A week ago, U.S. Senator Patty Murray introduced legislation proposing an investment of $250 million to support personal finance education in public schools and colleges. Education is the key to improving the financial stability of future generations, and parents have the strongest side of responsibility. While the general media doesn’t encourage fiscal responsibility through excessive commercialism, this message may not be balanced by education at home or in school. The problem is that many parents don’t have the ability to pass on solid knowledge because they didn’t receive good habits from their own parents. The cycle has to be broken somehow, and public education is a good start.
The public school curriculum is already packed with essential education in science, math, humanities, languages, and arts. Adding a separate personal finance requirement to the curriculum would require cutbacks in other areas of education, and I cannot support that. Alternatively, schools can incorporate money management into other classes or offer elective courses.
This legislation would provide needed funds for teaching financial literacy in whatever manner appropriate and necessary.
Of the $250 million in grant funding, $125 million will go to support classes in local colleges that students, working adults, and seniors can access to learn crucial financial basics. Another $125 million will go toward K-12 schools to teach financial literacy, help teachers incorporate financial lessons in other subjects, set new financial literacy standards, and develop innovative afterschool programs.
A public school that receives a grant under this program would be required to implement teacher training programs to embed financial literacy and personal finance education into core academic subjects, administer financial literacy assessments on at least an annual basis, and implement financial literacy activities within core academic subjects.
The bill was introduced and referred to the Committee on Health, Education, Labor, and Pensions, chaired by Senator Ted Kennedy.
Senator Murray Acts to Improve Financial Literacy Programs in America’s Schools and Colleges
S. 2671
Published or updated March 5, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @flexo on Twitter and visit our Facebook page for more updates.
Rank: Platinum
Luke Landes founded Consumerism Commentary in 2003 and has been building online communities since 1990. Luke, also known as Flexo, has contributed to PC World Magazine, US News, Forbes, and other publications. 
{ 7 comments… read them below or add one }
Good. They should start getting more money into this and rolling it out to all highschools.
Hello,
I have been trying to get involved with this movement for some time. I even created a web driven program for schools. Ever try to get a school to look at something? They turn their head. Please take a look at http://www.financialsuccess.orbquest.com and let me know if this is something your school could use or if you would like to incorpoate it into your program.
I would like to know how to get a Financial Literacy grant to teach youth and youngadults as part of our non-profit organization.
the Nalt colition on black civic partipation would like to know how to get a grant on Financial Literacy, we work with at risk youth and low income community in washington DC and surounding areas.
This is an excellent idea! This is something sorely needed in today’s world.
This is wonderful except I work for a non profit agency and teach a great program for kids financial literacy free and the public schools won’t even let me in the door. I would love to talk with Ms. Murray.
For the last 2 years this has been the mission of our 501 (c) 3, non-profit foundation. With the economy in shambles and a depression similar to 80 years ago on the horizon, it seems as though history has taught us very little. Financial knowledge will be the only way to avoid future economic downturns, as well as help the current recover. Initially it was difficult getting young people to attend our course, now we are in the unenviable position of having more student requests than our funds can presently supply. Grant money will be critical to our continued success, and succeed we will, we have no other choice, our childrens futures depend on it!!!! Visit us at http://www.joynerwalkerfoundation.org.
Seth Joyner
President and Co-Founder
Joyner-Walker Foundation, Inc
2400 W Medtronic Way
Tempe, Arizona 85281
480-736-2464