Getting your financial affairs in order could start early as kindergarten.
The Consumer Financial Protection Bureau (CFPB) said Tuesday that it’s launching an effort to advance financial education in schools.
The agency, created by Dodd-Frank, published “Advancing K-12 Financial Education: A Guide for Policymakers,” to serve as a resource guide to help lawmakers make a case for K-12 financial education, set standards and find resources, and implement and expand initiatives.
The guidance contains strategies for furthering the development and implementation of financial education in states like New Jersey, which in 2011 authorized credit unions to take deposits, such as tax receipts, from the state. While serving as public depositories, the credit unions accepting the funds are required to provide funding for K-12 financial education.
“We have watched too many Americans struggle to manage their affairs within our complex financial system,” CFPB Director Richard Cordray said in a statement. “Financial education in our schools is critical to the financial well-being of future generations. The resource guide will allow the CFPB to serve those policymakers looking to make progress on K-12 education.”
CFPB said recent research has found that students who receive K-12 financial education achieve significantly higher savings and net worth later in life. High school students who take financial education class are also more likely to have higher credit scores and make payments on time as adults.