Financial literacy education a priority for new social science frameworks
Published: February 24, 2016
In 2013, AB 166 (Hernandez) was signed into law requiring that financial literacy be included in the next revision of the history-social science frameworks. The draft history-social science frameworks are currently available for public comment and are expected to go to the State Board of Education for approval later in 2016.
While the draft frameworks are under review, textbook publishers have begun the process of updating instructional materials in all areas of history-social science, with a particular focus on increasing the materials available for financial literacy.
The California Council on Economic Education, which provides economics and financial literacy training and resources to K-12 teachers and students, has asked for assistance in sending letters to publishers to ensure that appropriate financial literacy materials are included in the new history-social science textbooks.
This letter to Pearson Publishing can be personalized and emailed.
Financial literacy skills are vital in preparing California's young people to address the issues of their future. Students need to be equipped with appropriate tools and knowledge to enter a financial-based economy. The lack of financial knowledge is especially problematic for the most vulnerable members of our society, as the poor, elderly and minority groups are often victims of fraud and deception, predatory lending and other such abuses.
According to a 2008 survey by the
Jump$tart Coalition for Personal Financial Literacy, "The financial literacy of high school students has fallen to its lowest level ever." The survey covered issues ranging from savings and investment, to personal debt and credit.
Financial literacy education provides students with the tools necessary to address the fiscal impacts of their lives, from saving and spending money, to budgeting to investing.
Furthermore, personal finance education brings additional relevance to other subjects by teaching students goal setting, the importance of making informed decisions and how to invest in themselves.