| Code |
Description |
| SS.912.FL.1.1: | Evaluate and reflect on how values affect personal financial decision-making.Clarifications:
Clarification 1: Instruction includes how values may vary from person to person. Clarification 2: Instruction includes how societal values impact personal financial decisions.
|
|
| SS.912.FL.1.2: | Understand how cognitive biases affect personal financial decision-making.Clarifications:
Clarification 1: Instruction includes biases such as loss aversion, the endowment effect, herd mentality, anchoring, and present bias. |
|
| SS.912.FL.1.3: | Explain that loss aversion implies that losses brought about by a decision are weighed more than the gains, which may affect the final decision. |
| SS.912.FL.1.4: | Explain that people place more weight on something they already have as opposed to things they do not. This endowment effect can result in people being reluctant to part with things they possess. |
| SS.912.FL.1.5: | Evaluate how herd mentality affects personal financial decision-making. |
| SS.912.FL.1.6: | Describe how a piece of information received early, even if incorrect or irrelevant, can provide an anchor that people use when making their personal financial decisions.Clarifications:
Clarification 1: Instruction includes students working in collaborative groups to discuss various scenarios in which information may have been influential to financial decision-making. Clarification 2: Instruction includes the analysis of correct and incorrect and relevant and irrelevant information to inform financial decisions. |
|
| SS.912.FL.1.7: | Describe how people often focus on information that confirms their original beliefs when they research information to make personal financial decisions. |
| SS.912.FL.1.8: | Identify examples of how people are affected by present bias.Clarifications:
Clarification 1: Instruction includes the effect of present bias on financial decision-making. |
|
Vetted resources educators can use to teach the concepts and skills in this topic.
| Name |
Description |
| What are my options?: | Using the case study, Drowning in Debt: Making Healthy Decisions to Manage Money, students will consider various actions a consumer can take to minimize expenses and budget their money. |
| Drowning in Debt: Making Healthy Decisions to Manage Money: | Using the outcome of case study, Drowning in Debt: Making Healthy Decisions to Manage Money, students will work in pairs to analyze a monthly budget, research strategies for decreasing monthly expenses and compose an email to request assistance from a banking associate |
| Media, Herd Mentality, and Public Policy: | This lesson plan is an introduction to explain how media (social media, news, etc.) affects herd mentality in the age of viral videos and commercials. This lesson entails analysis activities in which students will consider how herd mentality forms and how people can be influenced in their thinking on public problems. |
| Financial Literacy: Budgeting for Life Events: | Using the case study, Spending Your Life Away: Budgeting for the Future, students will create a monthly budget sheet. Students will analyze and identify ways in which saving for a future life event can be accomplished and research different ways to save. |
