Schools pushing for Financial Literacy

Most Americans need help when managing their expenses. According to FINRA‘s National Financial Capability Study, about 60 percent of the nation’s residents would not be able to pass a basic financial literacy quiz. And when it comes to savings, the Federal Reserve Board estimated about 40 percent of adults in the U.S. don’t have the funds to cover a $400 emergency.

The lack of knowledge of financial literacy among adults in the U.S. prompted several states to prioritize the topic to teach students before joining the workforce. In 2018, Iowa and Kentucky finalized a financial literacy class as a graduation requirement. A similar action was taken this month in New Jersey, as the Governor signed a bill mandating middle schools to be integrated with financial literacy curriculum for every grade.

Utah State Treasurer, David Damschen, acknowledges that providing education for personal finance lessons in school districts have financial and resource challenges. Regardless of difficult logistics, Damschen continues, “it’s about developing a level of support for this issue, this is not just a passing phase. We need to drive that down into the districts, and the teachers and the students.”

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