Study: More financial literacy instruction needed in Florida schools

April is the official National Financial Literacy Month, yet there is a lack of basic financial education in Florida’s schools, setting the stage for major problems for individuals, families, businesses and communities. On Monday, April 4th, PwC (PricewaterhouseCoopers) released results from a new study called, "Bridging the Financial Literacy Gap: Empowering teachers to support the next generation." The study shows a lack of financial education in the classrooms.

Here are some of the key findings for the state of Florida.

1. Few K-12 teachers incorporate financial education into their classroom. Fewer than 10% of Florida teachers address personal finance in their lessons.
2. Financial education should start earlier. 75% of Florida teachers believe it should start in elementary school.
3. Teachers believe parents/guardians could do more. 66% of Florida teachers feel that it is at least somewhat unlikely that their students are receiving any financial education at home.
4. Four primary barriers exist. Florida teachers cite lack of appropriate curriculum (81%), lack of qualified teachers (71%) and lack of take-home materials (70%) as key obstacles. Additionally, 66% cite that financial education still isn't seen as a critical skill for college readiness.
5. Teachers want more support. Florida teachers’ top request for support in teaching financial education was professional development (69%), followed closely by curriculum materials, release time, and funds to attend related professional development.
6. Teachers don’t feel qualified. Only 33% of Florida teachers feel "completely comfortable;" 49% feel "moderately comfortable" and 18% feel "not comfortable at all.”
7. Teachers seek resources on their own. Florida teachers are frequently not provided with materials they need so they find them in other sources, such as free online sites (71%) or from other teachers (38%).
8. Educators cite tremendous benefits to providing financial education to young people. Florida teachers cite money management as the top benefit of financial literacy, followed by planning for the future, understanding debt and decision making.

Other resources:

• The full study: Bridging the Financial Literacy Gap: Empowering teachers to support the next generation
• PDF of data findings for Florida
• Tip sheet about financial concepts for parents is here: "Teaching Financial Literacy at Home"

Tags: Education