If we are considering diverting money that could have funded STEM programs towards building financial education programs within our schools, how can we be so sure that financial literacy is beneficial to our students? 2. In school, we learn the traditional subjects of math, science, English and history -- all important subjects. […], […] cash to spare. Why is financial education important? http://www.coheao.com/wp-content/uploads/2011/04/COHEAO-Whitepaper-Financial-Literacy-on-Campus-.pdf, The Canadian Task Force for Financial Literacy stressed that the program must have a framework in place to provide accountability and improve program outcomes. Real behavior molding is often seen as the primary goal of financial education programs. http://www.people.hbs.edu/scole/webfiles/cole-shastry-smarts%20HBS%20working%20paper.pdf, 65% of adults in the United States report using a saving account (National Foundation for Credit Counseling). We can be part of the solution. Add up the totals Only 17 states require high school students to take a course in personal finance. Be honest, and start cutting. Here are five reasons why: At 18 years old, kids are thrust out into a world where every step they take from graduation to retirement will be directly impacted by their financial knowledge and money management skills. And it doesn’t just cause daily stress. Instead of asking why financial education is important, perhaps we should be asking how to impart a strong personal finance education to every citizen to reap the full benefits of a financial education. For more information see Transparency International’s website. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, 38% of U.S. households have credit card debt.
https://www.federalreserve.gov/pubs/bulletin/2003/0703lead.pdf, An additional year of schooling increases the probability of having an investment income by 4.4% for whites and 1.7% for blacks (Harvard Business School). Studies show that students without a financial education are more likely to have low credit scores and other financial problems.
http://www.nber.org/papers/w16271.pdf, 46% of those with low financial literacy index scores reported learning from personal experience, while 73% of those with high literacy scores claimed to learn from personal experience (Federal Reserve).
According to the Council on Economic Education: Financial literacy education in schools may look like: We may not be able to change the laws and education standards for our entire state, but we can push for financial education in local schools. Macroeconomic policies may also obstruct investment in education. How does one begin to enumerate the benefits of financial education in schools?
After three months, calculate how much you are spending, on average, per month. Historically, the skills of financial literacy have been taught by parents based on the family’s values and resources. ● Nearly half of Americans don’t have enough cash available to cover a $400 emergency. How much should you spend on what, what portions should be saved, and where should you invest your savings? Career decisions, buying your first house, getting married, having children—finances all play a massive role in each of these life events.
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