Only 14 states offer a class in personal finance. Fewer than half of U.S. states require students to take a course in economics.
What does this lack of financial literacy education mean for the financial future of our our kids?
A recent survey of parents by GfK Roper found that about 60% of parents said their children are not getting a sufficient financial education in school, and about 90% said that financial literacy should be a graduation requirement.
It’s graduation season. Did your teenager have to take a financial literacy course to don that cap and gown? Probably not. According to the Council for Economic Education, as of 2011, 22 states required high school students to take an economics class –the “supply and demand” type, not the “how to balance your checkbook type.” Only 14 states offered personal finance as a high school class, either on its own or as part of the economics curriculum.
Clearly parents aren’t shouting loud enough and educators aren’t listening hard enough. In a recent Credit.com telephone survey conducted by GfK Roper, more than 60 percent of parents said U.S. kids are not learning enough about how to manage their own money. More than 90 percent said they want financial literacy to be a mandatory high school course.
CONTINUE READING Should Schools Expand Financial Literacy Education?