- Rhode Island has launched a state study on how schools are teaching financial literacy.
- State Treasurer Seth Magaziner notes that statewide standards don’t exist in the state, and is looking for teachers to “share” what has and has not worked for them on the topic, Education Week reports.
- Magaziner, along with state Sen. Sandra Cano and Rep. Joseph McNamara, hope to help students learn how to expand their financial knowledge.
While people love to joke that they never use their algebra again once they leave school — financial literacy skills are something every one needs as adults whether they’re paying for dinner or balancing a checking account. Graduates have even voiced that they wished financial classes had been offered to them in school, as Education Dive reported.
Without state standards around financial literacy skills, educators tend to look to each other for suggestions, including lessons that can be taught in elementary schools. Simple exercises, such as lending something of value to a friend, and seeing it come back in good condition, can help children learn the value of having good credit.
As children move through school, financial literacy lessons can change. Children in elementary school can discuss the basics of charitable giving, for example, and middle school students can learn about the importance of credit history. When students reach high school, they have the math skills to start learning about investments and debt, just one of the free online financial literacy lessons offered by consulting and tax firm PwC.
While math, English, social studies and science are certainly important, having financial literacy skills are just as key to making sure students have the ability to support themselves, no matter where their academic pursuits lead them next.