Improving financial literacy & economic education in DC
Washington Business Journal, October 20, 2015
Jennifer Nycz-Conner, Editor-at-Large
"When it comes to teaching financial literacy to high school students, D.C. flunked the test while Virginia came out at the head of the class.In a new report from the Center for Financial Literacy at Champlain College which measures financial education efforts in U.S. high schools, nearly one quarter of the states received a failing grade. That includes the District of Columbia. Personal finance education is not required to graduate, and economics is offered, but only as an elective. Only five states scored an "A" grade, one of which was Virginia. Virginia high school students are required to take a one-year course on economics and personal finance to be able to graduate. Maryland came away with a "B." Maryland requires personal finance be taught in elementary, middle and high schools. However, it doesn't appear to be taking so well. Only half of graduating seniors in 2014 recall receiving instruction on personal finance. However, that is expected to improve, and the state has appointed a financial literacy education advisory council that's charged with implementing financial instruction throughout the schools."
Jennifer Nycz-Conner, Editor-at-Large
"When it comes to teaching financial literacy to high school students, D.C. flunked the test while Virginia came out at the head of the class.In a new report from the Center for Financial Literacy at Champlain College which measures financial education efforts in U.S. high schools, nearly one quarter of the states received a failing grade. That includes the District of Columbia. Personal finance education is not required to graduate, and economics is offered, but only as an elective. Only five states scored an "A" grade, one of which was Virginia. Virginia high school students are required to take a one-year course on economics and personal finance to be able to graduate. Maryland came away with a "B." Maryland requires personal finance be taught in elementary, middle and high schools. However, it doesn't appear to be taking so well. Only half of graduating seniors in 2014 recall receiving instruction on personal finance. However, that is expected to improve, and the state has appointed a financial literacy education advisory council that's charged with implementing financial instruction throughout the schools."
The Greater Washington Council on Economic and Financial Education believes that every student in the United States, especially in the District of Columbia, should learn about the economy, opportunity cost, and how to be financially literate. Everyday, students graduate from high schools across this region and transition into adulthood without really knowing the difference between a 'debit card' versus a 'credit card'. We advocate for personal financial education and economic education to be included in all K-12 classrooms, and for all youth to be actively engaged in developmental programs that will teach them the important aspects of responsibility, self-worth, and most importantly- the value of a dollar.
The importance of having economic & financial education
Courtesy of: Council for Economic Education via YouTube