As students across the country settle back into the classroom, teachers are prepared to teach the universal three R’s: reading, ‘riting and ‘rithmetic. But most curriculums are missing one critical course—money management.
The National Endowment for Financial Education (NEFE) finds that while nine in ten K-12 teachers agree that students should either take a financial education course or pass a competency test for high school graduation, less than one third are teaching it, and fewer than 20 percent feel competent to teach personal finance topics.
So whose responsibility is it to teach our youth financial education—schools or parents? And does it even work?
In a recent report, The Advisory Council of Financial Capability for Young Americans recommended improving the financial capability of youth and identifies a number of areas where progress is needed to improve financial decision making. These areas include:
- Simplifying student aid
- Tying together youth employment opportunities and financial education
- Addressing identity theft and financial abuse
- Encouraging innovative approaches to build teachers’ ability to teach financial education in schools.
Members of the Council include the Secretary of the Treasury, the Secretary of Education, the Director of the Consumer Financial Protection Bureau and 22 non-governmental members appointed by the President. President Obama created the Council with Executive Order 13646 in June 2013 for a two year term. Click here to view the Council’s report.
In interviews on Wednesday, September 16th, Ted Beck, president and CEO of NEFE, is available to discuss the current state of youth financial education in the U.S. He’ll share tips and tools that schools, teachers and parents can use to help build financial knowledge and improve the financial capability of young people. Beck will also highlight the pitfalls younger adults often experience during their teens, college years and starting off on their own.
NEFE is the architect of a national teacher training initiative and provides a free program for teachers called the NEFE High School Financial Planning Program (www.hsfpp.org).
NEFE also provides tips for parents and youth at www.smartaboutmoney.org.
Talent/Guest: Ted Beck, President and CEO, National Endowment for Financial Education (NEFE)
Beck is a widely-recognized national expert in financial education. He was appointed to the President’s Advisory Council on Financial Capability for Young Americans, a panel established by President Obama to promote and enhance financial capability among young people. Beck also serves on the Federal Deposit Insurance Corporation (FDIC) Advisory Committee on Economic Inclusion, and the board of the national Jump$tart Coalition for Personal Financial Literacy. He previously served on President George W. Bush’s President’s Advisory Council on Financial Literacy from 2008-2010. Beck has been seen on CNN, CNBC, ABC News, Fox Business, and is frequently interviewed by the Wall Street Journal, the Associated Press, USA Today and many other national outlets. Beck also has testified before the U.S. Senate and the U.S. House of Representatives on hearings related to issues of retirement and financial literacy.
This interview is sponsored by the non-profit National Endowment for Financial Education
