Bacon's Rebellion

Democracy Thrives in Sunlight

The Nation’s Leading Cluster of Financial Literacy

—

by

James A. Bacon
in ,

financial_literacyby James A. Bacon

Back in April, I posted on a Wallethub survey ranking Virginia as the third most financially literate state in the country. Now comes a survey of the 100 best high schools in the country for teaching personal finance, as determined by Working In Support of Education (WISE). It turns out that 29 Virginia high schools rank in the top 100 nationally. (Hat tip: Tim Wise.)

School systems from all around Virginia are represented on the list. What really stands out, however, is an extraordinary cluster of schools in the Bristol-Abingdon area of Southwest Virginia. These schools ranked among the very best in the entire country. (The school ranking does not make it clear what criteria were used, but I surmise it was student scores on WISE’s Financial Literacy Certification Test.)

7. Holston High School, Damascus (Washington County)
15. Virginia High School, Bristol
17. Patrick Henry High School, Glade Spring (Washington County)
27. Abingdon High School, Abingdon

John S. Battle High School in Bristol also ranked in the Top 100 nationally.

The only comparable clusters of Top 30 schools came from New York City and surrounding jurisdictions, a region of roughly 100 times the population.

For whatever reason, the list of Virginia schools was totally dominated by small-town and rural school districts. There was smattering of Top 100 schools from Northern Virginia and the Richmond metros. Tim Wise, who blogs regularly on the Arlington County Taxpayers Association blog, laments that no schools from Arlington made it on the list.

The extraordinary concentration of top-performing schools in the Bristol-Abingdon area creates an interesting sociological experiment. Obviously, school administrators in the area have made financial literacy a high priority, and just as obviously students have responded. Can we now expect to see increasingly responsible personal financial behavior in that part of the state? Will more young people set up bank accounts? Will they pay off their credit cards more diligently? Will they be more prudent about the accumulation of college debt? Will they set up more IRA accounts?

Excessive personal spending and a nonchalant attitude towards debt are a big part of what ails this country. I would like to know if self-destructive financial behavior stems from simple ignorance or whether it reflects deeper-rooted cultural norms. If WISE wants to document the impact of financial literacy education on the real world. Bristol, Abingdon and Washington County would be a great case study.

Share this article

ADVERTISEMENT

(comments below)

ADVERTISEMENT

(comments below)

Comments

14 responses to “The Nation’s Leading Cluster of Financial Literacy”

  1. larryg Avatar
    larryg

    who did this report?

    WISE’s Financial Literacy Certification Test.

    is this a course that the Virginia Dept of Education has determined to be a legitimate course that can be taken for credit for graduation?

    I LIKE the idea of Financial Literacy just as I LIKE the idea of Engineering for Kids but both of these should not be in competition for core academic learning.

    Engineering for Kids – is outside of public school. It’s up to parents to enroll their kids and pay for it and before I’d sign up to add more courses to the public school curriculum – I need to know where the resources are going to come from and whether they will be competing for other resources especially core academic courses.

    Is this something the State would include for SOLs?

    who determines which schools participate and on what basis ?

    there are lots of questions here and I think I smell a rat.

    there are no shortage of folks who think different things should be taught in public schools but the sad reality is – we’re not even getting core academics done right – yet -even as others would add more stuff .. I’m not opposed to it existing as an option thing outside of schools but I’m opposed to it competing against core academics and supplanting money or other resources that are reduced to core academics.

    we suck at core academics. it ought to be our number one priority. It’s the number one reason why we rank 25th in the world and it’s the number one reason why even our college-bound kids are often not ready for college-level courses other than the most basic courses.

    Financial Literacy is important I agree.. as is STEM-type education but neither of them are worth a toot if a kid is illiterate in english and math.

  2. John Harvie Avatar
    John Harvie

    First of all I was mystified in not finding any listings (I hope not missed) east of Williamsburg. Second, I see nothing at variance with the objective of fostering financial literacy by introducing concepts into such courses as English composition, algebra, and pre-calculus. One of the issues we often overlook when we rail against straw men vis-a-vis the schools is that many parents don’t or can’t ground their children in things like economics/financial literacy. My parents didn’t and “T J” (Richmond) years ago didn’t either. My Econ 101 course at W&M was a real eye opener.

    1. James A. Bacon Avatar
      James A. Bacon

      I think a school in Newport News made the Top 100. Otherwise, your point is well taken.

      Virginia parents don’t like to talk about either sex or money at home. I guess that’s why kids have to learn those subjects in school!

      1. larryg Avatar
        larryg

        I’m not opposed to teaching financial literacy..but I question this particular variant because information about it is lacking. It appears to be one organizations approach and not one that has been vetted by a larger, more general body.

        what also bothers me here is the lack of information about how schools participate and why apparently not all schools are participating and why I cannot find this course listed on the DOE site or many school sites.. so what is going on?

        but I also am opposed to even “Good” ideas – even ideas like “Engineering for kids” if they compete for core academic resources – in schools where there already is a significant deficit in that area.

        Engineering for KIds – is apart from the schools. It’s for kids who are accomplished in the core academics and it does not compete against school resources.

        we have way too many “good ideas” that are being forced on the schools and there is not enough teachers and not enough time in the day to do them all – especially for the kids that are still struggling with core academics – and who will grow up to become entitlement burdens if we do not succeed with more of them.

        I would support financial literacy as an elective in high school as long as it’s been vetted to insure it’s not one groups subjective idea and instead is based on standard industry themes and it is traded for something else and does not require more resources .

      2. larryg Avatar
        larryg

        oh there is plenty talk of sex at school.. doncha know!

        but there is a problem with financial literacy if it goes beyond the basics.

        I have never known a bigger bunch of brawlers that economists.

        the different “schools of thought” are like religions.

        but yes.. GOD KNOWS how many college-bound kids AND their parents need to learn about student loans and the consequences.

        I still don’t get that part. I worked. I always thought you were supposed to work your way through school – that you’d not want to burden your parents and so you were supposed to be poor and work for peanuts, etc.

        Financial Literacy? How about we talk about most every kid that goes to a college like UVA and pays out the wazoo for it when there are alternatives for 1/5 the cost?

        I’d actually say when it comes to financial literacy – that it’s not the disadvantaged kids that need it – at least beyond simple stuff like balancing the check book or buying a car.. but instead – it’s the college-bound kids (AND their parents) that seem to need that education.

        and seeing how those kids generally have their core academic Ps &Qs in order – sure.. do it…

        but you gotta wonder – if Mom and Dad are doing a good job of teaching their kids how to read and do math – and do good on core academics – what in the DOO DA are they doing with things like college loans?

        it’s like they’ve taken stupid pills…

  3. larryg Avatar
    larryg

    more info:

    from the Va DOE site:

    ” Virginia Schools Receive Top Marks for Financial Literacy
    Virginia is one of seven states to receive an A in a national study of state efforts to produce financially literate high school graduates. The National Report Card on State Efforts to Improve Financial Literacy in High Schools, produced by Champlain College’s Center for Financial Literacy, relies on data from all 50 states as well as published reports on state initiatives and reviews of state legislation.”

    and here is that study:

    http://goo.gl/6PudXi

    I think if you read the study – it will clear up some things.. but it does appear that Virginia does try to vett the financial literacy courses.

    this is what I wanted to see in regard to this particular approach

    and in fairness:

    ” 8. Are there any assessments available to measure the success of students in the concepts of personal finance?

    There are several assessment tools currently available to measure the success of students in the concepts of personal finance. One of those is the W!SE Personal Finance Certification test. Another opportunity for assessment and competition is the Governor’s Challenge in Economics and Personal Finance. As other valuable assessments become available, that information will be disseminated through various program area listservs and information will be placed on the Economics and Personal Finance website.

    so the Va DOE is familiar with and supportive of WISE –

    so I stand corrected..

  4. timwise Avatar
    timwise

    Larry G asks, “is this a course that the Virginia Dept of Education has determined to be a legitimate course that can be taken for credit for graduation?”

    Well, yes, it is. If you go to the Virginia Department of Education’s website, you’ll learn there is a rather vigorously designed SOL for Economics and Personal Finance.

    Tim Wise

    1. larryg Avatar
      larryg

      yes. thanks. I had already done that. If you look up-thread you’ll see what I found. It appears that WISE is more of a voluntary assessment than a state-mandated curriculum and there are other assessments available also including ones that are used in all 50 states – for instance –
      CHAMPLAIN COLLEGE The Center for Financial Literacy
      National Report Card that ranks Virginia highly :

      narrative: ” Virginia, Utah, Tennessee and Missouri are the only states earning an A that require a one semester standalone course in personal finance as a graduation requirement”

      Virginia – Grade A
      • Requires high school students take at
      least a one semester course devoted to
      personal finance. (Source: Jump$tart
      Survey)
      • Includes personal finance topics in the
      state’s K-12 instructional guidelines,
      requires local school districts to
      implement these standards and
      requires financial literacy instruction
      as a high school graduation
      requirement. (Source: CEE Survey)
      • Virginia requires all public colleges
      and universities in the state to make
      available financial literacy training
      for undergraduate students

      what I LIKE about the Champlain survey is the explanation of what Virginia does accompanied by footnoting and referencing of their statements.

      which the lack of is what bothered me about WISE.. I actually went to the WISE website but despite some navigating and searching – was unable to pick up the info that I immediately found in the Champlain Survey.

      Still not clear to me if schools actually test the required SOL (like they do for core academics) or if they are required to use some kind of approved assessment – or what.

      there are still questions:

      “Now comes a survey of the 100 best high schools in the country for teaching personal finance, as determined by Working In Support of Education (WISE). It turns out that 29 Virginia high schools rank in the top 100 nationally. (Hat tip: Tim Wise.)”

      this implies that only the top 100 best schools were surveyed – which begs the question – how would you know unless you surveyed all of them and these were the top 100 – which then leads to more curiosity about how many schools in Va participate and why out of 50 states, 1/3 of the top 100 come not from across Va but just parts of it.

      “School systems from all around Virginia are represented on the list. What really stands out, however, is an extraordinary cluster of schools in the Bristol-Abingdon area of Southwest Virginia. These schools ranked among the very best in the entire country. (The school ranking does not make it clear what criteria were used, but I surmise it was student scores on WISE’s Financial Literacy Certification Test.)”

      my bottom line – the survey and the Website do not make quite a few things – clear. Unlike the Champlain report – as Jim says … what is the criteria for the ranking then my questions. How many schools in Va participate and do you have the scores for all the schools in Va that participate?

  5. larryg Avatar
    larryg

    Here’s the kind of info (supplied by the Champlain folks that helped me understand what they did and if that kind of thing exists for WISE.. would likewise answer some questions:

    • The “CEE Survey”: 2011 Survey of
    the States released by The Council for
    Economic Education; see:
    http://www.councilforeconed.org/wp/
    wp-content/uploads/2011/11/2011-
    Survey-of-the-States.pdf

    Did WISE use the same survey or a different one?

    • The “Jump$tart Survey”: The
    Jump$tart Coalition for Personal
    Financial Literacy’s State Financial
    Education Requirements; see:
    http://www.jumpstart.org/statefinancial-
    education-requirements.html
    and http://www.jumpstart.org/statefinancial-
    education-requirementslisting.
    html

    How does WISE fit into the above groups and activities?

  6. billsblots Avatar
    billsblots

    “Excessive … spending and a nonchalant attitude towards debt are a big part of what ails this country. I would like to know if self-destructive financial behavior stems from simple ignorance or whether it reflects deeper-rooted cultural norms.”

    They learn from the national government. There is no such thing as no, nor linking spending with income.

  7. billsblots Avatar
    billsblots

    “but you gotta wonder – if Mom and Dad are doing a good job of teaching their kids how to read and do math”

    larry it’s difficult for parents to keep credibility with their kids when NEA-driven teachers won’t mark “2+2=5” wrong. The child is “exploring”, explained my life-long teacher sister. How is this 6-year old exploring? He just didn’t spend the time to learn. This is just a sorry excuse by the “professional educators” for not enforcing the learning standards that we had decades ago in our one-room school house in rural Michigan where we had open flash card competition for arithmetic, even state capitals. This included most anyone from 1st to 4th grade. Teachers can’t do this (competitions) now because the education administrators have declared that it would be humiliating to those who get knocked out early and would forever damage them. It’s much easier to just let anything go and explain it away that it is in fact beneficial to the child to let him get it wrong.

    I wonder if the Japanese and Chinese school systems run from teaching standards as easily as the NEA does?

    1. larryg Avatar
      larryg

      billbotts – you need to visit a school during the SOL testing where you will find out that for sure if you put 5 – it WILL be marked wrong!

      Are you familiar with the SOLs in Va.

      We have a significant number of parents running around saying that the SOLs are “high stakes testing” and harmful to kids. At the other end of the spectrum, we have folks with your views.

      Europe and Japan tests and testing – and teaching put Va and the SOLs to shame.

      what we used to do – is no longer good enough.

      Our test scores have not really changed that much over the last few decades can show you data on request). what’s happened is that the world has changed and jobs require a lot more core academic knowledge now.

      We think the slower kids are holder the better-performing kids back
      but:

      1. – the higher performing kids also don’t do well in comparisons with their OECD counterparts.

      2. – Every disadvantaged child that grows up with a minimal education will become an entitlement burden to your kids when they grow up.

      3. – we have to take a wider view of this issue than our own kids interests.

      4. – I’m all for competition for the public schools – as long as the competition has to accept the same demographic and has to meet the same core academic standards verified through testing.

      5. unfortunately – we are STILL .. leaving children behind – because the best, most capable teachers get assigned to the easiest kids to teach and the hardest kids to teach get assigned to the new recruits.

      the enemy is not public schools or unions or administrators – it’s us.

  8. DJRippert Avatar
    DJRippert

    “Tim Wise, who blogs regularly on the Arlington County Taxpayers Association blog, laments that no schools from Arlington made it on the list.”

    That’s because the tests given to the students are culturally biased against federal government workers and their offspring. The children of the vast army of federal employees living in Arlington hear a constant conversation around the dinner table at night:

    Mother: Why can’t we buy another car?
    Father: Because the rotten Republicans want to cut the federal budget.
    Mother: Can we go out to Capital Grille on Saturday?
    Father: No. The rotten Republicans won’t raise taxes.

    Since the children never see “Rotten Republicans” as one of the answers on the multiple choice tests they are flummoxed as to what to answer in response to all questions about the cause of personal economic hardship.

    1. larryg Avatar
      larryg

      re:

      ” Mother: Why can’t Johnny go to UVA”?
      Father: Because the rotten Republicans won’t force UVA to reduce prices
      Mother: Well, can we get one of those student loans anyhow?
      Father: No Problem.. Congress – both Dem and GOP want to make
      sure College is affordable so they subsidize loans..

Leave a Reply

Read More