Friday, March 9, 2012

Is the Financial Literacy Movement Losing Momentum?

There is a great article over at CreditCards.com that looks at the movement to include financial literacy instruction in public schools.  Pay particular attention to the great info-graphic, which suggests the movement may be losing some momentum.

Perhaps more interesting than just the raw number of states teaching financial literacy, is the article's look at different strategies and the search for what works best.

Of note:
Experts are still searching for the holy grail of financial literacy education.
"We economists would love it if someone came up with a methodology to teach people how to use credit cards to maximum advantage and do it in high school, when we can reach them, with the notion that it will be retained until they're adults and using credit cards," says Mandell. "We haven't found any silver bullets, but that doesn't mean we're not looking."
Limited time in the classroom.  Teachers who are not "masters" of the subject.  Factors like patience that can't be taught.  The article lists a great number of challenges facing advocates who understand we need to help teach kids money skills.

While the overall message of a slow down in the movement is alarmist, the details suggest the debate is more alive than ever and the search for the best path forward continues.