Calls for Personal Finance Training | International Institute of New ...

In response to the 2008 financial crisis, Secretary of Education Arne Duncan has called for personal finance training in public schools starting at the elementary level. A study by the Financial Industry Regulatory Authority found that young adults were much less financially literate than older generations. This, at a time when the unemployment rate for people ages 18 to 29 is 12% and when?twenty-somethings?carry an average debt?load of $45,000, does not bode well for their financial futures.

To date, the majority of financial education that children receive comes from home. Depending on parents to teach today?s youth about financial literacy, however, can perpetuate knowledge imbalances. The National Longitudinal Survey of Youth conducted by the Bureau of Labor Statistics found that only 27% of respondents were considered financially literate, but a large proportion of these respondents were white males from college educated families. The respondents who were found to be the least financially literate were Hispanics and those without a high school diploma.

So far, the Obama administration has commissioned studies on best classroom practices for financial literacy instruction and compiled a national strategy for voluntary financial education. There have been, however, no federal mandates issued requiring the teaching of the subject. A new report by the Council for Economic Education shows that financial education programs in schools are actually on the decline.

Photo used under Creative Commons License, courtesy DCist.

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Source: http://iine.us/2012/07/calls-for-personal-finance-training/

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