The Consumer Financial Protection Bureau (CFPB) has announced a new nationwide effort to advance financial education in schools.
As part of this effort, the CFPB is publishing "Advancing K-12 Financial Education: A Guide for Policymakers," a resource guide which contains strategies for furthering the development and implementation of financial education in states.
The Bureau says that it found a need for greater coordination of efforts and sharing of resources. As a result, the CFPB developed this guide to help connect policymakers with tools, information, and insights to enhance K-12 financial education efforts.
"We have watched too many Americans struggle to manage their affairs within our complex financial system," said CFPB Director Richard Cordray. "Financial education in our schools is critical to the financial well-being of future generations. The resource guide will allow the CFPB to serve those policymakers looking to make progress on K-12 education."
The Bureau points to recent research which suggests that students who receive K-12 financial education achieve significantly higher savings and net worth later in life. Additionally, the Bureau says, research shows that when high schools include prudent financial education requirements, those students tend to have improved credit scores later in life and are less likely to be delinquent on financial obligations as adults.
The CFPB says that while the guide is targeted at policymakers, it was designed to benefit all members of the financial education community. The guide's framework for advancing K-12 financial education has three main sections:
Laying the groundwork: This section is designed to help policymakers make the case for K-12 financial education, set a strategy for initiatives, define the structure for initiatives, foster partnerships, and secure resources.
Building the initiative: This section focuses on key components of K-12 financial education including standards and requirements, classroom resources, teacher training, and initiative evaluations.
Extending the impact: This section contains guidance on how to effectively carry out and expand K-12 financial education initiatives, including information on the resources to support the advancement and recognition of efforts, and improve and scale existing initiatives.
Each section contains guiding questions for policymakers to consider, case studies, and a resource directory with additional information. While the Bureau notes that each state's unique circumstances may require different approaches, it hopes that policymakers find the guide helpful as a resource.
A copy of "Advancing K-12 Financial Education: A Guide for Policymakers" is available at:https://www.consumerfinance.gov/reports/advancing-k-12-financial-education-a-guide-for-policymakers/