Research

FINRA Releases 2012 National Financial Capability Study

Overwhelming Majority of Americans Believe Financial Literacy Should be Taught in Schools

The FINRA Investor Education Foundation (FINRA Foundation) released the results of America’s State-by-State Financial Capability Survey. The survey findings are available at www.usfinancialcapability.org, which features an interactive map of the United States, and allows the public, policymakers and researchers to delve into and compare the financial capabilities of Americans across all 50 states and the nation as a whole.

The 2012 Survey asked respondents whether they thought financial education should be taught in schools. An overwhelming majority (89%) of respondents said yes, indicating strong support for increased school based financial education.  As of June 2013, only 16 states require that some sort of personal finance education be offered in high schools and only 15 states require that course for graduation. The Council for Economic Education is working with state affiliates to increase these numbers so that more students have exposure to this important topic as part of the required curriculum. Read more…

POSTED: June 17, 2013 | BY: admin | TAGS: , , , , , , ,

Are Today’s Teens at Risk of Becoming Tomorrow’s “Basement Generation?”

Jack Kosakowski 200x300 Are Today’s Teens at Risk of Becoming Tomorrow’s “Basement Generation?”By Jack E. Kosakowski, President and Chief Executive Officer of Junior Achievement USA.

In the next couple of months, millions of American teens will be graduating from high school. There was a time when this meant many kids would go off to college, get a degree and start a career. But in recent years, for a variety of reasons, including a sluggish economy and the growing skills gap in the American workforce, many kids are heading back home to live in mom and dad’s basement after receiving that college degree. A reality reinforced by recent assessments of Census data by Pew Research Center showing that more than one-in-four adults between the ages of 25 and 34 had moved back with their parents at one time or another during the “Great Recession.” Read more…

POSTED: April 26, 2013 | BY: admin | TAGS: , , , , , , , ,

The Nation’s Report Card: Economics 2012, Grade 12

Live Webinar: The Nation’s Report Card: Economics 2012, Grade 12
April 24, 2013, at 11 am EDT

Register here (we encourage you to submit a question in advance through the registration page). Join the conversation on Twitter by using #NAEPtalk during the webinar.

Nan J. Morrison, President and CEO of CEE, was an adviser on the project, and she will take part in the webinar.

Are American students equipped to negotiate economic realities?

With constant changes in the housing, job, and stock markets, not to mention international trade, American students more than ever need to know how our economy connects with the world around us. As tomorrow’s consumers, investors, and voters, are students equipped to interpret financial news, make decisions about negotiating a college loan, and understand how economic policies affect their wallets?

The Nation’s Report Card: Economics 2012, Grade 12 reveals how well 12th-grade students know and apply the concepts of microeconomics, macroeconomics, and international trade in real-world contexts, as measured by the National Assessment of Educational Progress (NAEP).

Join the National Assessment Governing Board for a webinar exploring the results of this timely report. Webinar panelists include Nan J. Morrison, CEE’s President and CEO; and Edward Alvarez, Assistant Principal, Thomas A. Edison Career & Technical Education High School, who was honored at the 2012 Visionary Awards as one of CEE’s Teacher Champions.

 nationsreportcard webinarheader 300x113 The Nation’s Report Card: Economics 2012, Grade 12

 

POSTED: April 22, 2013 | BY: admin | TAGS: , , , , , , ,

Do the Math

William Coffin, Chairman of the California Council on Economic Education, in the Los Angeles Business Journal, says schools must rewrite curriculum to include financial literacy to provide students with crucial skills.

Financial literacy is a critical life skill. Ask any one of the tens of millions of Angelenos impacted by the $7 trillion decline in the value of household wealth starting in 2008, which was at least in part caused and sustained by basic misunderstandings of personal finance and a lack of economic thinking, and the answer is a resounding, “Yes, financial literacy is important.”

Read the full story here.

POSTED: April 15, 2013 | BY: admin | TAGS: , , , , , , ,

Develop Good Financial Habits

David Lillard photo 239x300 Develop Good Financial HabitsBy Tennessee State Treasurer David H. Lillard, Jr.

Everyone understands how important education is in our society today. In order to compete for jobs in a global economy, our young people must be well versed in communication, math and science skills.

But even that won’t be enough.

To be successful in their professional and personal lives, people need to be financially literate as well. Sadly, they very often aren’t.

Consider these statistics:

  • According to a survey by the Employee Benefit Research Institute and Mathew Greenwald and Associates, two-thirds of American workers have saved less than $50,000 toward their retirement – and more than a quarter of them have saved less than $1,000.
  • Another survey by Sallie Mae and Gallup indicated that 4-in-10 parents with children younger than 18 haven’t set aside money for college expenses.
  • And according to a report by Moebs $ervices Inc., 87 percent of Americans don’t even balance their checkbooks. Read more…

POSTED: April 15, 2013 | BY: admin | TAGS: , , , , , , ,

The Cost of Financial Illiteracy

Barbara ONeill 300x225 The Cost of Financial IlliteracyBy Barbara O’Neill, Extension Specialist in Financial Resource Management, Rutgers Cooperative Extension.

The phrase “financial illiteracy” describes the widespread inability of many Americans to understand key financial concepts and manage their personal finances wisely. It is costly to both individuals and society. The total price tag can be tallied in many ways: Forgone savings and investment opportunities, lives shattered by financial loss or bankruptcy, higher prices than necessary paid for goods and services, dreams and aspirations that go unfulfilled, and marital discord about money. The collective loss in dollars resulting from common financial errors just has to be tremendous. Read more…

POSTED: April 12, 2013 | BY: admin | TAGS: , , , , ,

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