee the National Credit Union Share Insurance Fund, which insures deposits in credit unions, similar to FDIC insurance for banks. The NCUA has created a resource website dedicated solely for consumers.