Curriculum

Subprime Financial Education?

July 03, 2008 1 min read
  • Save to favorites
  • Print

With the collapse of the subprime-mortgage market—and the crisis it has created for the economy—there have been calls for schools to take on yet another task: financial literacy. Many are, apparently, if you consider that more 20,000 high school students in 20 states took the Financial Literacy Certification Test this year, according to WISE, or Working in Support of Education, a nonprofit that promotes financial and business education.

About three-fourths of the students who’ve taken the test since it was introduced in 2003 have passed, a statistic that may help improve the bottom line:

“A national survey of 12th graders found that over 68% failed to understand the basics of personal finance,” according to the Financial Literacy Coalition in New York. “The largest group filing personal bankruptcy is young people ages 20 to 25.”

After reading this series in The Washington Post about the housing bubble, it seems that many of the people who received loans that were well beyond their means either weren’t equipped to understand the commitment they were making or were completely in denial of their own fiscal reality. Too many put undue faith in their loan officers, who too often gave their clients an overly optimistic view of their debt thresholds.

A bunch of groups are now trying to build the foundations of financial literacy early, as I described in this story from a few months back.

Are schools finding time for these kinds of courses, lessons? Anyone know if states are requiring financial education? Should they in light of the current economic picture?

Related Tags:

A version of this news article first appeared in the Curriculum Matters blog.

Events

This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
Sponsor
Budget & Finance Webinar
The ABCs of ESSER: How to Make the Most of Relief Funds Before They Expire
Join a diverse group of K-12 experts to learn how to leverage federal funds before they expire and improve student learning environments.
Content provided by Johnson Controls
This content is provided by our sponsor. It is not written by and does not necessarily reflect the views of Education Week's editorial staff.
Sponsor
School & District Management Webinar
Modernizing Principal Support: The Road to More Connected and Effective Leaders
When principals are better equipped to lead, support, and maintain high levels of teaching and learning, outcomes for students are improved.
Content provided by BetterLesson
Jobs Virtual Career Fair for Teachers and K-12 Staff
Find teaching jobs and other jobs in K-12 education at the EdWeek Top School Jobs virtual career fair.

EdWeek Top School Jobs

Teacher Jobs
Search over ten thousand teaching jobs nationwide — elementary, middle, high school and more.
View Jobs
Principal Jobs
Find hundreds of jobs for principals, assistant principals, and other school leadership roles.
View Jobs
Administrator Jobs
Over a thousand district-level jobs: superintendents, directors, more.
View Jobs
Support Staff Jobs
Search thousands of jobs, from paraprofessionals to counselors and more.
View Jobs

Read Next

Curriculum Want Students to Become Better Problem Solvers? Then Teach Them to Fly Planes and Drones
A free, relatively new curriculum that teaches students about the concepts of flying planes and drones is growing quickly nationwide.
10 min read
Sophomore Byron Barksdale, left, and classmates from Magruder High School’s aviation program examine the inside of a charter plane at the Montgomery County Airpark in Gaithersburg, Md., on April 6, 2022.
Sophomore Byron Barksdale, left, and classmates from Magruder High School’s aviation program examine the inside of a charter plane at the Montgomery County Airpark in Gaithersburg, Md., on April 6, 2022.
Jaclyn Borowski/Education Week
Curriculum Florida's Math Textbook Brouhaha: Your Questions Answered
Florida rejected several math textbooks for 'indoctrination.' But what do we really know about them—and what happens next for districts?
9 min read
Conceptual Illustration of a chalkboard with math equations, where many are blacked out and unreadable
Vanessa Solis/Education Week and E+/Getty
Curriculum How Prevalent Are Book Bans This Year? New Data Show Impact
Two million students in 86 school districts have had access to books restricted due to book bans, according to a report by PEN America.
4 min read
Image of library shelves.
VTT Studio/iStock/Getty
Curriculum Opinion Ignoring Racism in Schools Actually Increases Prejudice
Good intentions aren't enough to address race and racism in schools; good practice is.
Ross Wiener & Francesca López
5 min read
Conceptual Illustration of a hand pointing the way forward over a field of arrows pointing in all directions.
PepeLaguarda/iStock/Getty