Financial Literacy’s Importance

POSTED: February 24, 2015 | BY: Daniel Thompson | TAGS: , , ,

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Last month The Labor Department reported that unemployment rates have fallen in 42 states–another sign that the overall US economy is making a significant recovery. However, while the current gains in the economy are encouraging, financial literacy still needs to remain a top priority for national and state educators.

Many policy makers and organizations like CEE have been working to educate students about their personal finance for many years. But this last recession seems to have magnified the issue for many Americans.

Education blogger, Lisa Nielsen warns that “we have lost focus on preparing young people for what will matter in their real lives. If the education system were to provide some financial classes for kids, it could make a tremendous difference in the economic success of society.” For any business to succeed it is imperative that the employees be given the tools and training necessary to complete their job.

The same holds true for the US economy. In order for US consumers to make wise investments, they must be financially literate.

Kathy Schrock, an education-tech blogger, has developed a comprehensive list of what she calls the “Literacies for the Digital Age.” Included in this list are Economic and Financial Literacy. She believes that these “literacies” work together to give students a firm foundation to stand on and prepare them for the life ahead.

With the help of social media and the internet, online education  and other forms of digital mediums are becoming incredibly important platforms in helping students learn about their role in the economy.

Ms. Schrock highlights many online resources, including CEE’s own EconEdLink services, which are working to raise financial literacy in America’s next generation. Click here to see the full list of resources.

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