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