Maryland
8th Grade
State Standards
Maryland Personal Financial Literacy Standards
Make Informed, Financially Responsible Decisions
1.AA. Analyze the financial choices that people make based on available resources, needs, and wants for goods and services.
1.A.1Predict the consequences of making financial decisions.
1.A.2Describe opportunity cost of financial decisions made by individuals.
1.A.3Predict the financial outcomes in an applied decision-making process.
1.A.4Compare factors that affect personal financial decisions and actions.
1.BB. Integrate and apply financial knowledge, attitudes, and skills to a given scenario.
1.B.1Develop and apply financial literacy vocabulary.
1.B.2Describe methods to achieve personal financial goals.
1.B.3Differentiate between responsible and irresponsible financial decisions.
Relate Careers, Education, and Income
2.AA. Acquire and apply self-knowledge in order to develop personal, learning and career goals.
2.A.1Demonstrate behavior and decisions that reflect one's interests, likes and dislikes.
2.A.2Identify one's abilities, strengths, skills and talents as seen by self and others and explain the significance to one's education and career plans.
2.BB. Identify career goals and map the educational paths needed to achieve them.
2.B.1Compare a variety of jobs within a career field.
2.B.2Describe the benefits and trade-offs of a variety of careers including personal satisfaction.
2.B.3Describe different sources of income.
2.CC. Compare the costs (time, money, and effort) in pursuing a variety of identified career goals.
Plan and Manage Money
3.AA. Use money-management skills and strategies to set a financial goal.
3.A.1Determine the circumstances for using a spending plan.
3.A.2Formulate and compare money-management choices that enable individuals to progress toward stated financial goals.
3.A.3Prepare a spending plan based on personal values and goals.
3.BB. Describe the services of financial institutions.
3.B.1Describe the various financial products and services provided by financial institutions and determine which product best aligns to achieving a personal financial goal.
3.CC. Explain the purposes and responsibilities related to taxation.
3.C.1Discuss the services that are provided through tax dollars.
3.C.2List the consequences of not complying with personal tax obligations.
3.DD. Explain that contracts are binding agreements.
3.D.1Explain why contracts are used.
3.D.2Identify factors to consider when entering into a contract, such as interest rates, credit score, reputation, and/or references of involved parties.
Manage Credit and Debt
4.AA. Explain the importance of managing debt.
4.A.1Provide examples of good and bad debt.
4.A.2Discuss how debt can be used to establish credit.
4.A.3Describe the consequences of having too much debt and not meeting credit obligations, such as late fees, loan acquisition, paying higher interest rates, and bankruptcy.
4.A.4Explain strategies used to manage credit and debt.
4.BB. Compare credit products and services, and use numeracy skills to calculate the cost of borrowing.
4.B.1Explain credit terminology.
4.B.2List sources of consumer credit.
4.B.3Explain the difference between short- and long-term loans.
4.B.4Compare and compute application of interest and compound interest.
4.B.5Compute the amount of interest paid over time when using credit.
4.CC. Compare credit scores and reports.
4.C.1Describe a credit report; explain what a credit score is and the factors affecting a credit score.
4.C.2Identify ways to prevent credit problems.
Create and Build Wealth
5.AA. Develop a savings plan.
5.A.1Determine short-term savings goals.
5.A.2List strategies to achieve goals.
5.A.3Create a spending plan that includes strategies to accomplish savings goals.
5.BB. Apply strategies for creating wealth and building assets.
5.B.1Distinguish between financial practices of the banked and unbanked.
5.B.2Explain how financial institutions protect consumers' money.
5.B.3Apply the 'Rule of 72' to a financial decision.
5.B.4Apply the principle of 'Pay Yourself First' to realistic scenarios.
5.CC. Align appropriate financial services and products to specified goals.
5.C.1Distinguish between saving and investing.
5.C.2Differentiate between income and investment growth.
5.C.3Identify sources of investment products, such as banks, investment companies, and financial planners.
5.C.4Determine an investment strategy's time horizon based on a specified goal.
5.C.5Calculate returns on investments as it relates to time horizons.
Manage Risks and Preserve Wealth
6.AA. Evaluate the strategies that protect income and wealth.
6.A.1Explain circumstances that impact income and wealth.
6.A.2Strategize methods to minimize financial loss.
6.A.3Explain how legal documents protect individuals' personal assets, such as wills and trusts.
6.BB. Differentiate sources of consumer protection and assistance, including public institutions and private organizations (professionals, publications, and internet).
6.B.1Examine consumer fraud and methods for protection against fraudulent activities.
6.B.2Identify situations that put consumers in financial risk, such as sharing account information, identity theft, and co-signing on loans.
6.B.3Distinguish between the rights and responsibilities of buyers and sellers under consumer-protection laws.
6.B.4List actions to take to dispute a claim.
6.CC. Examine the need for and value of various types of insurance (such as health, property, life, disability, and liability) within the life cycle.
6.C.1Describe the need for and value of different types of insurance.
6.C.2Identify factors to consider when determining the amount of protection needed.
6.C.3Identify strategies to lower insurance costs.