Branstad, Reynolds, Buck Unveil Financial Literacy Work Team Recommendations

Gov. Terry Branstad and Lt. Gov. Kim Reynolds and Iowa Department of Education Director Brad Buck announced the recommendations of the Financial Literacy Work Team on Sept. 15. Buck convened the 13-member work team in January 2014 to ensure Iowa students are learning the financial literacy skills needed for success. 

The work team included representatives from public and nonpublic schools, financial services, higher education and the Iowa Department of Education. The group’s recommendations included the following: 

1. Take a close look at our financial literacy requirement for K-12 schools. This is included in the 21st century skills portion of Iowa’s statewide academic standards. The work team’s idea is to make sure the financial literacy component is clear and age appropriate. 
2. More support for schools around putting the financial literacy component of the standards into practice. More support would include providing better, more centralized resources to teachers. 
3. Tap into external stakeholder groups with expertise in financial literacy to assist in professional development trainings for teachers. 
4. Review how school districts approach financial literacy education. 
5. Improve communication statewide to keep a focus on this important issue. 

“We must do more to help students understand the power of financial literacy. And given that there’s this groundswell of support among stakeholders to be part of the solution, it made great sense to form the Financial Literacy Work Team,” said Buck. “At the Iowa Department of Education, we have moved forward by designating a staff member to the issue of financial literacy and we’ll work to provide leadership around professional development activities and a central online location for high-quality resources for teachers.” 

The full report, including the Financial Literacy Work Team’s recommendations, can be found here.