Financial Education Chatter
We are starting to hear it everywhere… financial education. I see it on TV, I read about it in articles, I hear schools talking about it, there are blogs and books galore.
There is a movement starting to bubble and get louder about financial education … and it’s about time!
A quick internet search shows multiple different studies and various experts talking about the need to teach financial education that date back 30 years.
I read a particularly interesting paper written by the Federal Reserve Board USA for an International G8 conference in 2006. In it, they indicate the growing interest in the topic at that time and some of the different approaches to tackling the content.
They analyzed things like financial topics, audience, learning style and behaviour stage. The paper determined that there are many long-term benefits to having financial knowledge, one of the most prevalent being a reported increase in confidence in managing money which in turn leads to better financial choices.
There has been a steady movement in this direction for a long time. Now it is starting to gain an even bigger presence in North American media AND the focus is getting younger.
Compared to even 5 years ago, there are a growing number of educational districts in the USA that have made financial education a part of required learning for youth. Forty-five states now include personal finance education in their curriculum standards for kindergarten through 12 grades, although only 37 states require those standards to be implemented by local school districts.
In Canada, multiple provinces (notably Ontario, Alberta and BC) are also making financial literacy a required part of curricular learning as early as elementary.
I always say the 3 M’s are important for kids: Money, Math and Manners.
It’s nice to see that more people are taking notice of the message and looking at the need not just for themselves but for their kids.
Kids DO need to learn money skills early. It is a vital part of building a healthy and well-rounded life. So… join the movement and spread the word! Share your favourite financial education tips and tools for kids today!