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CFPB Launches Nationwide Effort to Advance Financial Education
Wednesday, April 8, 2015 6:35 AM

Yesterday, the Consumer Financial Protection Bureau announced that it is launching a nationwide effort to advance financial education in schools. The Bureau is publishing "Advancing K-12 Financial Education: A Guide for Policymakers," a resource guide which contains strategies for furthering the development and implementation of financial education in states.

"We have watched too many Americans struggle to manage their affairs within our complex financial system," said CFPB Director Richard Cordray. "Financial education in our schools is critical to the financial well-being of future generations. The resource guide will allow the CFPB to serve those policymakers looking to make progress on K-12 education."

Recent research suggests that students who receive K-12 financial education achieve significantly higher savings and net worth later in life. Additionally, when high schools include prudent financial education requirements, those students tend to have improved credit scores later in life and are less likely to be delinquent on financial obligations than adults. The CFPB believes it is uniquely positioned to support policymakers by fostering connections among the financial education community and furthering the conversation around K-12 financial education initiatives.

While the guide is targeted at policymakers in the states the guide was designed to benefit all members of the financial education community. The guide's framework for advancing K-12 financial education has three main sections:

  • Laying the groundwork: This section is designed to help policymakers make the case for K-12 financial education, set a strategy for initiatives, define the structure for initiatives, foster partnerships, and secure resources.
  • Building the initiative: This section focuses on key components of K-12 financial education including standards and requirements, classroom resources, teacher training, and initiative evaluations.
  • Extending the impact: This section contains guidance on how to effectively carry out and expand K-12 financial education initiatives, including information on the resources to support the advancement and recognition of efforts, and improve and scale existing initiatives.

Each section contains guiding questions for policymakers to consider, case studies, and a resource directory with additional information.

Access a copy of "Advancing K-12 Financial Education: A Guide for Policymakers."