Champlain Center for Financial Literacy Meets Challenge Grant With $170K Gift
"The
Champlain's CFL is one of the few institutions in the nation that offers educators a three-credit graduate summer residency course in teaching financial literacy. Thirty-one teachers went through the course last summer and it is now funded through 2020.
"The CFL's most recent report card on the status of financial literacy education in America's high schools reflects modest improvement thanks to the Center's efforts to educate state legislatures and others about the urgent need to educate young people on how to use credit, save for retirement, invest wisely, and understand the many complicated financial decisions made in the average person's lifetime, says Pelletier.
"It's gratifying to see that financial literacy is slowly becoming more of a priority in the states and in our nation's capital. We know that financial illiteracy was one of the causes of the Great Recession. Clearly, personal finance should be right up there with reading, writing and arithmetic as a critical subject."Pelletier also notes that studies demonstrate that financial literacy educational interventions in high school appear to have a positive impact on knowledge and measurable financial behaviors.
In January,
"
More than 125 educators in
"The program costs approximately
"The financial literacy boot camp for teachers covers saving and investing, credit reports and scores, credit and debt, managing risk, income and careers -- in short, the financial knowledge needed to navigate daily life," Pelletier said.This training has been recognized by the
He noted that the Center's research on the
Based on national survey data, high school students who received personal finance education by CFL-trained teachers had "high financial literacy," on par with older Generation Xers (age 35 to 49) and outperformed Millennials (age 18 to 34). And the effect doesn't stop there. Teachers reported positive material changes in their own lives and personal finance management as well.The educational model for the financial literacy summer institutes was developed by the Jump$tart Coalition, the National Endowment for Financial Education, the
"As a society, we need more training programs that increase the number of financially literate citizens who can make better and wiser financial decisions in their own lives," he noted. "Providing educators with the effective tools to teach our young people is a dramatic step forward toward that goal."
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