Pennsylvania
3rd-5th Grades
State Standards
Academic Standards for Personal Finance, grouped by grade band with standard sections
17.1Personal Finance Fundamentals
17.1.3-5.ADescribe reasons people set financial goals.
17.1.3-5.BIdentify the opportunity cost of various financial decisions, including ones related to earning, spending, and saving.
17.1.3-5.CExplain how life circumstances and experiences can alter attitudes toward money.
17.1.3-5.DIdentify financial decisions people make that may not be in their best interest.
17.1.3-5.EDescribe conversations people have about money.
17.1.3-5.FIdentify products and services provided by financial institutions.
17.2Income
17.2.3-5.ADescribe how people receive income (e.g., work, gifts, renting property to others).
17.2.3-5.CExplain ways people improve their ability to earn income through education, training, and experience.
17.2.3-5.GDescribe how people earn income through entrepreneurship and supplemental employment.
17.3Spending
17.3.3-5.AExplain factors that influence a person's spending decisions and the impact these has on how they prioritize their wants.
17.3.3-5.CProvide examples of household spending and sources of income.
17.3.3-5.DConstruct a simple budget (e.g., for a family, individual, or school event).
17.3.3-5.GExplain various payment methods (e.g., cash, checks, gift cards, debit cards, credit cards).
17.3.3-5.LIdentify taxes applied to certain purchases.
17.3.3-5.MIdentify reasons people participate in fundraising efforts and the causes they support.
17.4Saving & Investing
17.4.3-5.AIdentify items that might increase or decrease in value over time.
17.4.3-5.BDescribe a variety of savings goals and the factors that influence them.
17.4.3-5.CIdentify reasons people deposit money to be saved in accounts at financial institutions and factors they might consider when selecting a financial institution.
17.5Risk & Insurance
17.5.3-5.ADescribe how unexpected events could impact a person's finances (e.g., floods, automobile accidents, illness).
17.5.3-5.BExplain how emergency savings can be used to offset losses from unexpected events.
17.5.3-5.CProvide examples of insurance people buy in order to transfer financial risk (e.g., health, auto, flood).
17.5.3-5.HPredict the financial consequences of sharing personal information.
17.6Credit
17.6.3-5.AIdentify traits that could impact a person's ability to borrow items or money.
17.6.3-5.CIdentify goods and services people often pay for over time using credit.
17.6.3-5.DDescribe how using a credit card is a form of borrowing.
17.6.3-5.EExplain why borrowers might be asked to repay more than they initially borrowed (e.g., interest, fees).