The Global Financial Literacy Excellence Center (GFLEC) envisions a world in which individuals have the financial knowledge they need to fully participate in the economy and build secure futures. In working toward that vision, GFLEC has positioned itself as the world’s leading incubator for financial literacy research, policy, and solutions. GFLEC launched in 2011 at the George Washington University School of Business in Washington, D.C. Since then, it has pioneered breakthrough tools to measure financial literacy, developed and advised on educational programs, and crafted policy guidelines aimed at advancing financial knowledge in the United States and around the globe.
Teachers—we heard you! In GFLEC’s recent study about personal finance education in schools, we heard loud and clear that teachers need and want professional development.
According to our recent study, 90% of teachers and 93% of other professionals believe that school-based financial education should be a priority. Currently, an average of 65% of teachers are motivated to teach personal finance, but findings indicate that professional development and teachers’ own mastery of the subject matter could increase motivation.
The Raising Awareness of the Importance of Personal Finance in School report, supported by the Calvin K. Kazanjian Economics Foundation, examines in depth how awareness, motivation, and confidence in teaching personal finance concepts can improve financial education in schools.
Some notable report findings:
- 51% of teachers feel familiar with financial education, while 26% of other professionals feel familiar with it.
- 64% of teachers and 50% of other professionals perceive high demand among parents and students for financial education in school.
- 50% of those currently teaching personal finance cite their good understanding of the subject and their training/professional development as the most critical factors that aided their ability to teach the subject, and 48% of teachers of other subjects feel that training would boost their confidence in teaching personal finance.
Teachers of personal finance and other subjects felt most confident teaching concepts related to spending and saving and least confident teaching risk management and insurance.
Whether you are a teacher, student, or community member, there are ways to help teachers of personal finance feel more confident and motivated to teach the subject. Fast Lane is a website with customized resources that can help anyone promote school-based financial education. Rooted in rigorous research and tested for success, Fast Lane’s materials provide strategies and resources all in one place.
The Fast Lane site, supported by PwC US, has so much to offer, and we encourage you to explore it for yourself. Let’s work together to support teachers and help make financial literacy a reality.
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