A Review of Large-Scale Youth Financial Literacy Education Policies and Programs

Autor/inn/en	Kasman, Matt; Heuberger, Benjamin; Hammond, Ross A.
Institution	Brookings Institution
Titel	A Review of Large-Scale Youth Financial Literacy Education Policies and Programs
Quelle	(2018), (75 Seiten) PDF als Volltext Verfügbarkeit
Sprache	englisch
Dokumenttyp	gedruckt; online; Monographie
Schlagwörter	Youth Programs; Money Management; State Standards; Academic Standards; Elementary Secondary Education; State Policy; Consumer Education; Educational Policy; Curriculum; Partnerships in Education + Suchen Sie Ihr Suchwort? Jugendsofortprogramm; Konsumerziehung; Politics of education; Bildungspolitik; Curricula; Lehrplan; Rahmenplan; Hochschulpartnerschaft
Abstract	The lack of basic financial knowledge and skills among youth today is of national concern. American high school students routinely fail tests that evaluate their financial knowledge and are ill-prepared to face important decisions about borrowing, saving, investing, and planning for their financial futures. The consequences of these low levels of financial literacy can be significant. Low financial literacy is correlated with a host of negative credit behaviors, including higher borrowing rates, mortgage delinquency, and home foreclosure. Financial literacy also influences important decisions about education. Youth with no savings account are less likely to attend college, and for those in college, financial stress and credit card debt have been tied to an increased likelihood of missing class and dropping out. States have a vested interest in the economic health of their citizens, making low financial literacy an important issue for policymakers. Public education before high school graduation can play a role in improving financial literacy and promoting sound financial decision-making. Yet many--if not most--financial education efforts focus on college students and adults. Such efforts are often reactive rather than proactive, and may be too little too late. In contrast, earlier education initiatives during and before high school can target individuals before they have had the opportunity to get into serious financial trouble and become entrenched in negative behaviors. Research suggests that introducing children and adolescents to general concepts, such as responsible spending and good saving habits, may pay dividends later in life by establishing the building blocks for financial well-being in adulthood. This review first presents a holistic framework of financial literacy that reflects the various ways it has been defined by researchers and practitioners. It then examines state efforts to incorporate financial literacy education into their K-12 standards, mandates, and curricula, and review research on the effectiveness of these policies on student outcomes. Finally, the authors highlight a number of financial education organizations, programs and resources--both public and private--that have had positive impact on K-12 students, and describe their design and influence. (ERIC).
Anmerkungen	Brookings Institution. 1775 Massachusetts Avenue NW, Washington, DC 20036. Tel: 202-797-6000; Fax: 202-797-6004; e-mail: webmaster@brookings.edu; Web site: http://www.brookings.edu
Erfasst von	ERIC (Education Resources Information Center), Washington, DC
Update	2020/1/01