Today’s economic volatility has made it more important than ever before for young people to prepare for the real-world challenges they may encounter as adults. That is why the National Financial Educators Council (NFEC) is spearheading a movement to get F.L.E.C. subjects taught in schools. Financial Literacy, Entrepreneurship, and Career Education – is educational content with practical value that helps youth become self-sufficient adults who contribute to society.
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A recent survey indicates that support for teaching F.L.E.C. subjects in school is high and widespread. From October 28th to November 1st, 2020, the NFEC surveyed 1,100 American respondents, asking the question, “Do you think high school students should have access to financial literacy, entrepreneurship, and career education classes?” More than 80% responded either “Definitely Yes” or “Yes.” The responses are summarized below:
“Definitely Yes” or “Yes” – 80.2%
“Maybe” – 10.4%
“Definitely No” or “No” – 9.4%
The NFEC’s CEO, Vince Shorb, states, “Schools today pay a lot of attention to STEM coursework, which will benefit that small proportion of students who end up landing STEM-related jobs. But F.L.E.C. education teaches young people ways to become employed, earn income, and save money, which benefits 100% of students. It’s time we started teaching these important subjects in schools.”
F.L.E.C. education is key to our young people’s success because it addresses not only their money management capabilities, but also their future earning potential. The Financial Literacy education component of F.L.E.C. imparts skills and behavioral techniques to help youth make informed decisions about their personal finances. The Entrepreneurship and Career Education pieces give young adults strategies to generate income streams, maximize their earnings, and pursue their long-term lifestyle goals.
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In studies by the Financial Industry Regulatory Authority (FINRA), state-level mandates for personal finance coursework in high schools have proven effective. In Georgia, Idaho, and Texas, which began enacting such mandates as of the year 2000, FINRA demonstrated that students in those states had significantly higher credit scores than students in nearby states with no mandates after three years of program implementation. Data from other organizations concur with the need to teach financial literacy in schools.
These recent personal finance data show similar results to prior surveys. For example, in August 2019, the NFEC conducted a poll of 1,211 individuals across the US with the question, “Do you think high school students should take personal finance courses in high school?” Over 80% responded that they did believe high school students should receive financial education.
The National Financial Educators Council collaborates with others in the financial literacy space to conduct research on people’s attitudes, behaviors, and capabilities related to personal finances. As a recognized thought leader, the NFEC sponsors studies, surveys, and think tank discussions to uncover best practices in financial education to share with others in the financial literacy industry.