A Big Push for Mandatory Personal Finance Classes in School
With nations like Australia and the U.K. having voted to make financial education mandatory in their school systems, the U.S. is moving aggressively to re-assert leadership on this important front in the global fight against financial illiteracy.
Last week, the U.S. Consumer Financial Protection Bureau unveiled Transforming the Financial Lives of a Generation of Young Americans, a white paper with specific recommendations for advancing financial education in grades K-12. Meanwhile, the Treasury Department has just gone live with moneyasyoulearn.org, a website offering teachers ready-made personal finance lessons that fit neatly into existing math and English courses.
Schools in the U.S. are governed at the state level. It is unlikely we’ll ever have a federal mandate for K-12 financial education like that in the U.K. or Australia. But most states have agreed to a common core initiative that dictates certain educational standards across state lines and which will be in force next year. Treasury’s new website will help teachers build personal finance lessons into courses they must redesign anyway.
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