Brookings research report, "A Review of Large-Scale Youth Financial Literacy Education Policies and Programs," adds to the existing research literature on state policies completed by the CEE and Champlain College. Brookings describes how their approach expands upon these ongoing efforts. 

We have attempted to expand upon previous work by the CEE, Champlain College, and others in our own description of state financial literacy efforts at the K-12 level (Table 1). This table—which is based on a review of state curriculum, standards, legislation, relevant web materials, and cross-referenced with previous research—presents a clearer picture of current state efforts in several important respects. First, the table lists the core content areas covered in each state’s financial literacy standards, allowing readers to compare standards across states and to national standards.

Second, our table describes whether states have standards for elementary and middle school students. While there is wide support for starting financial literacy education early, previous research has not systematically analyzed whether states do this.

Third, our table describes the extent to which states make teacher resources and training readily available. Although a lack of knowledge and confidence is often cited by teachers as a reason for not teaching financial literacy in their classrooms and there is wide consensus that teachers need more support in order to do so, there have not been, to our knowledge, previous attempts to systematically compare what different states are doing.

Fourth, our analysis takes into account that many states do not neatly fit into a binary classification system when it comes to standards, requirement, and teacher support. We include more than a “yes” or “no” for many criteria to reflect spectrum of policy and implementation; we attempt to balance this with table usability by using no more than three classifications for any one criteria, but also including substantial notes for interested readers. For instance, our table differentiates state standards that are rigorous from those that fail to cover essential financial literacy content areas. Similarly, we differentiate between states that require a specific course with established state standards and those that leave implementation in the hands of districts and schools. The table highlights both the wide range in standards and requirements across the nation, and the gap that exists between where many states are and where they should be.

Here's a sample of the data that you can find for each state:

I believe this report adds to the existing literature by providing data on whether or not students are receiving financial education prior to high school and by researching what states are doing to support teachers. For teacher support they visited state websites to determine whether or not resources and training opportunities were available. Note that while this is the third report focused on state level policy and implementation, NGPF has created the only report that analyzes financial education efforts at the individual high school level and a School Search tool that enables users to learn about financial education offered at over 11,000 high schools. 

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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