Finance Classes?
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Should 'financial literacy' be added to schools' curriculums?
It's not just about reading, 'riting and 'rithmetic anymore. Some Minnesota lawmakers and educators say it's time to add "financial literacy" to schools' curriculum. On Tuesday, experts talked about financial literacy at a conference in St. Paul hosted by Minnesota Jump$tart Coalition for Personal Financial Literacy. Experts there described how they feel financial illiteracy played a large role in the country's current financial crisis. "The people who failed were spending over and above their means," said Dr. Tahira Hira, who is a member of the President's Advisory Council on Financial Literacy. Experts say although the current crisis illustrates the lack of knowledge among adults, students are also falling short of a good financial understanding. "We see our students are graduating without those knowledge and skills right now," said Beth Aune, Director of Academic Standards for the Minnesota Department of Education. A personal financial survey conducted by the National Jump$tart Coalition shows students received an average score of 48.3 percent, nation-wide. In Minnesota, the average is up slightly, at 53.1 percent. Still, experts say those scores highlight the need for more financial instruction. Minnesota lawmakers introduced a bill this year that would have required students take one unit of personal finance before high school graduation. But that law died before it made it to a committee. "The challenge we're facing, ironically, is fiscal," said Rep. Jim Davnie, DFL-Minneapolis, who co-sponsored the bill. "Given the state's budget crisis, we didn't feel this year we could ask the schools to do yet another new thing," Davnie added. Still, lawmakers hope they will be able to revisit the legislation in future sessions. Until then, educators say schools will still teach to state "standards" that encourage students to learn more about personal finance. At this point, three states currently require a personal finance course: Utah, Missouri and Tennessee.
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