Colorado
5th Grade
State Standards
Personal Financial Literacy
8: Apply economic reasoning skills to make informed personal financial decisions.
FL.5.5.1: Examine how individuals use financial institutions to manage personal finances.
Students Can
a: Differentiate between saving and investing.
b: Establish the function of banking.
c: Distinguish between different types of financial institutions such as banks and credit unions, and the services provided. For example: Checking accounts, savings accounts, investments, and loans.
d: Create a way to keep track of money spent and money saved.
Colorado Essential Skills
1: Make connections between information gathered and personal experiences to apply and/or test solutions when choosing a financial institution or financial product (Adaptability and Flexibility).
2: Express one's own emotions, thoughts, and values and identify how they influence behavior when making decisions regarding choosing a financial institution or financial product (Self-Awareness).
3: Ask questions to develop further personal understanding when choosing financial institutions and financial products (Self-Advocacy and Initiative).
Inquiry Questions
1: What risks and benefits are associated with spending versus saving and investing?
2: What factors influence choices to save or invest?
3: How can a checking account help to decide how to spend and save?
4: Why do people use financial institutions rather than self-banking?
5: How do people choose a financial institution?
6: What are the risks and benefits of different financial institutions?
Nature and Skills of Personal Financial Literacy
1: Financially capable individuals research, analyze, and make choices regarding their needs when using financial institutions.
2: Financially capable individuals identify positive and negative incentives that influence the decisions people make.
3: Financially capable individuals use technology to track and graph the interest accrued on "virtual" investments, checking and savings accounts, investments, and loans.
Disciplinary, Information, and Media Literacy
1: Write informative/explanatory texts to examine a topic and convey ideas and information clearly.
2: Conduct short research projects that use several sources to build knowledge through investigation of different aspects of a topic.
3: Understand how rules for respecting others' belongings apply to digital content and information privacy.