The Importance of Financial Literacy Education
As a high school teacher focused on personal finance, I have a crucial message: our youth need your support to prepare for their financial futures. April is recognized as Financial Literacy Month, underscoring the importance of a community effort to equip future generations with essential financial skills. Generation Z, which includes all high school students, has one of the lowest financial literacy levels among American adults, as reported by the TIAA Institute-GFLEC Personal Finance Index.
The Urgent Need for Financial Education
Many students are aware of their financial knowledge gaps and are eager for guidance. A 2021 survey revealed that 74% of Gen Z teenagers lacked confidence in their financial understanding, with 73% desiring more education on the subject. This is unsurprising given the early exposure to complex financial systems through gaming, digital currencies, and online transactions.
Proven Benefits of Classroom-Based Financial Education
Research indicates that school-based financial education significantly impacts students’ financial outcomes. Implementing personal finance education in K-12 results in higher credit scores, better borrowing decisions, and fewer defaults. Moreover, financial education can make subjects like math more relatable and exciting for students, leading to lasting positive effects on their financial behavior.
North Carolina’s Leadership in Financial Education
North Carolina has been a pioneer in recognizing the need for financial literacy. According to the NGPF’s 2024 State of Financial Education Report, North Carolina was the 7th state to require all high school students to complete a semester of Economics and Personal Finance (EPF) for graduation. This initiative is a testament to the state’s commitment to improving students’ financial success.
Engaging the Community in Financial Literacy
To bridge the financial knowledge gap, I am joining hundreds of teachers in the nonprofit Jump$tart Coalition’s Teen Teach-In this April. This initiative brings together high school students, elementary students, teachers, and parents to raise awareness about financial education. As part of this event, 15 students from Lenoir County Early College High School will teach financial lessons to 3rd graders at Northwest Elementary, fostering peer-to-peer learning.
A Call to Action for the Business Community
During Financial Literacy Month, I urge those in the finance and business sectors to engage with local schools. Partner with teachers to enhance financial literacy education by providing resources, sponsoring travel for competitions, or even creating grants for financial literacy projects. These contributions can make a significant difference in equipping students with real-world financial knowledge.
Get Involved and Make a Difference
Consider serving on the regional advisory board for the North Carolina Council on Economic Education (NCCEE) to help plan financial literacy initiatives. It has been an honor to teach young people about managing their finances and futures, and I invite you to support these efforts. Join me in making financial literacy a priority, not just in April but throughout the year, to ensure future generations are financially empowered.
Dr. Travis Towne is a dedicated social studies teacher at Lenoir County Early College High School in Kinston, with over 18 years of teaching experience. He is also the Chief Livestream Engineer for Magic Mile Media and Neuse News, an Army veteran, and an active volunteer at Tanglewood Church of God. Connect with Travis via email at [email protected], Facebook at facebook.com/travis.towne.18, or LinkedIn at linkedin.com/in/travis-towne-69106443.