WASHINGTON—The Consumer Financial Protection Bureau said it is launching a nationwide effort to advance financial education in schools.
The Bureau said it is publishing Advancing K-12 Financial Education: A Guide for Policymakers, a resource guide which contains strategies for furthering the development and implementation of financial education in states. Helping consumers build financial knowledge is an integral part of the CFPB’s mission.
“We have watched too many Americans struggle to manage their affairs within our complex financial system,” said CFPB Director Richard Cordray in a statement. “Financial education in our schools is critical to the financial well-being of future generations. The resource guide will allow the CFPB to serve those policymakers looking to make progress on K-12 education.”
The CFPB cited recent research that suggests that students who receive K-12 financial education achieve significantly higher savings and net worth later in life. Additionally, when high schools include prudent financial education requirements, those students tend to have improved credit scores later in life and are less likely to be delinquent on financial obligations as adults.