The concept of letting kids learn about individual finance the hard way might have been a contributing factor in the financial crisis, some say. For years, individuals in the United States have learned about cash on their own. This has led to individual hardship and detrimental effects to society at large. As the country regroups financially, a trend is emerging to set up individual financial and part of standard training curriculum.
The financial reform and personal finance
Legislators drafting the financial reform bill that became law in 2010 believed that financial literacy education could be a powerful compliment to financial regulation. The financial reform law contains the establishment of an Office of Financial Literacy. The intent of the Office of Financial Literacy is to educate students and consumers about financial education and money.
Financial literacy education is good PR
The private sector is recognizing the glaring need for financial literacy education as a PR opportunity. The program "My Money, My Future" started in over 300 high schools thanks to Genworth Financial. Earlier this year Visa, Inc. introduced “Financial Football,” a free online game that teaches children about money using personal financial decisions to influence the outcome of football action. American Express jumped on the education train also. They posted a site called "Currency" directed at younger adults to help them make wise financial decisions as well.
Not tested, not taught
When it comes to financial literacy education in schools, teachers have their work cut out for them, as outlined by Dan Kadlec at MoneyWatch. Kadlec attended a recent Financial Literacy National Educators Conference in Washington D.C. Teachers there told Kadlec that they have to focus on topics that are involved in standardized tests. Financial literacy is something that does not show up on the standardized tests given to student to evaluate teachers.
Citations
MoneyWatch
moneywatch.bnet.com/saving-money/blog/bank-dad/financial-education-at-school-is-it-a-pipe-dream/407/
Sacramento Bee
sacbee.com/2010/11/08/3168061/unstable-economy-requires-new.html
PR Newswire
multivu.prnewswire.com/mnr/genworthfinancial/43291/
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