CEE’s Annual Financial and Economic Literacy Conference kicks off in Dallas this Wednesday, and the media is already starting to buzz about our exciting speakers and sessions. The Dallas Morning News spoke with our CEO and President Nan J. Morrison and Laura Ewing, chief executive of the Texas Council on Economic Education, about the importance of teacher training to improving students’ financial literacy, and what we are doing to move the needle. Click here for the full article.
- Iowa Gov. Terry Branstad is considering recommendations made by a team reviewing the state’s current financial literacy courses.
- One suggestion was updating the state’s current standards so that the financial literacy benchmarks would be clearer and more appropriate for measuring mastery. Until these revisions are made, educators will continue having flexibility in how financial literacy is taught.
- Iowa is one of only a handful of states that require financial literacy courses.
According to the Council for Economic Education, while all 50 states and the District of Columbia include economics in their K–12 standards, less than half make economics a required course for graduation. More specifically, only 17 require students to take personal finance courses. While educators spend a lot of energy on STEM courses and other technologies of the future, it would seem equally important to discuss money with students. Not only is money management a necessary adult skill, but poverty can contribute greatly to achievement levels. Schools have an opportunity to teach skills that students may not be receiving at home, but could make a massive difference in curbing generational monetary mismanagement.
As Branstad explained, “Financial skills are essential. Which is why they are included in Iowa’s academic standards. We know our children need to be financially literate in order to have a bright and successful future.”
This summer, the OECD released the results of the Program for International Student Assessment (PISA) exam in financial literacy, administered to 15-year-olds in 18 countries including the US. As we previously reported in CEE In The News: US Teens Fall Behind in International Financial Literacy Exam, the results were somewhat underwhelming, with American students placing in the middle of the pack. But encouragingly, the data has sparked an ongoing dialogue in the media, and continues to promote a national conversation.
Many of these articles have cited the Council for Economic Education’s Survey of the States in support of financial literacy; here are a few of the highlights:
Last month, the OECD Programme for International Student Assessment (PISA) presented the highly anticipated results of a worldwide study on financial literacy education, thanks in large part to the efforts of CEE Board Member Annamaria Lusardi. PISA tested 15-year-old students from 18 countries, comparing financial literacy performance on a global scale to help identify effective national strategies and best practices. Click here to see presentation and discussion of its key findings.
Despite modest progress in implementing financial education over the past few years, American students performed squarely in the middle of the pack, far behind nations like China and and Belgium. But on the bright side, these results have helped shine a spotlight on the need for improvement: Associated Press and others have cited data from the Survey of the States as an important indicator and benchmark for progress. Click here to view some of the highlights.
Last week, CEE Vice President of Programs Christopher Caltabiano spoke with WFSU about Florida’s new state standards for personal finance education, based on CEE’s own National Standards for Financial Literacy. He discusses the development of the standards, highlighting their emphasis on making “wise decisions, in particular, what areas of personal finance you may need to be making these decisions in.” Click here to read the article in full.