U.S. Chamber President and CEO Tom Donohue had a column this week about the lack of financial education in American public schools. He said that this leads to poor financial decisions for adults who do not know better.
Donohue writes, "For too long, America's education system has failed to equip students with the knowledge they need to make good financial decisions. An alarming number of adults are unable to balance a checkbook, understand the terms of a basic mortgage, realize the benefits of compound interest, and properly manage credit card debt. Today we are suffering the consequences."
Tennessee's State Board of Education this year added personal finance to the curriculum for high school students, along with additional courses in math, science and foreign languages.
The US Chamber of Commerce blogger David Chavern had an interesting analysis of a New York Times story on strengthening graduation requirements for high school students.
Sara Rimer of the New York Times writes, "By contrast, many urban and low-income districts, which also serve many immigrants, are experimenting with ways to teach more than the basic skills so that their students can not only get to college, but earn college degrees. Some states have begun to strengthen their graduation requirements.
"'This is transformational change,' said Dan Challener, the president of the Public Education Foundation, a Chattanooga group that is working with the area public schools. 'It’s about the purpose of high school. It’s about reinventing what high schools do.'"
Read the New York Times article here.
Chavern, of the U.S. Chamber, quips, "It is about 20 years too late, but at least someone in the public education environment is acknowledging that there is a connection between public secondary education and our economy – and that there is a core obligation on the part of schools to give students the skills they need to obtain – and keep – meaningful employment."
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