Keys to Financial Success
In response to a general lack of basic
financial knowledge, the Delaware Bankers Association Financial Education Alliance, in cooperation with the University
of Delaware's Center for Economic Education and Entrepreneurship (CEEE), the Consumer Credit Counseling Services
of Maryland and Delaware, and the Federal Reserve Bank of Philadelphia Fed piloted the Keys to Financial Success course
in one Delaware high school in 2001-02. Since then, the course has been extended each year to additional schools statewide,
and is currently offered in 27 of the 32 high schools in Delaware. It is anticipated that the course will be offered in every
public and private high school in the State by the 2007-2008 school year. The goal of this semester-long elective course is
to better equip young people with the knowledge necessary to have strong financial futures. Keys to Financial Success is
the only high school education program in Delaware that offers in-depth training on money management skills.
Students learn important life skills, such as budgeting, borrowing, saving, and investing. The program includes pre- and
post-testing of students, quarterly roundtable meetings for teachers and parents, and the complete curriculum package
meets state standards in economics and personal finance. Teachers are given one week of training, free of charge, along
with a complete copy of the National Council on Economic Education's Financial Fitness for Life curriculum, and a binder
that includes the suggested day-to-day lessons for the entire course. Schools commit to offer at least one section of the
course per year, but individually decide which department within their school will facilitate the course and where the
course will appear in their schedule.
Course Content:
Keys to Financial Success focuses on five themes which an individual needs for obtaining a secure financial future. What this course examines is a complete financial picture by unlocking the pieces necessary to make informed and responsible choices and decisions. The five themes consist of:
THEME I: Goals and Decision Making
Why financial literacy? What does that mean to my life?
THEME II: Career Research and Planning
What do you mean I have to earn a living? Are you telling me I have to keep going to school or continue learning in order
to succeed?
THEME III: Money Management
Why do I need to have long range goals for my spending and saving? What trade-offs must I make because my income is
less than I need to get me everything I want? Why would I need a checking account? How much risk can I afford with my
savings? Why do I have to worry about my credit rating?
THEME IV: Consumer Skills
What are expenses related to becoming independent and living on my own? When furnishing an apartment, what do I want
and can I afford "new" everything? How will I ever save enough to qualify for a down payment and a mortgage? Why can't
I have a house like my parents have as soon as I graduate? Does my credit rating have anything to do with my ability to get
a mortgage? How much can I afford to pay for a car? Is the car the only expense I have? What factors will determine how
much I have to pay for insurance? How do I get the best deal on car insurance? What are the costs associated with maintenance
and repair? What would a typical week's gasoline bill be like? Will I need a part-time job to have this car?
THEME V: Risk Protection
What are my rights when dealing with businesses that use illegal practices? What do I do about errors on my credit card bills?
How can I prevent identity theft? What privacy protections are there? What are my responsibilities for obtaining information
about purchases before I make them? What are some of the frauds and scams that are common and particularly aimed at
young adults? How can I prevent myself from falling into consumer traps? How does insurance protect my financial well-being
and what am I willing to pay for that peace of mind? What legal recourse do I have for solving consumer problems?
For More information on the Keys to Financial Success program, please visit please visit the programs website by clicking on the link below: