Financial Education State Learning Standards. The Office of the Superintendent of Public Instruction (OSPI) is required to develop state learning standards that identify the knowledge and skills all public school students need to know and be able to do. Learning standards are based on the student learning goals of basic education, as laid out in statute. OSPI is required to periodically revise the state learning standards, as needed.
In 2009, the Legislature directed OSPI to integrate financial education skills and content knowledge into the state learning standards.
Financial Education Public-Private Partnership. In 2015, the Legislature established the Financial Education Public-Private Partnership (FEPPP). FEPPP is comprised of members of the Legislature, representatives from the private for-profit and nonprofit financial services sector, the Washington State Department of Financial Institutions, and OSPI, the State Treasurer, and teachers.
FEPPP has a variety of responsibilities, including, among others:
Financial Literacy Education Professional Development Grant Program. FEPPP must establish a grant program for integrating financial literacy education into PD for certificated staff, subject to appropriation.
For a school district to qualify for a grant, the grant proposal must provide that the grantee integrate financial literacy education into at least seven hours of its current in-person PD schedule over the course of the entire school year for which the district receives the grant. Grants must be allocated at $7.50 per enrolled student and must be made available for the 2023-24, 2024-25, and 2025-26 school years. A school district that receives a grant for one school year is prohibited from receiving a grant in subsequent grant cycles.
Additional activities permitted for the use of the grants include, but are not limited to:
Financial Education Public-Private Partnership Responsibilities and Tasks. Additional tasks are added to the statutory list of FEPPP's responsibilities subject to appropriation. FEPPP may perform additional tasks in support of financial literacy, including, but not limited to:
Goals for Expanding Financial Education Instruction. Each school district, charter school, and state-tribal compact school, by March 1, 2023, shall adopt one or more goals for expanding financial education instruction to students in their district. Examples of goals that school districts may adopt include:
FEPPP shall develop a nonexhaustive menu of model goals, by September 1, 2022, that school districts may consider when complying with this requirement. The model goals must be published on OSPI's website by September 10, 2022.
June 9, 2022