According to the report, one of the biggest reasons why personal finance courses aren’t implemented is due to teacher hesitancy.
The CEE notes that “fewer than 20 percent of teachers report feeling competent to teach personal finance topics.”
To help students reach financial literacy goals, CEE promotes the Consumer Financial Protection Bureau’s (CFPB) “5 Essential Strategies for Advancing Financial Education for Young Americans”:
1. Introduce key financial education concepts early and continue to build on that foundation consistently through the K-12 school years. In addition, states should make a stand-along financial education course a graduation requirement for high school students.
2. Include personal financial management questions in standardized tests.
3. Provide opportunities throughout the K-12 years to practice money management through innovative, hands-on learning opportunities.
4. Create consistent opportunities and incentives for teachers to take financial education training with the express intention of teaching financial management to their students.
5. Encourage parents and guardians to discuss money management topics at home and provide them with the tools necessary to have money conversations with their children.
“The day-to-day relevance of economic concepts and financial responsibility will only continue to increase as the world is rapidly transformed by science and technology,” explained Richard Fairbank, founder, chairman, and CEO of Capital One Financial Corporation. “Providing students with the practical tools they need to apply that knowledge will help them succeed financially by creating businesses, driving innovation and achieving personal dreams. Working together, we can infuse our classrooms with the necessary foundational capabilities and make financial education a centerpiece of our public and private agenda.”
For more information on individual states and financial and economic curriculum, as well as resources for teachers (lesson plans, online games, and national competitions) and for policy makers (advocacy toolkit, policy roadmap, and state contacts), visit the report’s home page and read the report.