Partnership will focus on achieving improvements in financial education in schools and at home
BusyKid announced today it is joining forces with The American Public Education Foundation to achieve both organization’s mutual goal of improving financial education and literacy in the United States. According to the S&P Global FinLit Survey, by the World Bank, Gallup, and George Washington University, the United States ranks 14th in the world for financial literacy, with only 57% of Americans able to pass the financial literacy test used in the survey.
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The American Public Education Foundation’s Vision 2020 Financial Literacy Report Card graded each state on its K-12 financial education based on requirements, standards and curriculum for personal finance. 35 states earned a C, D or F grade.
“Kids spend years learning important subjects like foreign languages and advanced mathematical theories but in most states they are not required to learn anything about budgeting a paycheck, saving for retirement or other critical financial concepts that will have a direct impact on their daily lives for their entire lives,” said David A. Pickler, APEF Executive Director. “There is a real need for comprehensive change in the school systems so that all students are provided with the opportunity to learn how to manage money and make intelligent financial decisions.”
The old adage, practice makes perfect rings true when it comes to personal finance. “Kids need to learn the basics of personal finance at school so they know the terms and concepts, but the overall problem can’t be solved just in the classroom,” said Gregg Murset, CEO of BusyKid and Certified Financial Planner. “Kids also need to practice good financial habits at home and that starts with their first job – household chores that they earn money for completing which gives them the opportunity to learn through practice the value of an earned dollar versus one that is just handed to them. An app like BusyKid lets them learn how to budget digital money, save, and even invest.”
BusyKid and The American Public Education Foundation will be working together to shine a light on what is really being taught in schools, advocate for improvements in financial education and demonstrate how technology in the hands of children can help them grow into financially literate adults.
