NSLasers like geometry, biology, and (more and more) personal finance meet the average teenager’s high school schedule. Nevertheless, access to quality financial literacy courses remains uneven in the United States, requiring less than half of the states to graduate.
The Charles Schwab Foundation hopes to fill the gap with an ambitious program announced today that plans to make personal finance courses available free of charge to all middle and high schools in the United States by 2025. The Texas-based brokerage giant’s philanthropic division (with $ 7.6 trillion in assets under management) has run this program called Moneywise America, with up to a quarter of Schwab’s 32,500 US employees as volunteer instructors. I am aiming to train.
Moneywise America’s 22-hour curriculum is designed in collaboration with various organizations that set educational standards and advocate access to personal finance courses, such as the Economic Education Council (CEE) and Jump $ tart Coalition.Responsible long-term investment says Carrie Schwab Pomeranz, chairman of the Charles Schwab Foundation and daughter of the company. Founder of Billionaire..
“We are in an era of economic equality and there are many social problems facing us today as a country,” says Schwab Pomeranz. “We want to be part of that solution. I think financial literacy is a great equalizer.”
This is not the Foundation’s first foray into financial literacy. In 2003, we partnered with the Boys & Girls Club to create, for example, a personal finance course for over 1 million teens. So far this year, Moneywise America has accounted for about 30% of the Charles Schwab Foundation’s total financial literacy donations, and as the program grows, organizations expect it to be their largest financial literacy investment. .. By 2022, schools will be able to begin requesting resources, including Schwab volunteers to teach the curriculum, through a dedicated website. This program will also be available to nonprofits. For example, Moneywise America has partnered with Girl Scouts to expand its financial literacy program for K-12 members since late 2022.
When teens learn about personal finance, it can have a positive impact on their future financial well-being, their confidence and ability to deal with student loan and money emergencies, George. Anna Maria Rusaldi, a professor of economics and accounting at the George Washington University School of Business, says Washington DC and founder of the school’s financial literacy center.
“The findings are very clear and we know that financial education can help young people behave differently,” Rusaldi emphasizes.
According to the latest CEE national survey released in 2020, high school students currently only need to take personal finance courses to graduate in 21 states. Lusardi supports a wider range of personal financial education requirements, adding that exposure to this type of learning is traditionally reserved. For young people with wealthy and well-educated parents who taught economic principles early on.
“I think schools play a very important role in providing access to everyone, early access, and a rigorous background,” he said, studying financial literacy for nearly 20 years. Rusaldi, who has been doing this, says.
The people seem to agree. According to a survey released last month by the National Financial Educators Council, more than 80% of Americans believe that high school students need to take a personal finance course. However, most states do not teach the subject well. According to a recent analysis by the American Public Education Foundation, two-thirds of the states (35 states, including Puerto Rico and Washington, DC) scored below “C” in financial literacy education, with only 17 states “A” or “NS.” Moneywise America curriculum and volunteer instructors will be available free of charge to schools and non-profit organizations. This allows you to bridge the permanent gap between intent and execution.
Teen investment has entered a boom year: Fidelity opened a youth brokerage account in May, with children’s budgeting and investment apps like Greenlight taking off. The account will be established. According to Shahar Ziv, founder of Acing Your Finances, a financial wellness company affiliated with Harvard Employee Credit Union, students have long been interested in investment lessons, but asked questions about Robin Hood and other new investment trends. It has begun to emerge in the last few months. We offer an annual personal financial management course in 2011.
“The topic that students are most interested in is investing, as assessed by attendance and demand for workshops on that topic,” says Forbes contributor Ziv. “But in order to get the money to invest and do it wisely, you first need to learn the basics of budgeting, savings, financial planning and more.
The Charles Schwab Foundation operates independently of the brokerage firm from which its name (and funding) came from, but Moneywise America has the added benefit of attracting the next generation of smart and prepared investors. There may be.
“The ultimate success is when they are financially competent and confident, because it leads to financial security,” says Schwab Pomeranz. “Whether they come to Schwab or Fidelity, it’s their choice. We’ll give them basic information so they can make wise choices for the future. I’m just saying. “