Empowering Students Through Career and Financial Management Initiatives
Addressing key statistics and challenges around career choices, financial management, and student debt, this content emphasizes the importance of Career and Financial Management (CFM) initiatives in education. It highlights the need to equip students with essential skills, knowledge, and resources to make informed decisions, navigate the world of work, and achieve socio-economic success.
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The Case for Career and Financial Management (CFM) Board of Regents Meetings for Graduation Requirements
A Financial Snapshot I. New York State is 2ndhighest in the country for bankruptcies Source https://www.abi.org/newsroom/bankruptcy-statistics II. 67% continue onto college after high school leaving 33% to enter the workforce without a further opportunity for education on money management Source https://nces.ed.gov/fastfacts/display.asp?id=51 III. 30% of college graduates change their major at least once Source https://nces.ed.gov/fastfacts/display.asp?id=51 IV. Minorities are disproportionately affected by student debt 77% of black students took out a federal loan to pay for higher education compared to the 60% national average The average debt is higher for black students being $29,344 compared to the national average of $25,640. Source https://www.chamberofcommerce.org/student-loan-statistics/#how-much-student-debt-is-owed)
Source https://www.chamberofcommerce.org/student-loan-statistics/#how-much-student-debt-is-owed
Connection to Career and Financial Management ESSA Plan Culturally Responsive Sustaining Education The ability to understand social, work, and ethical norms and to recognize academic and community resources and supports. Equity Provide opportunities to learn the significance of financial literacy to self, society, and the connection of work to the achievement of personal goals and socioeconomic change. Social Emotional Learning (SEL) Assess personal interests, strengths and values and how they connect and shape decision-making which creates alternative outcomes in all areas of life.
CDOS Standards in CFM Standard 1: Career Development Students will be knowledgeable about the world of work, explore career options, and relate personal skills, aptitudes, and abilities to future career decisions. Standard 2: Integrated Learning Students will demonstrate how academic knowledge and skills are applied in the workplace and other settings. Standard 3a: Universal Foundation Skills Students will demonstrate mastery of the foundation skills and competencies essential for success in the workplace.
