As featured in The Wall Street Journal, Money Magazine, and more!
     

New Bill to Provide Grants for Financial Literacy Education

This article was written by in Education. 14 comments.


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 @ConsumerismComm on Twitter and visit our Facebook page for more updates.

Email Email Print Print
avatar
Points: ♦127,372
Rank: Platinum
About the author

Luke Landes, also known as Flexo, is the founder of Consumerism Commentary. He has been blogging and writing for the internet since 1995 and has been building online communities since 1991. Find out more about him and follow Luke Landes on Twitter. View all articles by .

{ 7 comments… read them below or add one }

avatar Rev

Good. They should start getting more money into this and rolling it out to all highschools.

Reply to this comment

avatar Mark Kling

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.

Reply to this comment

avatar Melody Ussery

I would like to know how to get a Financial Literacy grant to teach youth and youngadults as part of our non-profit organization.

Reply to this comment

avatar romaine johnson

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.

Reply to this comment

avatar Scott Brooks

This is an excellent idea! This is something sorely needed in today’s world.

Reply to this comment

avatar bluesmama500

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.

Reply to this comment

avatar Seth Joyner

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

Reply to this comment

Leave a Comment

Connect with Facebook

Note: Use your name or a unique handle, not the name of a website or business. No deep links or business URLs are allowed. Spam, including promotional linking to a company website, will be deleted. By submitting your comment you are agreeing to these terms and conditions.

Notify me of followup comments via e-mail. You can also subscribe without commenting.

Previous post:

Next post: