Will personal finance education take hold in public schools?

The concept of letting kids learn about individual financial the hard way might have been a surrounding factor in the monetary crisis, some say. The latest financial and real estate meltdowns lead many to wonder if flying by the seat within your pants when it comes to personal financial is a good idea. As the country struggles to emerge from the worst economic downturn since the Great Depression, a activity is afoot for making monetary literacy schooling part of growing up.

Financial Reform

Legislators drafting the financial reform bill that became law in 2010 believed that financial literacy education could be a powerful compliment to financial regulation. An Office of Financial Literacy had been formed with the law. Through online tools and educational programs, The Office of Financial Literacy will supposedly make an effort to make it easier for teachers to educate students about personal finance and for consumers to educate themselves about money management.

The public should be satisfied with this decision

The need to educate everybody who will learn about financial literacy is also good PR. The program "My Money, My Future" began in over 300 high schools thanks to Genworth Financial. Earlier this year Visa, Inc. introduced “Financial Football,” a free online game that teaches kids about money using personal financial decisions to influence the outcome of football action. American Express jumped on the education train also. They posted a site called "Currency" directed at younger adults to help them make wise financial decisions as well.

Not tested, not taught

MoneyWatch's Dan Kadlec feels like teachers have their work cut out for them when it comes to financial literacy. Kadlec was told in a recent Financial Literacy National Educators Conference, that current teachers only include what is on standardized tests and how to make those scores higher. Financial literacy is something that does not show up on the standardized tests given to student to evaluate teachers.

Citations

MoneyWatch

moneywatch.bnet.com/saving-money/blog/bank-dad/financial-education-at-school-is-it-a-pipe-dream/407/

Sacramento Bee

sacbee.com/2010/11/08/3168061/unstable-economy-requires-new.html

PR Newswire

multivu.prnewswire.com/mnr/genworthfinancial/43291/