Pennsylvania
6th-8th Grades
State Standards
Academic Standards for Personal Finance, grouped by grade band with standard sections
17.1Personal Finance Fundamentals
17.1.6-8.ACompare short-, intermediate-, and long-term financial goals.
17.1.6-8.BExplain why the opportunity cost of a decision might differ from one person or situation to another.
17.1.6-8.CAnalyze how people differ in their attitudes toward money.
17.1.6-8.DDescribe behavioral biases (E.G., MENTAL ACCOUNTING, ANCHORING, CONFIRMATION BIAS) that can affect financial decisions.
17.1.6-8.EDescribe important financial conversations people have and with whom they have them.
17.1.6-8.FIdentify personal information needed to establish a financial account.
17.1.6-8.IDescribe information people document and track for their personal finances.
17.2Income
17.2.6-8.ACompare compensation methods, including hourly wage, salary, commission, tips, and piecework.
17.2.6-8.CAnalyze connections between the amount individuals might earn in various careers and the education or training that is required.
17.2.6-8.DCompare ways people pay for education and training, including scholarships, grants, savings, military service, apprenticeships, and loans.
17.2.6-8.EExplain factors that may impact a person's future income and employment status, including changes in technology, demand for workers, and the cost of post-secondary education.
17.2.6-8.GCompare various forms of self-employment.
17.2.6-8.HInterpret a pay statement and explain the relationship between gross pay, net pay, and payroll deductions.
17.3Spending
17.3.6-8.ADemonstrate making an informed purchase decision by evaluating price, product claims, and information from a variety of sources.
17.3.6-8.BApply mathematical skills to assess the impact of various ways retailers express prices (e.g., coupons, discounts, unit price).
17.3.6-8.CCompare ways people organize and track their spending and income.
17.3.6-8.DExplain the components of a personal budget (e.g., income, expenses, planned savings) and how budgeting can help people achieve their financial goals.
17.3.6-8.GDescribe the advantages and disadvantages of using various payment methods (e.g., cash, checks, gift cards, debit cards, credit cards, mobile payments).
17.3.6-8.LCalculate the sales tax for various types of purchases.
17.3.6-8.MDescribe ways people support charitable organizations by donating money, items, and time.
17.4Saving & Investing
17.4.6-8.AExplain the change in value over time of various assets.
17.4.6-8.BDescribe the process of creating, implementing, and adapting a personal savings plan.
17.4.6-8.CUse different methods and tools to calculate the growth in savings given various scenarios (e.g., simple versus compound interest, starting age, years to save, and interest rates).
17.4.6-8.DDescribe similarities and differences between saving and investing.
17.4.6-8.EIdentify publicly traded companies, the goods and services they produce, and their current stock prices.
17.4.6-8.FIdentify factors influencing investment planning (e.g., age, income, debt, assets, goals, family size, risk tolerance).
17.4.6-8.GDescribe how people make money through investing (e.g., buying low and selling high, earning dividends, buy and hold).
17.4.6-8.JAssess the impact of values and attitudes, including tolerance for risk, on saving and investing decisions.
17.5Risk & Insurance
17.5.6-8.AProvide examples of financial risks people face (e.g., losing a job, needing to replace damaged property, paying medical expenses).
17.5.6-8.BDescribe how people manage the risk of financial loss through risk avoidance, reduction, retention, and transfer.
17.5.6-8.CCompare various types of insurance and what is typically covered by each.
17.5.6-8.DDescribe factors that impact the amount an individual can expect to pay for insurance (e.g., coverage types and amounts, age, location, driving record).
17.5.6-8.EDefend decisions to purchase or forgo insurance, extended warranties, and service contracts.
17.5.6-8.FDescribe how insurance works by pooling the premiums of many policyholders in order to pay for claims.
17.5.6-8.HDescribe strategies people can use to protect their personally identifiable information.
17.6Credit
17.6.6-8.AExplain how credit is established and tracked over time for an individual.
17.6.6-8.CDiscuss various forms of credit and their uses (e.g., credit cards, home loans, auto loans, student loans).
17.6.6-8.DSummarize the differences between credit cards and debit cards.
17.6.6-8.EAnalyze factors that influence the total cost of paying with credit, including interest rates, fees, repayment period, and source of credit.
17.6.6-8.FExplain why potential borrowers could reach different conclusions about the use of credit, including how much debt constitutes overborrowing.
17.6.6-8.GExplain why lenders must provide borrowers with certain information (e.g., interest rates, annual percentage rates, fees, terms, conditions).