Global Financial Literacy Excellence Center (GFLEC) reposted this
Financial literacy is in the headlines! Thank you, Andrew Jack and the Financial Times, for highlighting the significant progress being made in the U.S. to advance financial education. It is encouraging to see that 26 states and 64% of high school students now attend schools that require or will soon require a one-semester #personalfinance course. This progress is supported by visionary leaders in each state, such as Tim Ranzetta. Grateful that my own state, California, has just mandated financial education in high school. According to our research, if we had to give a grade to the U.S. on financial literacy, it would be an ‘F.’ In our assessments, adults only answer half the questions correctly, which is surprising in a country with the most developed financial markets. Basic arithmetic skills are often missing, with many people unable to understand the effects of inflation on their income or do a 2% calculation. And even high income people are not always financially literate. We need to keep working together—academia and the public and private sectors—to ensure that every high school student in the U.S. and around the world gets access to a personal finance course. We need a research-based approach to make it impactful and effective. We have a lot of work to do, but the return will be high! Here is the link to the article: https://lnkd.in/gpDUm37R #FinancialEducation #FinancialLiteracy