In light of the findings of our 2014 Survey of the States, a recent US News article offers a crash course in personal finance education. The survey revealed only 17 states in the nation require high schoolers to take a personal finance course, meaning many students graduate without basic money management skills. This article provides 6 basic personal finance concepts that all high school graduates should know.
Last week on May 21, the Council for Economic Education hosted Senator Jack Reed (RI) and Senator Mike Enzi (WY) in Washington, DC for a very exciting announcement: the official launch of the Senate Financial and Economic Literacy Caucus, a bipartisan effort to ensure that all Americans are equipped with the essential skills and education they need.
Senator Reed stressed the importance of bringing people from all sides together to address the issue of financial literacy, “a critical problem for future generations.” Financial education is a lifelong endeavor, he continued, and “has to start in elementary and secondary schools, and lead into the college arena.” The Caucus, he hopes, will be a “catalyst for positive change.”
Senator Enzi addressed the need for access to information and tools to help Americans make the right choices, like saving for retirement, buying insurance, or investing.
Following their remarks, the room turned its attention to an important and timely question: what role should the federal government play in supporting financial literacy? Read more…
CEE launches a fact-filled video resource based on its biennial Survey of the States: Economic and Personal Finance Education in Our Nation’s Schools.
Released in February, 2014’s Survey of the States documented the state of economic and personal financial education in all 50 states and the District of Columbia, showing that while progress has been made since the first survey in 1998, the trend has recently begun to slow—and in some cases even move backward. For the second time, CEE has created a digital resource from the Survey’s findings, offering useful information and access to essential teaching tools.
The digital Survey of the States takes users on a visual, interactive journey, walking them through the cost of financial illiteracy, the current state of financial and economic education, along with its benefits and the challenge of implementing it, and finally, how to take action. With links to CEE’s teacher tools like lesson plans, online games and state resources, the interactive Survey of the States does more than point out the problems: it also offers solutions.
Visit www.surveyofthestates.com to explore the interactive Survey of the States.
In a recent New York Post article, CPA John Vento says “the problem of financial illiteracy is perhaps the greatest threat facing our country.” This statement comes after the 2014 Survey of the States reported only 17 states in the nation require a personal finance course as a high school graduation requirement.
A CNBC article discusses President Obama’s recent proclaimation that April is National Financial Capability Month and his reestablishment of the Advisory Council on Financial Capability for Young Americans. The spotlight is on financial literacy, however it is not taught in most schools.
US News & World Report references a recent study by H&R Block that reveals adults aren’t the only ones worrying about money. The survey of 13- to 17-year-olds shows that teens are worried about future student loan debt, gaining employment and maintain the standard of living from their childhood homes.