PilotOnlinecom CITIES | OPINGON BUSINESS | MILITARY Virginia high school students required to learn about managing money 1 OF 3 PHOTOS: Avia! Ilana taes pain tne fersonal rane class at Process Anna High ‘Shon on Wacnsaday, June 1, 2016 n Vagina Beach (Steve Earey |The Vignian et), View al 3 phos | Buy Plt petes WTH THE BUSINESS TEAM ‘9 Fotow @oiobic FROMTHE BIZ BUZZ BLOS Nero Stet students win hae than wth Rome’ app 7252015 + Economic Indicators: Charting th Neath othe local economy + Noce oes business news |Loea stocks Get be week sine bef ema ESSENTIAL LIFE SKILLS Dan! Martneen, executive director ofthe Viiia ion Economie Eduetion = nero group tocedn Rlclrand aid th clas proves ‘Mosora wh sent fe sil thy il Banat ‘em ragerese of har ure vocaten anc re pets lve th plying al Mortenson cited states tha show that no st ‘Vege could tenet fam such 3 ous or Ararians fl fo barkrpty than used Yom eallage in 2010 seny-ve percent of elagestcets th creat cars sadn 2014 survey thal hey htt own abou lt paymet charges. Fity-2% percent of ails do nt tave a housald Iexget and 22 pce sak thy dont havea goad fake on how mach thoy spend on Posing. food and fetedarmecaccerng toa 2012 sy In 20%) suvay, 65 pervent of Amarcans coun? rae ie nat, Wat ype of cenoric CLASSIFIEDS JOBS AUTOS. HOMES RENTALS MARKETPLACE DEALS SEARCH LOCAL SHOPPING R opis HAMPTONROADS.COM es orc SPORTS | UFE | WEATHER TRAFFIC Ba By Php Walzer ‘The virgnian-Plet Eve 14,2015 interview 757-236-7304 This month’s high school graduates in Virginia are the fest wive had to pass a class in economies and personal nance to get their diplomas, The slate launched the course inthe 2011-12 school year The graduation requirement kicks in wih the Class of 2015, The class blends the theoretical wth the practical Topies include the characterstiss of a market economy” and “the elastcty of supply and demand.” as well as “reconciing bank statements" the pros and cons of purchasing versus leasing a vehicle" and completing a W4 tax tom Be NOTHENGS AS AMAZING ISON LUI (GF. NE} Vigina is among @ minority of states with such a requirement Twelve others, incling North Carolina, demand that high school students take classes in economics and personal finance, according toa study last year fem the Counel for Economie Edueaton, Teachers predict thatthe course, with its weath of practical materia, wil yielt dally benefits for students ‘The numbers are hanging around in the background of heir ie,” said Jason Barefoot, who teaches the course at Princess Anne Hiah School in Viginia Beach. ‘Butnow the ight comes on, They see what their parents are dealing with ‘Some students say its already changed their financial behavior Amaya Howell, a sophomore at Princess Anne, said she's less likely to use her debit card for expensive purchases. Tommy Sugg, a senor, Sai helped focus his search for college aid on Scholarships and interest-free loans, At Granby High in Norfolk, senior Jule Manning has started Saving money, folowing her teachers “pay yourself fist advice Economics and business professors worry thatthe‘! class ples on (09 much and thal some topies might be eovered supericialy think there's too many of them by fa," said Peter ‘Metienry, an assistant professor of economics at the Colege of Wiliam & Mary, ‘and Icantimagine getting students to meet these standards ina ene: year course" John Murphy, a financial adviser wih Edward ‘Jones in Chesapeake, compared the eumculum to Popular Searches‘a frehose" and questoned the value of such enties as 18th century economist Adam Smith Buthe reacted enthuslastcaly to several afers, including te ink between skis and income potential, the consequences of conspicuous Fonsumption’ and ie mpactot compounding imerest. 6 Meet your new WebEx. = a ‘The course has stong backing inthe business command, hich bed forte requrement and helped craft the curscukim and pay fr teacher traning “The more fnancialyferate young people ae. the betterbank customers they vil become. said Bruce Whitehurst, president and CEO ofthe Veginia Bankers Association. ‘They wil be ower ‘edi isks, they wilhave higher savings-account balances, and petnaps ey wilbe a ttle more WebEx walling te go into entrepreneutil actives. ‘This past fll, 7,200 students in Vegnia took economies and personal fnance, according to state records, The class is needed for graduation, but Veginia dacsa'thave a Sandards ofLeamming test in the subject Several iake a test fered by Working in Suppor of Education 2 fnancial-feracy croup in New York Based on the results, the organization lts Fs 100 best sehaok for personal trance msructon This year, 28 were in Vigna, ncliding to in South Hampton Roads - Cox athe Beach and Grassi in Chesapeake, Barefocts inthe business education department at Prncess Anne. The course also may be taught by teachers in depariments such as math, story and marketing, said Judth Sams, program speciatst for business and information technology wit the state Deparment of Educaton “The uate goal" she sai, ‘isto change the behavir of hese students so we dont have to go through the last 10 years of he economy again ‘A sul released in January offered promising evidence’ Georgia, laho and Texas — thee ofthe 1 other states wih personal nance and economies requirements ~ registered “aolable mproverents” inthe ered scores of young adults, according to te Finance industy Regulatory Author’ Investor Education Foundaton In Virgina, they leam early on the importance of establishing a budget and saving money.” said ‘Michael Grespo, who teaches the class at Granby High in Norfolk. “Wihey star now, they can be prety well offlatr on" Vigiia recommends that the class be taken by juniors or seniors. Manning said its bestin the junior year "You can really understand the concepts," and 'snotoe late to apply tps on nancing a college education That topic has been optional but wilbe mandatary staring next school year, Sams said Other topies include deciding between renting and owning a home, reviewing types of nsurance and “contrasting etrement plans” “when you get a job, you setup a 401(k)” sald Peter Nguyen, a Princess Anne senior. “Ididnteven know what that was * Nguyen wilhave to watt a few years before opening his 401k). The section on the use of credit cards wilhave more immediate applications, said David Thaw, who teaches at Grassfeld. “Students will get credit-card offers as they go offto college. They'll remember tobe carefl, to read the terms and to consider whether this © a good decision for me. Online exercises help enliven the class. Junior Achievement af Greater Hampton Roads, which promotes fancial tracy and job readiness, brings its Finance Park Vitwal game to students in Norfok and Suffok. They have fo keep to a budget “while paying forsuch expenses as housing, ansportaton and cable and facing auras tke a car accient or lness, sai! Kevin Wi, prestdent of Junior Achievement Nguyen partcipated in the HER Block Budget Challenge, asimiar anine exercise nationwide, and ‘won a $20,000 scholarship. Like some counterparts at Princess Anne, Nguyen preferred the personal fnance pat of the course to economics, which includes subjects such as trade barriers and the Federal Reserve “I don’ know how helpfuleconomics willbe,” he said, ‘Financial managementis more practicable and applicable to our ite ‘Vuginia Beach separates economics and personal fnance into different semesters to increase scheduling flexibly, spokeswoman Kathy O'Hara said. The slates goal, Sams said, fs fo erase the “never the two should meet’ mind-set about the subjects. Forinstance, students shouid know how economic forces influence ther wages, she said PARINERS headlineVA.com eee “The Viginian-Plt / plotontine.com | Hove you ever wanted to own schooner Fo $1.8milon, Sctoon=t ‘ics could be yours. For $1.8 million, the E PilotBieReporters y “wets fom a et by The Vegan Plot Pot Burners ‘Target selingphamacy clini businesses to CYS show summary ‘The latest on mal procesing in Hampton Rs amptonroadscom/2015/08/pera BBstow summary Pilot Business Vast ata warehouse aes heath vera pracy concerns biyKS9240 Schools wees fom als by The Virginian bt y blzaboth Hulots 2M Barham'shalbothe and paternal grant vere both murceeasecoding tober ther Tamptonroaécomy/2015/05/pae, shou Summany ‘went ming May 27: ampronroacs com 2015/05/90, shou Summary EDN cisbeth Hutte 1axnLynne Mallory-Winter, managing diector of Edgewater Asset Management at the Beach, offered another example. During the recent recession, “many people gotinto trouble by taking adjustable-rate mortgages,” said Winter, a board member ofthe Viginia Council on Economic Educaton, which has been a leading supporter of he class. “You need to understand what an nterestrate is and how ifs set before you decide the particulars.” Butthe accumulation of economie concepts troubles McHenry, trom W&M. Some, Ike supply and demand, ‘are very deep, imperiant das that are subile and involve a lot of graphical analysis “Tim fully supportive of a latof these things being in the high school curriculam — teaching students how to deal wth banks, how fnancial institutions work. But| think fewer topics understood ata deeper level would clear be preferable” Bruce Rubin, an associate professor of nance at Old Dominion Universiy, agreed “My perspective has been, less is more in some cases. I think tis important for students to understand the issues, but to avoid tuming the program into an encyclopedic memorization.” Thaw, the Grassfield teacher, said: “What we're really focusing cn is introducing these (economics) topics to the students and relaing them to personal fnance. Ido think we give the kids good ‘exposure to all ofthe major topics in personal fnance ‘The course, he said, is probably the one he's ‘most excited about Itdoesn't matter whether you'e a scientist, engineer or electrician. Personal fnance will ouch everyone's Ife, and it wil make a difference to these students as they get older and become adults" Philp Walzer, 757-222-2864, phifwalzer@piotonine.com Posteo: Busnes] Edveaton| Neve! 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