Rebecca Maxsea, director of the University of Chicago’s Financial Education Initiative, said:
Progress between states is encouraging, but there is still much to do, said Nan J. Morrison, Chairman and Chief Executive Officer of the Council for Economic Education. Currently, only 9 of the 23 states require that personal finance be taken as an independent course. Others allow subjects to be combined with other classes such as math and social studies, and to provide other ways for students to opt out of the course. This may diminish its impact.
Along with the new report, the council, along with visas, announced the creation of a coalition of businesses and nonprofits. FinEd50Helps promote “guaranteed access” to personal finance courses in all states.
Here are some questions and answers about financial literacy education:
Would you like to learn about personal finance as part of your economics course?
Sometimes. However, the growth of state requirements for economic education has stagnated. Two years ago, 25 states needed high school courses in economics, but the number hasn’t increased, a report from the Council for Economic Education found. And recently, two states have considered removing the requirement to study economics.
“We’re really a little worried about this,” Morrison said.
She said the council would scrutinize why efforts to expand economic education stagnated. She said that students, as individuals and as members of an increasingly complex society, need to understand both economics and personal finance “to successfully navigate their lives.” ..
Is Financial Literacy Education Effective in High School?
There is a debate about what works and financial education Limited effect Behavior, or students may be better off simply learning More math..But more recently research High school personal finance lessons suggest that young people can help make better financial decisions.
Research published in 2020 Leading by researchers at Montana State University, they found that financial education requirements were associated with lower defaults and higher credit scores for young adults. and, 2019 study Researchers at the University of Wisconsin-Madison have found that they require a “significant reduction” in the likelihood of borrowing high-interest payday loans. As with any subject, Professor Rusaldi said that effective teaching requires a quality curriculum and well-trained teachers.