Comment Letter to Virginia Board of Education Regarding Virginia Financial Literacy Graduation RequirementsOctober 27, 2008 Virginia Board of Education RE: Virginia’s Board of Education’s public comment on “Regulations Establishing Standards for Accrediting Public Schools in Virginia – 2009 8 VAC 20-131-50 – Requirements for Graduation” Dear Virginia Board of Education: The Virginia Society of Certified Public Accountants (VSCPA) would like to thank the Virginia Board of Education and the Virginia Department of Education for the opportunity to provide comment on the proposed revisions to the “Requirements for Graduation” (section 8 VAC 20-131-50) under the Virginia Standards of Accreditation. On behalf of its 8,400 CPA members, the VSCPA urges the Board of Education to adopt new “Requirements for Graduation” (section 8 VAC 20-131-50) to include, at a minimum, one unit of credit in economics and personal finance as a requirement for graduation for all Virginia high school students. This new requirement can be accomplished by reducing the number of required electives proposed for students by one unit of credit under the proposed diploma requirements. In light of today’s financial crisis and state of the U.S. economy, financial literacy and wise money management are more critical than ever for our youth. The VSCPA urges you, Virginia’s leaders in education, to be on the cutting edge by advocating for educational requirements that increase economic and financial literacy of all Virginia students. The VSCPA commends the Virginia Board of Education’s proposal to include economics and personal finance as elective requirements for various diplomas — a step in the right direction — but we implore you to consider mandating this requirement so that all students will benefit from financial literacy education. As you know, a movement to include an economics and personal finance graduation requirement has surfaced on the local level. The VSCPA applauds the Board’s decision to allow Salem City Schools, Waynesboro City Schools, Westmoreland County Schools, Roanoke County Schools and Halifax County Schools to implement a personal finance course for graduation. The VSCPA strongly encourages the Board to expand this initiative and establish the requirement for all Virginia high schools. If a statewide graduation requirement in economics and personal finance is not feasible, the VSCPA asks the Board to consider the following changes to the electives in the current proposal for “Requirements for Graduation” (section 8 VAC 20-131-50):
During the 2005 General Assembly session, the VSCPA lent its support to SB 950, mandating economic education and financial literacy objectives for Virginia’s middle and high schools, and we are a long-standing advocate of educational initiatives that increase the financial knowledge and fiscal responsibility of Virginia’s youth. Governor Tim Kaine has applauded the VSCPA Financial Fitness program — designed to improve the fiscal health of young adults and all Virginians. In 2007 and 2008, Governor Kaine proclaimed the month of April as Financial Literacy Month in Virginia at the VSCPA’s request. In his proclamation, Governor Kaine states, “It is incumbent the Commonwealth support initiatives which promote and advance financial literacy.” The proclamation also notes that national statistics show the United States is suffering from a decline in the level of financial literacy among its citizens, and in fact, the average American family spends $1.22 for every $1 earned. Other studies show children’s spending has roughly doubled every 10 years for the past three decades and tripled in the 1990s. And Virginia results from Jump$tart Coalition’s 2008 National Financial Literacy Survey Among High School Students show our high school seniors know little about savings, debt, credit cards, retirement and other personal finance basics. Virginia seniors answered 48 percent of the questions correctly — a failing grade based upon a typical grading scale (90–100%=A, 80–89%=B, etc.) Only 2 percent of Virginia seniors scored a C or better (75+) on the survey and only 21 percent scored at least a 60+. The VSCPA is happy to serve as a resource to the Virginia Board of Education and Virginia Department of Education in implementing an economics and personal finance graduation requirement for all Virginia high schools. Together we can make a sound financial future for Virginia’s youth — ensuring our students leave high school with the tools to manage money responsibly and become financially independent contributors to society. If you have any questions, please don’t hesitate to contact VSCPA Vice President of Member & Public Relations Tina Lambert, CAE, at tlambert@vscpa.comor (804) 612-9416, if we can be of assistance. Again, the VSCPA sincerely appreciates the opportunity to participate in the public comment process for Virginia Standards of Accreditation. Thank you for your time and consideration. Sincerely, Gregory M. Lawson, CPA/ABV Stephanie R. Peters, CAE CC: Ralph L. "Bill" Axselle Jr. LAST UPDATED 10/27/2008
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