Financial Literacy Improvements Needed in TC
With many school systems across the state slated to open for on-site classes in the fall, it is once again time to review the state’s efforts to provide financial literacy to its nearly 600,000 students. kindergarten to grade 12.
Connecticut, with the second highest per capita income in the country and still looming financial problems, should want its emerging workforce – who will also be voting soon – to make financial education in its schools a high priority.
There is encouraging news as the latest newsletter shows an improvement in Connecticut’s approach to financial literacy in its schools. On the other hand, this improvement is only from an F in previous years to a D grade currently, indicating that although there is some movement, there is still a lot to be done in terms of discernible action.
One way to help move forward is to adopt some of the programs offered by non-profit organizations like Junior Achievement.
The American Public Education Foundation, which produces the newsletter, notes that “the financial reality of our country reflects the failure of our schools to prepare and educate students in personal finance and decision making.” Some of the most disturbing facts about Americans’ ability to successfully manage their personal lives include:
Connecticut does not require a stand-alone personal finance course for high school graduation, nor does it require students to take a course that incorporates personal finance. This, even though the 2012 legislation allowed a personal finance course to count towards the “two credits required in the choice of career and life skills”.
Connecticut has a business and financial technology education framework for the personal finance option. In addition, a 2014 law directed the Ministry of Education “to develop a plan to ensure that every student in a public high school or constituent unit … receives an education in financial literacy … in the last year. high school year of a student. “
Since the Connecticut legislature began to pass various measures to at least encourage, if not outright, a more intensive focus on financial literacy, the world of finance has gone through significant upheaval. The Great Recession affected millions of working families, and this was followed by the explosion of cyber currencies.
Government programs have moved from basic conservatism to more liberal policies and while these variations can all affect the average household to some level, everyone still needs to know how to balance a bank account, pay the bills, maintain a household. savings account and build a solid foundation. for retirement. How can the next generation of workers and leaders be expected to fully understand the vagaries of an international monetary system if they don’t even know how to navigate a monthly audit of their personal bank cards? , even less in international fluidity?
For many years, Junior Achievement has offered financial education programs to supplement what might otherwise be lacking in schools. School systems can still count on the programs offered by Junior Achievement, programs that have been proven for decades.
The isolation imposed on us by the COVID-19 pandemic has only reinforced the need for financial literacy and self-reliance. To stay on top of the monetary intricacies and the basics, today’s students need focused, mandatory financial literacy courses that start with the basics of kindergarten and grow year by year to a class. final at the end of their high school years. The ultimate goal will be to train older people who can enter the world prepared for the next step, whether it is a trade, the military or other forms of public service or higher education. .
At the moment, it is clear that Connecticut is not providing sufficient financial education. The framework for a first-class curriculum exists, and all that is needed for a dream to come true is the will of the state’s political and educational structure to make it come true.
Meanwhile, financial literacy remains the cornerstone of Junior Achievement’s mission: “to inspire and prepare young people to succeed, through programs focused on financial literacy, work and career preparation and entrepreneurship.” “.
Bernadine Venditto is President of Junior Achievement, based in Bridgeport, Greater Fairfield County. She can be reached at 203-382-0180 or
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