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Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others.
Financial Literacy: Mellody Hobson at TEDxMidwest
In a 2014 survey, three main questions were asked of respondents:
1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow?
1. Suppose you had $100 in a savings account and the interest rate was 2 percent per year. After 5 years, how much do you think you would have in the account if you left the money to grow?
More than $102; Exactly $102; Less than $102; Do not know; Refuse to answer.
2. Imagine that the interest rate on your savings account was 1 percent per year and inflation was 2 percent per year. After 1 year, how much would you be able to buy with the money in this account? More than today; Exactly the same; Less than today; Do not know; Refuse to answer.
3. Please tell me whether this statement is true or false. “Buying a single company’s stock usually provides a safer return than a stock mutual fund.”
True; False; Do not know; Refuse to answer.
In the United States, 38 percent of men answered all three questions correctly compared with only 22 percent of women. In the Netherlands, 55 percent of men and 35 percent of women got all three right, and in Germany the results were 60 percent for men and 48 percent for women.
In the United States, 38 percent of men answered all three questions correctly compared with only 22 percent of women. In the Netherlands, 55 percent of men and 35 percent of women got all three right, and in Germany the results were 60 percent for men and 48 percent for women.
In a 2016 Survey of the States, there were several key findings regarding financial literacy:
- Since 2014, two additional states include personal finance in their K-12 standards and require those standards to be taught.
- While more states are implementing standards in personal finance, the number of states that require high school students to take a course in personal finance remains unchanged since 2014 – just 17 states.
- Only 20 states require high school students to take a course in economics – that’s less than half the country and two fewer states than in 2014.
- There has been no change in the number of states that require standardized testing of economic concepts – the number remains at 16.
Here are a free resource to help you access your students' basic understanding of financial literacy concepts.
Click Free Financial Literacy to download this free resource.
Click financial literacy crossword puzzle to download this financial literacy crossword puzzle.
This bundle will save you money! (no pun intended!)
Click HERE for more resources from Edutopia.
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Financial Literacy for Millennials: A Practical Guide to Managing Your Financial Life for Teens, College Students, and Young Adults
A modern primer on consumer finance and personal money management intended for readers aged 15 to 30, this guide can also serve as a primary text for high school, college, or adult education courses on personal finance.
• Provides an understanding of the structure and institutions constituting the U.S. economic system
• Shares knowledge about consumer finance and financial planning to enable young people to make better choices in their lives
• Shows how to save and invest prudently and use debt wisely and effectively
• Prepares millennials for the financial impact of life events so they will be empowered to take control of their financial futures
• Includes a series of tips that summarize the important lessons from the book
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A modern primer on consumer finance and personal money management intended for readers aged 15 to 30, this guide can also serve as a primary text for high school, college, or adult education courses on personal finance.
• Provides an understanding of the structure and institutions constituting the U.S. economic system
• Shares knowledge about consumer finance and financial planning to enable young people to make better choices in their lives
• Shows how to save and invest prudently and use debt wisely and effectively
• Prepares millennials for the financial impact of life events so they will be empowered to take control of their financial futures
• Includes a series of tips that summarize the important lessons from the book
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Learn how to plan and manage your personal finances, achieve a financially successful life, and take responsibility as a citizen. PERSONAL FINANCIAL LITERACY, Second Edition, is aligned with the Jump$tart Coalition's National Standards for Personal Financial Literacy. The personal focus of this course makes it relevant and meaningful to all; in particular, to those just starting down the path to personal financial independence.
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