This weekend, an op-ed appeared in the New York Times that asked—and answered—the question, “Is Algebra Necessary?”  Not so surprising, the opinion piece, penned by political science professor and author Andrew Hacker, stirred up a bit of controversy.

In it, Hacker argues that making mandatory an understanding of advanced mathematical concepts does more harm than good for America’s students.

While we disagree with many of Hacker’s opinions, and believe in the importance of a rigorous mathematical curriculum, one aspect of his article did resonate with us.  He differentiates between the “usual mathematics sequence,” covering geometry through calculus, and real-world “quantitative skills, critical for informed citizenship and personal finance, but a very different ballgame.”  According to a study Hacker cites from the Georgetown Center on Education and the Workforce, over the next decade just 5% of entry-level workers will actually require skills in algebra or any math beyond.

But consider this: one could reasonably argue that 100% of the population should be proficient in basic concepts of personal finance and economics.  Our economic climate has never been more difficult to navigate, and the numbers don’t lie: in 2010, more Americans filed for bankruptcy than graduated from college.  And yet, according to the Survey of the States we conducted in 2011, less than half the 50 states require an economics course. And fewer than one-third of US states require a high school course in financial literacy.

Hacker concludes by advocating for an alternative to the current curriculum, one that “would familiarize students with the kinds of numbers that describe and delineate our personal and public lives.”  We couldn’t agree more, but wonder instead, why can’t algebra and the like coexist with “practical” math?  If you ask us, there’s room enough for both.

POSTED: July 31, 2012 | BY: nan | TAGS: economics, Financial Literacy, math, Students, Survey of the States

In the wake of the 2008 financial crisis, government officials, parents, teachers and the general public rallied around the idea that personal finance must be taught to our children so they don’t end up in the same dismal situation where we currently find ourselves – owing more than $1 trillion in student loans and $870 billion in credit card debt.

But over the past four years, we haven’t made great improvements in teaching financial life skills to our children. CEE’s latest Survey of the States finds that only 14 states require a high school course in personal finance to be taught, and only 13 of those require the course be taken in order for students to graduate.

On today’s The Take Away radio segment, U.S. Secretary of Education Arne Duncan and Beth Kobliner, author of Get a Financial Life and a member of the President’s Advisory Council on Financial Capability, discussed the Obama administration’s initiative to teach children personal finance skills, starting as young as three years old. CEE contributed curricula and advice on the initiative, including content from the Financial Fitness for Life program.

Secretary Duncan says, “It is in the country’s best interest to be a financially literate workforce.”

CEE couldn’t agree more. For the past 60 years, our mission has been to instill in young people the fourth “R”—a real-world understanding of economics and personal finance. The core work at CEE is in the content and pedagogy of personal finance and economic education for K-12 educators.  Through programs like the personal finance integration project, we implement systematic approaches to bringing personal finance concepts and materials into a diverse range of subjects, including math, social studies, science and English – all subjects that lend to well-rounded and financially literate students.

As Secretary Duncan said this morning, we all have a role to play, but there is no place better to teach these skills than in the schools. Later this year CEE will release the Voluntary National Content Standards in Personal Finance to provide a detailed framework for teaching personal finance in kindergarten through 12^th grade.

POSTED: July 17, 2012 | BY: Leslie Rasimas | TAGS: Capitol Hill, Financial Fitness for Life, Financial Literacy, Government, Survey of the States, teachers

Last week, the White House hosted a Summit on Financial Capability and Empowerment addressing the gap between our complex financial marketplace and consumers’ knowledge about them—or lack thereof.  Our CEO and President Nan J. Morrison was among the industry leaders invited to attend the conference, at which several important announcements were made.

David Nelms, CEO of Discover Financial Services, announced Chicago Public Schools’ plans to implement a new Financial Literacy Framework at the K-12 level. This initiative is the result of a 4-year partnership with CEE, Discover and other industry partners, created to provide students with the necessary real-world skills to navigate today’s financial landscape. CEE will also provide the curriculum for a 12^th-grade personal finance capstone course, funded by a $1 million grant from Discover.

Also of note, the Administration announced its new Financial Capability Toolkit containing key information for K-12 schools, institutions of higher education, employers, and community leaders.  Several of CEE’s resources are highlighted in the guide, including this year’s Survey of the States and our Financial Fitness for Life program.

POSTED: May 15, 2012 | BY: Leslie Rasimas | TAGS: Capitol Hill, CEO, Financial Literacy, partners, school program, Survey of the States

CEE is pleased to provide you with Teaching Opportunity, our newsletter for educators. Each month we’ll provide new lessons, special promotions, news for teachers and tips for the classroom. This week we are celebrating Teacher Appreciation Week! Many thanks for all the great work you do.

In This Issue:

• Grants Available for High School Teachers
• Teaching the News
• This Day in History
• 51st Annual Financial Literacy and Economic Education Conference
• Congratulations to our Gen i Revolution contest winner!
• Survey of the States
• CEE Wins EIFLE Award
• 2012 Challenge Grant

Read more…

POSTED: May 9, 2012 | BY: kduis | TAGS: Annual Conference, Challenge Grant, Financial Fitness for Life, Gen i Revolution, Survey of the States

CEE’s President and CEO Nan J. Morrison has new post on Huffington Post Education

“Like most young adults fresh out of college, saving for the future wasn’t my top priority when I landed my first job. Left to my own devices, I can’t say for certain I wouldn’t have spent almost every cent of those paychecks, if not for my father reminding me once a week, every week, to contribute to my 401(k). He never missed a call — and I never missed a payment.

But not everyone is so lucky to have a mentor like I did.”

Read the full blog here.

POSTED: April 30, 2012 | BY: Leslie Rasimas | TAGS: Capitol Hill, CEO, economics, Financial Fitness for Life, Financial Literacy, personal finance, Survey of the States

CEE’s Nan J. Morrison quoted in USA Today’s Millennials struggle with financial literacy by Hadley Malcom

Though young people in America have for decades struggled with financial literacy, state curricula haven’t shifted much to address the gaps. Fewer than half of states make high school students take an economics class, and just 13 require a personal finance class, according to a 2011 survey by the Council for Economic Education. In those 13 states, though, the payoff is clear: Students who had taken such courses were more likely to go on to save money and pay off a credit card bill in full each month, and less likely to be compulsive buyers, max out credit cards and make late payments.

The programs could prove vital to educating the next generations of workers. As Council for Economic Education President Nan Morrison says, “A financially illiterate society is not an option.”

Read the full article here.

POSTED: April 24, 2012 | BY: Leslie Rasimas | TAGS: Credit Cards, Financial Literacy, personal finance, Students, Survey of the States