Parents can start teaching children as young as two about money, and there is no age cutoff. So says the President’s Advisory Council on Financial Capability (PACFC) in their final report released last week. The report provides recommendations to improve the understanding of personal financial management and underscores the importance of teachers and schools in providing a sound financial education.
The work of the council resulted in numerous products available to educators and the public, including a toolkit for increasing the financial capability of students in K-12 and postsecondary education, and an online resource, MoneyAsYouGrow.org, with 20 things kids need to know to live financially smart lives.
The report from the council includes a recommendation to integrate important aspects of personal finance into the teaching of Common Core State Standards for K-12 education. The release of the report was announced in a March 21 article on the Treasury Department’s website.
OVAE complements the PACFC with an initiative to develop, implement, and evaluate the effectiveness of financial education materials and teacher training in high schools to help students gain the knowledge and skills to make sound personal finance decisions as they transition into careers and postsecondary education.