That’s what the headline of yesterday’s article in the Seattle Post-Intelligencer asks. The article highlights the debate that is currently underway in school districts across the country. Some argue that states should mandate personal finance education, while others contend that parents should be responsible for teaching their children these life skills.
What’s not up for debate is the fact that too many Americans are now suffering because they signed mortgages they couldn’t afford, applied for credit they didn’t understand, and lacked the skills to build a financial safety net of savings.
As Charles Schwab, chairman of The President’s Advisory Council on Financial Literacy, wrote in a January report, “While there are many causes to the economic problems facing the country, it is undeniable that a lack of financial literacy is a contributing factor.”
At weProsper, we believe that financial literacy should be a part of state education standards, and we are working with organizations like Jump$tart and Junior Achievement to bring personal finance education into schools nationwide. However, learning does not end in the classroom. Without the cooperation of parents, educators, financial institutions, and communities, we cannot build a better financial future for our children. We all must work together to improve financial literacy.
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