In 2020, the NAACP issued a resolution calling for more financial literacy programs in K-12 schools. Plus, children whose parents aren't financially savvy can't rely on learning at home, making it an equity issue. Less than a quarter, or 24%, of millennials demonstrate basic financial literacy, according to the Council for Economic Education.Īdvocates say that left untaught, teens and young adults may turn to questionable sources, such as TikTok or YouTube videos. "This was such a priority out of the gate because I heard from so many people during the campaign last year that our young people weren't prepared with the basic financial skills they need to succeed in life," says Debbie Critchfield, Idaho's state superintendent of public instruction, who spearheaded the effort.Įxperts say the subprime mortgage crisis that helped spark the Great Recession in 2007, followed by pandemic economic uncertainty and today's inflationary period, may have heightened Americans' desire for a solid financial understanding. The new course will give students the chance to apply skills from their algebra, calculus, and economics classes to their real lives - computing their future student loans, rent payments, and income requirements. The state Legislature this year approved the course as a graduation requirement. Idaho is one of the states where a new financial literacy curriculum is hitting classrooms. Having said that, financial literacy is more than math." "In many cases, to make a decision, you have to do calculations, so I think math is a very powerful tool. "The more math you add to financial literacy, frankly, the better it is," says Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center. Experts say it's a course that doesn't necessarily have to be taught by a traditional math teacher. The K-12 standards for personal finance education, as recommended by the Council for Economic Education, include topics such as earning income, budgeting, saving, investing, and managing credit and financial risk. In the process, they may also develop an interest in math because of its practical applications. Students begin to understand that "yes, I need to learn decimals, and I need to learn fractions, and I need to learn percentages because I have to manage my money and I have to take out a loan," Tatum-Gormes says.Īdvocates say personal finance courses could pay dividends if students learn how to make wiser money decisions and avoid financial hazards. She attributes better student engagement to them seeing the connection between math and their future financial well-being. At the same time, a general dislike for math remains an obstacle among young people.īut do topics like high interest rates translate to higher interest among students? Tonica Tatum-Gormes, who teaches the course, says yes. The surge comes as educators are scrambling to bolster students' math skills, which plummeted during the pandemic and haven't fully recovered. states have adopted laws or policies requiring personal finance education before students graduate from high school, bringing the total number to 30 states, according to the Council for Economic Education. The Washington, D.C., charter school may be a front-runner in providing financial education, but in recent years, many others have followed suit. Conversations about credit, investments, and loans, for instance, intersect with lessons on compound interest, matrices, and exponential equations. The elective math class has been a mainstay in Capital City Public Charter School's offerings for more than a decade, giving students a foundation in money management while they hone math skills. "You have to be a millionaire to save up for that," Martinez says with a chuckle.Ĭall it a reality check or an introduction to a critical life skill, this exercise occurred in a course called Advanced Algebra with Financial Applications. Martinez's friend next to him writes a different long-term goal: Buy a private jet. Peering way into his future, the 18-year-old also imagines saving money to buy a house, start his own business, retire, and perhaps provide any children with a college fund. His medium-term financial goals take a little more thought, but he settles on a car - he doesn't have one yet - and vacations. WASHINGTON (AP) - Inside a high school classroom, Bryan Martinez jots down several purchases that would require a short-term savings plan: shoes, phone, headphones, clothes, and food.
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