Saturday, February 23, 2013

Financial Literacy Becomes Mandatory in UK, US to follow suit

Wonderful news for financial literacy advocates. The U.K. has moved to make financial education mandatory throughout its education system. The program will be implemented in 2014 and will include incorporating finance into its math classes. Time Magazine reports that dozens of European and Asian countries have adopted this policy as well.

In the U.S., the Treasury Department has developed a website for teachers that is expected to be launched in the near future. Finance-related material will be available for teachers to use in classrooms. The website, moneyasyoulearn.org, will expand to include sources that can be used in other subjects as well. This is part of the Common Core Standards campaign which 46 states and the District of Columbia have agreed to participate in.

Research I conducted for my e-book shows that the earlier individuals are exposed to financial literacy, the better decisions they are able to make as adults. They are also more likely to be financially secure and avoid becoming victims of fraud. In turn, this builds stronger societies and economies.

This is indeed a good start in the right direction. However, we need to get other countries to make the same commitment and work to raise enrollment for girls in poor countries. Great skills build great minds and strong economies.

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