Pass / Fail : States to consider financial literacy requirements for K-12 students | 89.3 KPCC

Pass / Fail : States to consider financial literacy requirements for K-12 students | 89.3 KPCC:

States to consider financial literacy requirements for K-12 students

by Vanessa Romo

Credit: Photo by 401K via Flickr Creative Commons
Schools have long tried to impart money management skills to students through a variety of programs: elective classes in partnership with banks and nonprofit groups, after-school programs that teach economic basics and “life-skills” to round out a student’s academic education.
Now a nonprofit promoting financial education, the Council for Economic Education, will be unveiling financial literacy standards next month, pegged to "financial literacy" month. They establish benchmarks for what kids show know about money by the end of 4th, 8th and 12th grade.  The group said it will be going state by state to get them implemented.
The lessons include:

• Earning income: Not just collecting a paycheck, but also collecting rent, stock dividends and interest on bonds. It also includes a discussion of the labor market and how education may lead to higher wages.
• Buying goods and services: How to plan, compare, budget and making choices in the marketplace.