Why Financial Education?
When provided in tandem with a savings account, financial education gives children and young adults a tangible opportunity to develop and test their financial decisions. Children’s savings initiatives that incorporate both a savings account and financial education combine two powerful opportunities for families: a chance to save and a chance to learn. Financial education is important in these initiatives not only because of the practical knowledge that children and parents learn, but also because it can encourage participants to set their sights on long-term goals like paying for college.
Financial Education Policy and Practice
Lessons on financial education from the SEED Initiative suggest a number of implications for the design and implementation of public policies to establish a universal, progressive system of asset-building accounts for all children starting at birth. Learn more about initial lessons on financial education from SEED community partners.
A number of states currently maintain financial education curriculum standards and/or require the teaching of personal financial literacy in schools. CFED’s Assets and Opportunity Scorecard examines how states use their public education systems to improve personal financial literacy and lists financial education policies and standards by state.
Curricula and Resources
There are many resources available for incorporating financial education into a children’s savings account program, and many ways to deliver. Most financial education curricula cover basic topics, such as finding ways to save, managing credit wisely and understanding banking services. The application of financial education can vary and innovative ideas are emerging around the delivery of financial education in the classroom and online. The Jump$tart Coalition for Personal Financial Literacy provides an aggregated list of financial education curricula and resources for children and young adults, as well as a clearinghouse for other related materials.