Maryland
5th Grade
State Standards
Maryland Personal Financial Literacy Standards
Make Informed, Financially Responsible Decisions
1.1Explain that people make financial choices based on available resources, needs, and wants.
1.1.1Explain the consequences of making financial decisions.
1.1.2Identify opportunity cost of financial decisions made by individuals.
1.1.3Apply the steps in the decision-making process to a financial situation.
1.1.4Describe the concept of financial obligations, such as borrowing and 'IOUs'.
1.2Apply financial knowledge, attitudes, and skills to a given scenario.
1.2.1Develop and apply financial literacy vocabulary.
1.2.2Identify personal financial goals.
Relate Careers, Education, and Income
2.AA. Acquire self-knowledge in order to develop personal, learning and career goals.
2.A.1Identify one's positive personal characteristics (e.g. honesty, dependability, responsibility, integrity, and loyalty).
2.A.2Describe how personal characteristics and interests affect career decisions.
2.A.3Explain the relationship between being a good student and being a good employee.
2.BB. Discuss how different careers require different levels of education.
2.B.1Differentiate between a job and career.
2.B.2Describe the benefits and trade-offs of a variety of careers including personal satisfaction.
2.B.3Identify potential sources of income.
Plan and Manage Money
3.AA. Use money-management skills and strategies to set a financial goal.
3.A.1Define and list the components of a spending plan.
3.A.2Identify circumstances for when a spending plan would be appropriate.
3.A.3Identify an age-appropriate financial goal and develop a spending plan indicating income and expenses.
3.BB. Identify products used at financial institutions.
3.B.1Describe the services financial institutions provide, such as savings, checking, and money-market accounts.
3.CC. Understand the purposes and responsibilities related to taxation.
3.C.1Explain the meaning and purposes of taxes.
3.DD. Understand the similarities among a promise, a promissory note, and a contract.
Manage Credit and Debt
4.AA. Identify why people enter into debt.
4.A.1List reasons why people borrow.
4.A.2Describe the concept of a loan.
4.A.3Explain the importance of paying back borrowed money.
4.BB. Describe the different types of payment methods, such as bartering, cash, check, credit card, and debit card.
4.B.1Recognize that using checks, credit cards and debit cards is making a promise to pay at a later time.
Create and Build Wealth
5.AA. Develop a savings plan.
5.A.1Describe situations in which saving is necessary.
5.A.2Determine a savings goal.
5.A.3Cite examples of ways to achieve the savings goal.
5.BB. Explain strategies for achieving financial goals.
5.B.1Describe the concept of 'time value' of money.
5.B.2Differentiate between 'working for money' versus 'money working for you'.
Manage Risks and Preserve Wealth
6.BB. Explain sources of consumer protection and assistance, including public institutions and private organizations (professionals, publications, and internet).
6.B.1Describe and identify types of fraud.
6.B.2Describe identity theft and how it occurs.
6.B.3Describe reasons to keep certain types of information secure and private.
6.CC. Explain the need for and value of various types of insurance within the life cycle.
6.C.1Explain reasons for insurance.