Could personal finance schooling help prevent an additional crisis?

It’s been said that an ounce of prevention is worth a pound of cure. Generations of Americans were elevated to be financially illiterate and turned loose upon the world. Making proficiency in personal finance mandatory is increasingly reviewed as the nation reevaluates schooling in the aftermath of the financial crisis. Resource for this article – Teaching personal financial literacy in schools an uphill battle by Personal Money Store.

A financial reform is in place

Educating on finances is an integral part of the 2010 financial reform law. The financial reform law consists of the establishment of an Office of Financial Literacy. The intent of the Office of Financial Literacy is to educate students and consumers about financial education and money.

The public relations are only strengthened with this office

The need to educate everyone who will learn about financial literacy is also good PR. One business has gotten on board already, Genworth Financial, which is doing what it can to educate personal finances in over 300 high schools across the country. Even Visa has gotten on board with a game called Financial Football, where they try to turn education into a fun game. American Express jumped on the education train also. They posted a website called "Currency" directed at younger adults to help them make wise financial decisions as well.

School programs already in play

When it comes to financial literacy education in schools, teachers have their work cut out for them, according to Dan Kadlec at MoneyWatch. As outlined by Kadlec, teacher approached him at the Financial Literacy National Educators Conference in D.C. and stated that they only teach what is on standardized tests. Most all of the standardized tests required for students and schools do not contain anything on financial literacy.

Articles cited

MoneyWatch

moneywatch.bnet.com/saving-money/blog/bank-dad/financial-education-at-school-is-it-a-pipe-dream/407/

Sacramento Bee

sacbee.com/2010/11/08/3168061/unstable-economy-requires-new.html

PR Newswire

multivu.prnewswire.com/mnr/genworthfinancial/43291/