The Consumer Financial Protection Bureau (CFPB) released the whitepaper, “Transforming the Financial Lives of a Generation of Young Americans: Policy Recommendations for Advancing K-12 Financial Education” in April.
At a conference launching the white paper, CFPB Director Richard Cordray stated, “Financial education should be as fundamental as the education we are all required to receive in American history and government. We must be deliberate about pursuing financial education in our schools.” To that end, the whitepaper outlines five policy recommendations. The Council for Economic Education supports all of these recommendations and has been working actively to promote many through our programs.
Recommendation 1: Introduce key financial education concepts early and continue to build on that foundation consistently throughout the K-12 school years.
CEE supports a spiraled curriculum approach and has lessons, curricula, and professional development programs for all grade levels from K-12. CEE and our affiliate the University of Illinois – Chicago Center for Economic Education are currently working with the Chicago Public Schools system on development and implementation of a spiraled personal finance curriculum culminating in a 12th grade capstone class.
In addition, CFPB encourages states to make a stand-alone financial education course a graduation requirement for high school students.
CEE works closely with our network of affiliates to advocate for high school course requirements in both economics and financial education. CEE conducts a biennial Survey of the States to track requirements regarding standards, high school courses, and testing. Currently 16 states require a course in personal finance for high school graduation, four of which are stand-alone courses. While we support stand-alone requirements for financial education, we believe these requirements should supplement, not supplant, course requirements in economics. Read more…