Pennsylvania
9th-12th Grades
State Standards
Academic Standards for Personal Finance, grouped by grade band with standard sections
17.1Personal Finance Fundamentals
17.1.9-12.ADetermine the financial impact of various long-term goals (e.g., lifestyle, family, education).
17.1.9-12.BApply a systematic decision-making process, including opportunity costs, to setting and achieving financial goals.
17.1.9-12.CAnalyze the impact of various factors on a person's financial mindset and decisions.
17.1.9-12.DEvaluate strategies for dealing with behavioral biases (E.G., LOSS AVERSION, EXPERIENTIAL BIAS, MENTAL ACCOUNTING) and other obstacles to managing personal finances.
17.1.9-12.EAssess the value of sharing financial goals and information with others.
17.1.9-12.FCompare various financial service providers (e.g., banks, credit unions, check cashers, brokerage firms) and the types of accounts and services each provides.
17.1.9-12.GCommunicate the process of opening financial accounts and the factors to consider when selecting financial institutions and professionals.
17.1.9-12.HEvaluate the use of financial technology to access financial services and make financial decisions.
17.1.9-12.IDevelop a system for documenting and organizing personal financial records, both paper and electronic.
17.1.9-12.JExplain the financial implications of wills, powers of attorney, and naming beneficiaries for various accounts.
17.1.9-12.KExplain the role of various state and federal financial regulators and consumer protection agencies.
17.1.9-12.LDescribe the issues addressed by various laws and regulations that impact or safeguard a person's finances.
17.2Income
17.2.9-12.AExplain various types of income (e.g., earned, unearned, passive, active) and their sources (e.g., work, rentals, investments, government programs).
17.2.9-12.BDescribe sources of retirement income and how they relate to individual investment choices, employer-sponsored retirement plans, and government programs.
17.2.9-12.CUse data to support an individual's decision to obtain or forgo post-secondary education based on the associated costs and anticipated future income.
17.2.9-12.DResearch options to pay for education and training, ways to reduce the total cost, and steps needed to obtain financial aid.
17.2.9-12.EEvaluate the impacts of technology, labor markets, and economic conditions and trends on a person's employment potential.
17.2.9-12.FExplain the impact of employee benefits (e.g., health insurance, retirement savings plans, education reimbursement programs) on an individual's finances.
17.2.9-12.GAnalyze the financial impact of a person's decision to own a business, work as an independent contractor, or be employed.
17.2.9-12.HCalculate the impact of taxes and payroll deductions on income.
17.2.9-12.IComplete various federal, state, and local tax forms.
17.3Spending
17.3.9-12.ADevelop a process for making informed spending decisions, including factors to consider (e.g., product features, price, durability, environmental or societal impact, reliability of information).
17.3.9-12.BCompare ways people can lower the price they pay for goods and services (e.g., online tools, discount retailers, negotiating, secondhand items).
17.3.9-12.CDevelop a personal approach to keeping track of income and spending.
17.3.9-12.DEvaluate various budgeting approaches (e.g., 50-30-20, zero-based) and methods (e.g., envelope system, spreadsheets, online tools).
17.3.9-12.ECreate a personal budget to allocate current or future income, including estimates for fixed and variable expenses.
17.3.9-12.FIdentify methods for adjusting a budget for unexpected expenses or loss of income.
17.3.9-12.GCompare the effects of using various payment methods when making purchases.
17.3.9-12.HCompare various approaches to paying bills, including making automated payments and ensuring bills are paid on time.
17.3.9-12.IDescribe the impact of technology on payment methods and how it influences spending.
17.3.9-12.JAnalyze a housing decision, including comparing renting and buying, upfront and ongoing costs, and the process of obtaining a mortgage or a lease.
17.3.9-12.KJustify the purchase or lease of a vehicle and the alternatives considered (e.g., new versus used, total cost of ownership or use).
17.3.9-12.LAnalyze the impact of paying sales, excise, and property taxes on financial decisions.
17.3.9-12.MJustify a decision to participate in or forgo a fundraising effort based on the organization and cause.
17.4Saving & Investing
17.4.9-12.ACalculate a person's net worth given their assets and liabilities.
17.4.9-12.BDevelop a savings plan for accomplishing personal short- and long-term financial goals.
17.4.9-12.CCompare the features of various savings vehicles (e.g., savings accounts, certificates of deposit, money market accounts) and the interest rates offered by several institutions.
17.4.9-12.DExplain factors that contribute to rates of return for various investments, including risk, inflation, and taxes.
17.4.9-12.EExplain the similarities and differences between stocks, bonds, mutual funds, and exchange-traded funds, and the factors that influence price fluctuations for each.
17.4.9-12.FDescribe factors to consider when selecting sources of investment advice and trading methods (e.g., online trading platforms, financial advisors, robo-advisors).
17.4.9-12.GExplain how popular benchmark indices are used.
17.4.9-12.HRecommend an investment portfolio diversified to meet specific goals, including purpose, starting age, time horizon, and tolerance for risk.
17.4.9-12.ICompare retirement-specific investment options, including employer-sponsored plans, Roth and traditional individual retirement accounts, and accounts available to people who are self-employed.
17.4.9-12.JAnalyze personal attitudes towards risk and how these might impact future investment decisions and outcomes.
17.4.9-12.KDescribe methods to avoid or counteract the potentially negative impacts of behavioral biases (E.G., LOSS AVERSION, HERDING, CHOICE OVERLOAD) on investment decisions.
17.5Risk & Insurance
17.5.9-12.AEvaluate a person's potential for financial risk (e.g., loss of personal property, reduction in income, liability).
17.5.9-12.BCritique approaches to avoiding, reducing, retaining, and transferring risk given a particular scenario.
17.5.9-12.CFormulate insurance recommendations based on individual needs, situations, and preferences, including but not limited to automotive, homeowners, renters, health, life, and disability, as justified.
17.5.9-12.DUse information from various sources to compare insurance providers, plans, and prices.
17.5.9-12.EFormulate a process of comparing insurance products, determining out-of-pocket costs, and filing claims.
17.5.9-12.FDescribe circumstances in which a person may be required to show proof of insurance or obtain a minimum amount of coverage.
17.5.9-12.GEvaluate the impact of public insurance programs for individuals facing financial hardship (e.g., Medicare, Medicaid, and unemployment).
17.5.9-12.HAnalyze trends in financial fraud and strategies to avoid becoming a victim.
17.5.9-12.IResearch the agencies individuals can contact and steps they can take to address financial fraud and scams, including identity theft.
17.6Credit
17.6.9-12.AEvaluate pathways to obtaining credit and what lenders look for in a borrower (e.g., character, capacity, capital, collateral).
17.6.9-12.BDescribe how credit reports and scores are determined, used, and improved.
17.6.9-12.CCompare various forms of credit and how each is used (e.g., secured and unsecured loans, installment and revolving credit, service credit).
17.6.9-12.DAnalyze the use of loans to finance higher education and home purchases, how they are obtained, and options for paying them back.
17.6.9-12.ECalculate the total cost of credit given a variety of situations (e.g., making minimum payments, paying fees, using alternative financial service providers).
17.6.9-12.FDescribe the consequences of failing to repay debts and sources of debt management assistance.
17.6.9-12.GEvaluate various rights and laws related to credit and their impact on consumers.