CFPB: Recommendations for better Financial Literacy Education in Schools

By Alanna McCargo

finliteracy_childrenThe Consumer Financial Protection Bureau is taking the issue of financial literacy in schools (K-12) seriously and has put forth policy recommendations to fully integrate financial education into the American school system. I commend the agency for taking on this important issue, and for bringing a louder voice to making fundamental change that is needed in our schools. We can all look at our children’s curriculum, and talk to teachers who would agree that we are not preparing our children for handling critical financial issues and decisions for the future. Not equipping them to be good financial stewards or teaching them to understand how money works and how what they learn translates to economic prosperity and wealth. Financial fundamentals should be a core tenet of our educational system in the 21st century. A fundamental as important as reading, writing and math. It should be ingrained in our children-taught not only at schools, but reinforced in our homes. We are way behind on this issue, and have reached a time where the future and prosperity of our country truly relies on the understanding of a key resource that drives the global economy — money.

Why it matters? It is great to have brilliant, educated children who understand science, the earth, complex calculus, creative writing, and history. But to teach all of this with no direction around how it will be applied in the future toward earning money or starting a company is missing an opportunity to develop prosperity. Simple concepts about money and finances should be integrated into core curriculum to help students understand how basic finance fits in to their future and plant seeds about how to make money, grow wealth and manage debt. We should be teaching our children to think about these things from a very early age.  Laying a foundation throughout the educational process about how what is learned in school can lead to prosperity and how to manage it.

Take a look at “Transforming the Financial Lives of a Generation of Young Americans” to see the policy recommendations for advancing K-12 Financial Education. There are some great statistics in this paper, and solid recommendations for getting started on integrating financial literacy into overall literacy of our children and our nation.

Thank you to the CFPB for taking this important issue on for our children, parents and educators.

Share Button

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Real Barriers to Homeownership

New entrants to homeownership will need more financial education resources, training and financing programs to help navigate the process and become successful homeowners. First time homebuyers, millennials, new immigrants, minorities, women head of households are all projected to be the demographic types that will drive housing demand in the future. New focus, financial literacy programs, housing programs and credit access methods will be key to successfully serving the new housing market.

“If you get, GIVE. If you learn, TEACH.”

-Maya Angelou
4/4/28 – 5/28/14

 

Homeownership Advocacy: Affordable Housing Needs Your Voice & Support.

As a volunteer and advocate for Habitat for Humanity and its mission to make homeownership accessible to more families in need, I am sharing the below advocacy letter that everyone can send to their state and local representatives. Homeowners of the...Read More

Copyright © 2013 | Matter of Money | Design by Creative Visionary Lab