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.
Tampa Bay Times and Financial Corps were the first to cover the news, applauding Florida for taking this important step in improving financial education for students. Madeline Will of Education Week spoke with CEE CEO and President Nan Morrison and Mike Bell, the Executive Director of the Florida Council on Economic Education about how the adoption of the Standards will “strengthen the teaching of financial education in American schools.” And in a Huffington Post article, financial literacy expert Mary Johnson of Higher One points to Florida’s efforts as “an encouraging development,” adding that she hopes “other states will similarly follow suit.”
Last week, the 2012 Programme for International Student Assessment (PISA) released the findings from the largest international financial literacy assessment ever conducted – and the data was revealing. While China received top marks all around, US scores placed American students squarely in the middle of the 18 nations tested. This widely syndicated article, originally published by Associated Press, points to data from CEE’s Survey of the States as evidence of the variation from state-to-state in what is required, noting that only 19 states require a personal finance to be taught in high school.
Additionally, PBS reached out to our CEO and President Nan J. Morrison for comment.
Like many other leaders in the financial literacy space, she remarked that the results were disappointing, but not surprising given that many parents and teachers do not feel equipped to pass personal finance skills onto their children. But on a positive note, as a benchmark for progress, the PISA results will be incredibly helpful to parents, educators, policy makers and advocates as we work to improve.
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.