The Consumer Financial Protection Bureau (CFPB) published a resource guide for policymakers to further financial education efforts in schools. Financial education has been a cornerstone of the CFPB’s mission.
“The CFPB developed this resource guide to help connect policymakers with tools, information, and insights to enhance K-12 financial education efforts. The guide will likely be most relevant to state policymakers—notably state treasurers, state superintendents, governors, state legislators, state government associations, and their respective staff—who seek to advance the development and implementation of K-12 financial education,” according to the guide, titled “Advancing K-12 Financial Education: A Guide for Policymakers.”
The guide first provides a framework for those beginning to pursue K-12 financial education or seeking to enrich existing K-12 financial education initiatives. The framework is divided into three sections – Laying the groundwork, Building the initiative and Extending the impact – each with case studies and accompanying resources.
“Laying the groundwork” focuses on making the case for K-12 financial education, setting a strategy for initiatives, defining the structure for initiatives, fostering partnerships and securing resources. “Building the initiative” focuses on key components of K-12 financial education including standards and requirements, classroom resources, teacher training and initiative evaluations. The last section, “Extending the impact,” focuses on implementation, strategies for outreach and recognition and improving and scaling efforts.
The CFPB recommended initiatives that represent a variety of interests to appeal to a range of stakeholders that can help build a broad foundation of support.
“A good strategy is compelling, actionable and robust. Strategy that is compelling can generate support from an array of key stakeholders and align a group towards collective impact,” the CFPB said, adding that goals should be clear and time bound. Progress should be measureable.
Each section contains guiding questions for policymakers to consider, case studies, and a resource directory with additional information.
“We have watched too many Americans struggle to manage their affairs within our complex financial system,” CFPB Director Richard Cordray said. “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.”
In developing the guide, the CFPB gathered information from a roundtable meeting of K-12 financial education policymakers and leaders, solicited insight from experts in the field and reviewed financial education research and literature.