Walz administration seeking $7 billion to boost funding for schools across state – Session Daily

Walz administration seeking $7 billion to boost funding for schools across state – Session Daily

&#13
What does it imply to “fully fund” training?

&#13
For yrs it has been the catchphrase of Gov. Tim Walz whenever talking about his options for Minnesota’s K-12 educational facilities. On Thursday, officers from the Office of Education and learning at last introduced the value tag for acquiring this grand aim to the Residence Schooling Finance Committee: $6.9 billion.

&#13
The budgetary ask for is “centered on making sure every single kid in Minnesota receives a large-good quality education, no issue their race or zip code,” mentioned Instruction Commissioner Willie Jett.

&#13
Stylized the Because of North Education System, it phone calls for significant funding boosts in practically all spots of the state’s faculty system.

Household Training Finance Committee 1/26/23

&#13
State assist for local university districts is largely handed out in accordance to the Basic Instruction Simple Formula. Below the department’s proposal, this formula would enhance by 4{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the present biennium and a additional 2{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} in the pursuing biennium. It would also be tied to inflation starting off in fiscal 12 months 2026, with boosts based on the Customer Price Index and capped at 3{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}.

&#13
In conditions of bucks, those changes to the method would total to $716.7 million in increased funding in the 2024-25 biennium and $1.4 billion in 2026-27.

&#13
The section is also requesting large sums to decrease the unique education and learning cross subsidy.

&#13
Currently, point out and federal funding fails to hold up with legally mandated unique education obligations, forcing school districts to consider income from their common operational budgets to cover the value of educating specific requires pupils. Walz’s approach aims to shut that funding gap by 50{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550}, delivering $772.6 million in the upcoming biennium and $849.1 million in the 2026-27 biennium.

Training Commissioner Willie Jett critiques the governor’s proposed education funds with the House Instruction Finance Committee Jan. 26. (Image by Catherine Davis)

&#13
The two Property instruction committees have previously held hearings on HF5, giving no-price tag universal university meals, and the department affirmed their assist for that proposal for the duration of their presentation. Funding for this method would full $388.4 million put together for fiscal many years 2023-25 and $424.3 million mixed in fiscal yrs 2026-27.

&#13
Expenditures have still to materialize for two other division priorities: English finding out for non-native speakers and increasing unemployment insurance to include hourly college staff who are off during summers. The former consists of lowering the English Learner cross subsidy by in excess of 20{ac23b82de22bd478cde2a3afa9e55fd5f696f5668b46466ac4c8be2ee1b69550} at a expense of above $50 million, even though the latter would see a partnership with the Office of Employment and Financial Improvement in masking a funding request in surplus of $160 million.

&#13
Conversations in the education committees this session have also revolved around addressing mental health and fitness needs, expanding instructor variety, and building progress on slipping literacy prices. The department’s spending budget involves funding requests in these parts as effectively – notably above $100 million to fund above 300 positions statewide to go to to the mental, behavioral, and physical wellbeing requirements of pupils.

BBVA’s financial education grants will finance five projects seeking to resolve challenges from the pandemic

In this fourth edition of the program, each selected team will have access to a €10,000 prize to finance their research project. The global pandemic has demonstrated the importance of financial education as a tool to overcome the challenges that contribute to a more sustainable society. It is no surprise, therefore, that the winning proposals mostly focus on solving the sector’s most pressing challenges.

Since 2018, BBVA’s Center for Financial Education and Capability has given €200,000 to 22 projects from countries such as Mexico, the U.S., Spain, Argentina, Colombia, Peru, Turkey, Kenya and Indonesia. These are the winning projects from 2021.

1- IE Foundation (Spain) 

The research led by Laura Núñez Letamendia will delve into the role of financial education in households’ financial well-being. The work is based on analysis of the population’s knowledge of concepts like inflation, diversification and simple and compound interest;  understanding of investment vehicles; planning skills and the sense of financial empowerment; in other words, the confidence each person has in their abilities to carry out financial management activities.

The research will explore the influence of these four pillars on people’s well-being or vulnerability through the Consumer Financial Protection Bureau’s (CFPB)  scale of well-being. For this, it will use the survey conducted by the Household Savings Observatory in March 2021 of 1,500 Spanish households as an empirical base. This poll collected information on variables related to individuals’ financial behaviors and attitudes prior to the pandemic, and their level of financial education. “Beyond the satisfaction of the funding, it is an honor for us to have been selected by such a prestigious program as BBVA Edufin,” said Laura Núñez when learning that her project had been selected.

2- William Marsh Rice University – Baker Institute (EE. UU. – México) 

Many Mexicans lost their jobs due to the economic crisis from the pandemic. They found themselves pushed into the informal economy, or were forced to spend their retirement savings. Researcher José Iván Rodríguez-Sánchez began the project “Improving financial education and retirement accounts in Mexico after the COVID-19 pandemic” in order to explore the pandemic’s impact on Mexicans and how it has influenced their interactions with the financial system. This expert was enthusiastic when hearing that his project had been selected: “The fact that BBVA has chosen me, makes me feel very honored and with a lot of responsibility to do my research.” 

The conclusions of this study will seek to understand the vision that many of the country’s citizens have of the future now that their ability to save, plan for retirement and access credit has been diminished. The research will analyze the impact that better financial education would have in the current situation and will provide recommendations of public policies to offer quality education and greater financial inclusion.

3- The Pennsylvania State University (EE. UU. – Colombia) 

Despite its development in recent years, Colombia is facing a dramatic increase in economic equality, which has gotten worse in rural areas. In this scenario, the fintech industry is emerging as an option to provide alternative financial products and services that are adapted to users’ needs. Led by Priya Sharma, this project explores the role of financial inclusion and the sector’s technologies as a tool to boost economic growth from the perspective of several representatives of two sectors: fintech companies and rural communities, specifically a group of women coffee growers and families running small cocoa farms.

The information from both groups will be collected in in-depth interviews and two workshops, which will be held separately with a total of  40 participants. The one for fintech companies, which will take place in Bogota, will focus on the products and services the rural population consider a priority and how they perceive the needs and expectations of these communities. For the farmers, the research aims to understand their perspectives of poverty, inequality and financial inclusion in order to understand their needs and offer solutions. The final report will offer recommendations regarding how to challenge the country’s current paradigm of financial education and the role of financial technologies in a challenging context, among other topics.

“,”location”:”bottom”,”categoria_onetrust”:”C0002″,”script”:”Google Tag Manager – 1/2″,”codigo”:”rnrnrn“,”location”:”head”,”categoria_onetrust”:”C0002″,”script”:”Google Tag Manager – 2/2″,”codigo”:”rnrn“,”location”:”body”,”categoria_onetrust”:”C0002″,”script”:”AddThis”,”codigo”:”rnrn rn “,”location”:”bottom”,”categoria_onetrust”:”C0004″,”script”:”pixelES”,”codigo”:”“,”location”:”head”,”categoria_onetrust”:”C0004″, []; window._linkedin_data_partner_ids.push(_linkedin_partner_id); rnrnrnrnrnrnrnrnrnrnrnrnrn rn “,”location”:”head”,”categoria_onetrust”:”C0004″,”script”:”pixelMX”,”codigo”:”“,”location”:”head”,”categoria_onetrust”:”C0004″,”script”:”pixelFacebookGlobal”,”codigo”:”rnrnrnrn”,”location”:”head”,”categoria_onetrust”:”C0004″]; /* ]]> */

Hawaii DOE | HIDOE seeking feedback to develop financial literacy content standards


​Introduction

Financial literacy, or financial capability as it is currently defined at the federal level, is the capacity, based on knowledge, skills and access, to manage financial resources effectively. To develop this capacity, individuals must have appropriate access to and understanding of financial products, services, and concepts. Financial literacy empowers individuals to make informed choices, avoid pitfalls, know where to go for help, and take actions to improve their present and long-term financial well-being.

The Hawaii State Department of Education, Office of Curriculum and Instructional Design, is currently investigating ways to ensure
every student receives basic financial literacy before high school graduation. At this time, efforts are focused on financial literacy education at the high school level.

As part of this work, draft content standards have been curated for a one-semester introductory level high school course on financial literacy designed to help students develop the capacity to describe, analyze, and evaluate many financial topics that most students will directly experience in their personal and professional lives. While a one-semester course is not the only way in which financial literacy education can be provided to students, the standards are a vital step toward ensuring consistent financial literacy education across the state.




The content standards
are derived from the 2017 edition of the
National Standards in K-12 Personal Finance Education (pdf, pictured to the right) from the Jump$tart Coalition. These standards are consistent with both state- and nationally-recognized concepts that are important to healthy financial literacy.


The themes are aligned to the six major categories utilized in Jump$tartʻs National Standards: 1) Spending and Saving; 2) Credit and Debt; 3) Employment and Income; 4) Investing; 5) Risk Management and Insurance; and 6) Financial Decision Making.


The sample teacher guidance is a list of skills gleaned from Jump$tartʻs benchmarks which describes what teachers may ask students to demonstrate in order to meet each content standard. The guidance is not intended to serve as an all-inclusive list; rather, the guidance serves as a sample set of statements for teachers to consider how to best help their students meet the content standards.

Special thanks to Kelly Lee, founder of the Hawaii Coalition of Jump$tart, for lending her content area expertise to this effort.


​​THEME 1: Spending and Saving


Content Standard


The student shall:


​Sample Teacher Guidance


To help students meet the Content Standard, the teacher may ask students to:


​Content Standard MD.PFL.1.1

Develop a plan for spending and saving.

  • ​Describe ways that people can decrease expenses to save more of their incomes.
  • Discuss the components of a personal spending plan, including income, planned saving and expenses.
  • Compare the advantages and disadvantages of saving for financial goals.
  • Investigate changes in personal spending behavior that contribute to wealth building.


​Content Standard MD.PFL.1.2

Describe how to use different payment methods.



  • Compare and contrast different types of local financial institutions and the services they provide.
  • Summarize the advantages and disadvantages of checks, stored value cards, debit cards, gift cards and online and mobile payment systems.
  • Compare the costs of cashing a check with various third parties, such as a bank or credit union, check-cashing services and retail outlets.
  • Demonstrate how to schedule and manage bill payments.


THEME 2: Credit and Debt

Content Standard


The student shall:


​Sample Teacher Guidance


To help students meet the Content Standard, the teacher may ask students to:


​Content Standard MD.PFL.2.1

Analyze the costs and benefits of various types of credit.



  • ​Explain how debit cards differ from credit cards.
  • Discuss potential consequences of using “easy access” credit.
  • Calculate the total cost of repaying a loan under various rates of interest and over different periods.
  • Compare the cost of borrowing $1,000 by means of different consumer credit options.

Content Standard MD.PFL.2.2

Summarize a borrower’s rights and responsibilities related to credit reports.

  • ​Weigh the potential payoffs of a positive borrowing reputation versus the potential consequences of a poor
    borrowing reputation.
  • Explain the value of credit reports to borrowers and to lenders.
  • Categorize the information in a credit report and how long it is retained.
  • Analyze how a credit score affects creditworthiness and the cost of credit.


THEME 3: Employment and Income

Content Standard


The student shall:


​Sample Teacher Guidance


To help students meet the Content Standard, the teacher may ask students to:


​ Content Standard MD.PFL.3.1

Explore job and career options.

  • ​Explain the difference between a career and a job.
  • Match personal skills and interests to various career options.
  • Compare the education and training requirements, income potential and primary duties of at least two jobs of interest.
  • Discuss how non-income factors such as child-care options, cost of living and work conditions can influence job choice.


​ Content Standard MD.PFL.3.2

Compare sources of personal income and compensation.

  • ​Explain the difference between a wage and a salary.
  • Calculate the future income needed to maintain a current standard of living.
  • Identify typical sources of income in retirement.

​THEME 4: Investing​

Content Standard


The student shall:


​Sample Teacher Guidance


To help students meet the Content Standard, the teacher may ask students to:


Content Standard MD.PFL.4.1

Explain how investing may build wealth and help meet financial goals.

● Describe reasons for investing.

● Devise an investment plan for accumulating money for a major expense such as a college education or the down payment on a car.

● Describe the importance of various sources of income in retirement, including Social Security, employer-sponsored retirement savings plans and personal investments.


Content Standard MD.PFL.4.2

Evaluate investment alternatives.

● Explain the difference between stocks and bonds.

● Give examples of investments for current income and investments for future growth.

● Compare the advantages of taxable, tax-deferred and tax-advantaged investments for new savers, including Roth IRAs and employer-sponsored retirement vehicles.


THEME 5: Risk Management and Insurance

Content Standard


The student shall:




​​Sample Teacher Guidance


To help students meet the Content Standard, the teacher may ask students to:


Content Standard MD.PFL.5.1

Identify common types of risks and basic risk management methods.



  • Predict the consequences of accepting risk with insufficient or no insurance.
  • Illustrate how to use insurance to share the risk of financial loss.
  • Discuss factors that affect insurancepremiums.

Content Standard MD.PFL.5.2

Justify reasons to use health, disability, long-term and life insurance.

  • ​Justify reasons to have health insurance.
  • Compare sources of health and disability insurance coverage, including employee benefit plans.
  • Explain the purpose of long-term care insurance.


THEME 6: Financial Decision Making

Content Standard


The student shall:


​Sample Teacher Guidance


To help students meet the Content Standard, the teacher may ask students to:

Content Standard MD.PFL.6.1

Recognize the responsibilities associated with personal financial decisions.



  • ​Analyze money-handling decisions that young adults commonly face.
  • Compare the benefits of financial responsibility with the consequences of financial irresponsibility.
  • Predict how influences such as current fashion trends, peer pressure and procrastination can affect financial decisions.
  • Compare how financial responsibility is different for individuals with and without dependents.

​Content Standard MD.PFL.6.2

Make criterion-based financial decisions by systematically considering alternatives and consequences.



  • ​Explain how limited personal financial resources affect the choices people make.
  • Determine the cost of achieving a financial goal.
  • Give examples of how decisions made today can affect future opportunities.