By Beth Kobliner, Member of the President’s Advisory Council on Financial Capability for Young Americans; Author of the New York Times bestseller Get a Financial Life.
I certainly hope I’m wrong about this one.
But when results from the first PISA international test of financial literacy are released in July, I have a sneaking suspicion that the financial know-how of young Americans will be disappointingly low when stacked up against their peers around the world. But hey: If that turns out to be true, let’s not blame a bunch of 15-year-old kids (they’re the ones who took this Program for International Student Assessment test back in 2012). No, we grown-ups should be pointing the finger right back at ourselves. The fact is we are not adequately preparing our kids for a financial literacy test—or, more importantly, for the real-life tests to come as these young adults make their way in a complex financial world. Thanks to the CEE’s annual Survey of the States, we know that while four additional states now require students to study personal finance, that makes just 17 states total.
We can do better—and we will do better. Read more…