The Progressive: We must address appalling state of financial literacy

[Scuba]

http://www.progressive.org/we-must-address-appalling-state-of-financial-literacy

In most states, most students are graduating high school financially illiterate. They are not taught about credit, budgeting, insurance, savings, retirement or other concepts and practices that can help them make rational financial decisions.

This is according to a national study conducted by the Council for Economic Education, an advocacy organization that trains scores of educators to teach economic and financial literacy.

The facts are grim. Although 43 states have economic and personal finance education in their K-12 standards, only 19 states actually require that schools even offer such a course. What’s more, only 22 require that students take a course in economics.

...

An overwhelming majority of Americans agree that schools should teach financial literacy. In the study by the Council for Economic Education, 89 percent said so. It’s time for all of the states to mandate this instruction so that our kids can more skillfully navigate these difficult economic waters that we’re in right now.

Wonder what Arne and the rest of the education deformers thought of this. I'm sure Wall Street likes it the way it is.

[JoePhilly]

1. That sounds better than it was back when I went to school.

We were not taught anything about personal finance, or economics in general.

First economics course I took was in college.

[badtoworse]

2. 100% correct.

With the proliferation of 401k's, it is critical that students learn about finances and investments. How can you manage retirement savings if you are ignorant about this stuff?

[Proud Public Servant]

3. We had a required course

called "Consumer Education" -- half a year long, paired with a half year required health course. Great idea to require it (this was in Illinois in teh 1970s), but I can't say I remember the curriculum, beyond a lot of focus on check-writing. The teacher was the kind of underperformer who typically got saddled with such courses, and that couldn't have helped.