Financial literacy is a basic life skill and a need to know — and now it’s more relevant than ever

Business Insider | 4/20/2018 | Staff
kimberly163 (Posted by) Level 3
One in five teenage students in the U.S. lack basic financial literacy skills, data from the Program for International Student Assessment (PISA) showed.

Financial literacy is a basic life skill that is more than a nice to know, it's a need to know. And now it's more relevant than ever.

Everyone - Investment - Manager - School - Core

Not everyone aspires to be an investment manager when they leave school, but the core elements of financial literacy should be common knowledge.

This is particularly true today, in an increasingly global economy where people are spending more and living longer. Understanding how to manage personal finances is critical for anyone, and it helps to start young.

Teenage - Students - US - Lack - Literacy

Unfortunately, we are not quite there yet. One in five teenage students in the U.S. lack basic financial literacy skills, data from the Program for International Student Assessment (PISA) showed. Among adults, only 20% of those polled by the Financial Industry Regulatory Authority (FINRA) in a study said they were offered and have participated in some form of financial education. It seems the country has a lot of work to do on the financial literacy front, and many teachers appear to agree.

About 89% of Kindergarten through grade 12 teachers surveyed by the National Endowment for Financial Education (NEFE) said that students should either take a financial education course or pass a competency test for high school graduation. Some states have taken this a step further and made personal finance courses a requirement for high school students. However, getting to where we need to be in financial literacy as a nation will take substantial effort.

States - Finance - Courses - Council - Economic

Right now, only 17 states require personal finance courses, according to the Council for Economic Education's Annual Survey of the States. One reason for the gap could be the lack of teachers with the necessary background to teach personal finance topics, as only 20%...
(Excerpt) Read more at: Business Insider
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!