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A Path Forward on Financial Literacy
With the support of a Dater Foundation grant, the Alpaugh Family Economics Center examined financial education in a seven-county region in the Cincinnati area.
Given the lack of uniform, consistent requirements across Ohio’s and Kentucky’s school districts with respect to financial education, the Economics Center undertook the task of providing some structure around the current environment, best practices that have arisen in this environment, and a means of disseminating this information. The census revealed a patchwork of financial education offerings.
The census included 104 schools and found that only nine schools require a semester-long course in financial education to graduate. Sixteen schools in the census have a stand-alone course in financial education, but it is offered as an elective only, not as a graduation requirement. The remaining 79 schools (76% surveyed) did not require nor offer a stand-alone course. Instead, financial education content is included as part of another class, often one that is itself a graduation requirement. The census also revealed a common thread: teachers do not have specific training in either the content or its delivery. The lack of training on pedagogy and knowledge of subject matter is not surprising, given that financial education is not a part of teachers’ formal training, making access to and utilization of professional development opportunities paramount.
To better understand the current financial literacy practices, to establish best practices, and to get overall guidance on articulating the need for financial education, the Economics Center established the Pathfinders Financial Literacy Champions. These are educators, known by the Center, that are leaders in creating materials, being outspoken advocates for a required financial literacy course, and recognized by their peers for excellence in the classroom. One of the tasks of the Pathfinders group was to determine what sessions would be the most beneficial at a region-wide Financial Education Conference. This three-hour conference was held on Saturday, March 7, at Princeton High School, and 56 educators attended.
The expectation is that this project will change the way financial education is perceived and delivered within this 7-county region.
Click here to read more about the Path Forward Report as well as the actual report itself.
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