According to Future Gen Personal Finance, only six U.S. state offered a solo personal finance course to all high school students in 2019. The environment of financial education has changed in the last few years. 23 states have now recognized the significance of providing today’s learners with the fundamental personal economic knowledge they will need to navigate the complexities of life.
However, the need for fiscal education extends beyond high school students. For some American people, the 2022 TIAA Institute-International Financial Literacy Excellence Center Personal Finance Index revealed a worrying reality.
Adults were only able to correctly respond to half of the Personal Finance Index’s 28 fundamental cash questions on average. Even more concerning, 23% of people could only appropriately respond to seven of these issues, demonstrating the urgent need for increased financial literacy across all age groups and populations.
The good news is that specialists like financial managers are rising to the occasion. By utilizing their knowledge and commitment to enhancing financial literacy and heath across the nation, they are playing a crucial role in boosting the economic fluency of both individuals and students.
Here are some examples of how economic practitioners are making a change in the United States, and you can do the same.
Offer education sessions using your expertise and knowledge. On a variety of fundamental fiscal topics, including accounting, saving, investing, retirement planning, and college funding, you can plan and deliver educational workshops. Include their children if you’re considering providing these seminars to your customers.
Discuss useful resources and information. Consider utilizing the fantastic resources that reputable organizations offer, even though you may personally create and share resources like articles and videos that explain economic concepts. Three for companies that are doing some incredible work to promote and cultivate financial education and healthcare among students and adults are the Jump$ dessert Coalition for Personal Financial Literacy, the National Endowment for Financial Education, and Junior Achievement.
Participate in nearby university programs. As was already mentioned, more and more claims are mandating that personal finance courses be taught in schools. Learn about opportunities to use your background to support the plans by getting in touch with your local high school, even if that means helping and training the educators who are in charge of teaching the courses.
Find cooperation with neighborhood organizations and community groups. There are probably a number of companies in your neighborhood that offer training, education, and help to adults and children. Check out the companies that already exist and see if there is a chance to help current initiatives or create new ones that assist audiences in developing their financial acumen.
If you do this, consider your specific interests and appear to collaborate with companies that share them. Consider whether a nearby children’s house or support group will be willing to work with you to provide training if you are passionate about helping women in need.
Participate in volunteer-driven specialist organizations. Discover how you can participate in current or future financial literacy courses by utilizing your professional connections with trade associations and membership organizations.
The Financial Planning Association, whose present regional volunteer president I am happy to be, is one such organization.
In order to increase the monetary literacy of both parents and kids, some FPA pages and members across the country have taken it upon themselves to actively engage their local areas. FPA pages reported hosting 230 workshops on financial literacy in 2022, drawing 17,302 attendees, a significant 212% increase over the 5,546 participants in the previous year. Additionally, 9,506 hours of free financial planning services were provided to 4,424 buyers by 962 personal FPA users.
Several other professional companies with which you may be affiliated share FPA’s commitment to enhancing economic well-being, as do its sections and its members. I beg you to think about the beneficial effects you can have on the present and future generations of Americans by making the effort to share your knowledge and expertise with another.
We can help pave the way for a better, more financially stable future for everyone by providing Americans with financial knowledge and skills.