Annamaria Lusardi is the Denit Trust professor of economics and accountancy at the George Washington School of Business.
“Education is the most powerful weapon which you can use to change the world.” – Nelson Mandela
To fully appreciate this blog, we must first get real about the state of financial literacy in our country.
The case for teaching teachers:
Research suggests that children begin developing attitudes and behaviors about money as young as six or seven, the same age most enter their first formal educational setting. Surprisingly though, only 17 states require high school students to complete a course in personal finance. According to the University of Wisconsin-Madison, 89% of teachers believe more should be done, but only 20% feel “very confident” to deliver any of the six curriculum topics surveyed.
In 2015, The North Carolina Council on Economic Education (Winner of the 2018 CEE Council of the Year Award) and Fidelity Investments® set out to change the narrative. The original vision: Develop a stand-alone financial literacy professional development workshop designed to fully equip teachers with the resources needed to help students appreciate the importance of personal finance. As the program quickly grew in popularity, so did a desire from educators to further improve their own understanding too. Insert Jump$tatrt and their acclaimed “Financial Foundations for Educators” curriculum. This combination of knowledge AND tools was the secret sauce for a lasting solution that continues to inspire financial futures today. “Teacher Trainings” are now hosted in all 11 Fidelity Investments locations across the United States.
“When we can share our expertise, especially with the community, it’s an authentic way to give back and make a difference.” – Pamela Everhart, Head of Regional Public Affairs and Community Relations, Fidelity Investments
Student impact multiplier effect:
Since inception, the program has reached more than 1,400 teachers and, in turn, 150,000+ students.
“I look back at my younger self and I think about what I wish I’d known. To be able to introduce these concepts to my students means they’re getting a jump start in life.”
– Krista Scarlett, Teacher, Goffstown High School, NH.
With more and more young people acquiring student loan debt, the need for personal finance is more dire than ever. CEE will continue to play our part and – together with you – help combat those earlier, opportunistic statistics…one deserving student and teacher at a time.
Tomorrow is the 18th Annual National Economics Challenge Finals!
Congratulations and good luck to the USA and China teams who will compete in the QuizBowl for the Championship title:
USA David Ricardo Division:
- Hunter College High School, New York
- Monta Vista High School, California
USA Adam Smith Division:
- Lexington High School, Massachusetts
- Mount Hebron High School, Maryland
CHINA David Ricardo Division:
- Shanghai Pinghe School
- Shenzhen Foreign Language School, Team #3
CHINA Adam Smith Division:
- WHBC of Wuhan Foreign Language School, Team #1
- Shanghai High School International Division
Steve Liesman, Senior Economics Reporter for CNBC, will serve as the emcee and Raphael W. Bostic, President and CEO, Federal Reserve Bank of Atlanta will make a video appearance asking the students questions.
Tune in to see the finalists and the competition live. Here’s the line-up starting tomorrow morning:
- CNBC’s Squawk Box will be interviewing the students at 6:45 a.m. ET.
- CNBC’s Squawk on the Street will be interviewing the students at 10:45 am ET.
- CNBC’s Power Lunch will be airing live snippets of the Challenge from 1 p.m. to 3 p.m. ET.
- And, the Challenge will also be streamed live in its entirety on CNBC.com starting at 12:50 p.m. Watch here.
Watch live to support your team!
~The National Economics Challenge Staff
PS: We will also be live tweeting throughout day. Follow us: @council4econed and the hashtag #EconChallenge.
ADAM SMITH DIVISION:
DAVID RICARDO DIVISION:
KeyBank Foundation has donated $7,500 to the Council for Economic Education’s New York Center for Economic and Financial Education in support of K-12 financial and economic education in New York-Metro area schools.
The donation will provide professional development opportunities for New York teachers through two in-person workshops and two webinars. The Center will train 130 to 140 teachers who will, in turn, reach approximately 8,600 to 9,600 students. The teachers will receive Continuing Teacher and Leader Education (CTLE) credits for participation in these workshops.
“At KeyBank, we believe it’s never too early to introduce smart money management skills to young people, and help establish a foundation for Financial Wellness,” said KeyBank Market President Joseph Markey. “Giving teachers the skills and knowledge to bring financial literacy into the classroom is a great way to do this, and we are proud to support the initiative.”
KeyBank Foundation’s mission is to support organizations that prepare individuals such as teachers for thriving futures. This grant ties into their mission to support the workforce with the necessary skills, education and capabilities to further advance their professional careers and the futures of the children they serve.
“Currently, only 17 states require high school students to take a course in personal finance and only 20 states require high school students to take a course in economics,” said Nan J. Morrison, President and CEO, Council for Economic Education. “Even in states where requirements and standards are strong, very few teachers feel comfortable teaching financial topics. With KeyBank Foundation’s support, we are able to help close the knowledge gap.”
KeyBank Foundation, the nonprofit charitable foundation of KeyBank, serves to fulfill KeyBank’s purpose to help clients and communities thrive by providing meaningful philanthropic investments that transform lives. The Foundation’s mission is advanced through three funding priorities – neighbors, education, and workforce – and through community service.
KeyBank has 54 branch offices serving individuals, families and businesses throughout its Hudson Valley/Metro NY market.
Representatives from KeyBank will be presenting the check on May 7th at 2 pm at KeyBank’s Tarrytown, NY office.
To learn more about KeyBank Foundation’s mission, please visit: https://www.key.com/about/community/key-foundation-philanthropy-banking.jsp
Media and partnership inquiries, please contact April Somboun, Council for Economic Education, Director, Marketing & Communications, 212-730-6727.
We are excited to announce we have teamed up with Kidfund to make it easier for families to save for their children’s future and college tuition. Kidfund is a socially powered savings app that lets families and friends contribute to the child’s account. The app engages the child in the process so they can understand the power of saving and watch their money grow.
This partnership is a natural extension of CEE’s mission to provide children with the knowledge and tools to create financial stability for themselves and their families. As a result of the CEE and Kidfund partnership, CEE will receive $10 for each new family that opens an account and starts to save to support its mission.
We hope you’ll sign up for your child’s free account today and/or pass along this information to others who you think can benefit from this. And, for a limited time only, families new to Kidfund will receive $5 when they sign up and start saving. The funds are held securely in individual accounts at USALLIANCE Financial. The accounts are completely free (no fee, no minimums), earn 3% interest on the first $500, and are FDIC insured up to $250,000.
To learn more about the partnership and how to download the Kidfund app, please visit: https://www.kidfund.us/cee-partnership.