Arlington, VA — In 2006, NASBE’s Commission on Financial and Investor Literacy was in the avant garde when it called for reforms in how the nation’s schoolchildren learned about personal finance. Although the great recession did not fully begin until 2009, it was clear to the Commission that people needed to learn more about personal financial security even as credit was freely available and personal debt grew.
Who Will Own Our Children: The Report of the NASBE Commission on Financial and Investor Literacy established the subject as an issue for K-12 education by noting all of the financial decisions that lay ahead for students, from college and auto loans to mortgages and retirement planning.
“Like all types of education, financial education begins with teaching the basics that will provide an individual with a foundation for analyzing increasingly complex financial problems.”
And though the report was released in 2006 and conditions have changed, the concepts and recommendations remain relevant. Among its recommendations were :
- State boards of education must be fully informed about the status of financial literacy in their states.
- States should consider financial literacy and investor education as a basic feature of K-12 education.
- States should include financial and investor education in their academic standards and ensure that assessments are aligned with the standards.
The full report is available for download at the link below.