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.
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.
Just four states currently require a stand-alone course in personal finance.
Unless this subject matter is tested it will never be taught. Research shows that games and practical money choices are most effective with financial lessons. In surveys, just one in five teachers say they feel comfortable teaching about money.
And of course, parents are hands-down the most influential adults in any child’s life.
Story by Dan Kadlec for Time.
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