2016 National State of Financial & Economic Education

April 26, 2016

Every two years, the Council for Economic Education (CEE) comprehensively reviews the state of K-12 economic and financial education in the United States, collecting data from all 50 states and the District of Columbia.

FI Highlight: Rivermark Community Credit Union

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We recently spoke to Rob Mills, Vice President of Technology at Rivermark Community Credit Union to discuss the credit union’s new digital banking experience, how they “fail faster,” and how they continue to evolve...

Cause and Effect: If you build it, will they come?

July 23, 2014
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Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Fast Facts: Student Loans

January 22, 2013
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The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
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2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Making Banking Fun: Gamification in Financial Services

August 5, 2013
/   Insights

Recently, the Banking.com team sat in on American Banker’s webinar, “Gamification in Financial Services: Five Proven Ways to Get an Edge,” which shared how leading brands in financial services have applied gamification to reach...

Technology M&As: The Beats Go On

May 29, 2014
/   Insights

The ongoing fascination with Apple’s $3 billion purchase of Beats Electronics is entirely understandable, because it’s a cool story. However, it also says a lot about what’s going on between finance and tech.

What We’re Reading

May 5, 2011
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below. Virtual Banking Worlds Provide Tangible Lessons American...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

What We’re Reading: Thanksgiving Edition

November 22, 2012
/   Spotlight

Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom. Mobile Thursday? Plans for Thanksgiving...

The wealth gap in the United States is threatening Americans’ aspirations for social advancement and equal opportunity. Minorities, women and the least educated have some of the lowest financial literacy rates in the nation, a major concern for businesses that see attracting a more diverse workforce as a business imperative.

Our entire country is in trouble because millennials have not been taught how to manage their personal finances. They are confronting greater economic difficulties than the generations that came before them, carrying too much debt, engaging in expensive credit card behaviors, and raiding their retirement accounts—if they have one at all.

Teachers play a critical role in helping to curb the gap in financial education, but they need more support. This month, PwC released a new national survey of 2,000 educators that shows a lack of financial education remains a critical problem that needs to be addressed in today’s society.

  • Very few teachers incorporate financial education in their classrooms. While 92% of K-12 educators believe financial education should be taught in schools, only 12% do so.
  • Though teachers believe financial education should happen at school and at home, 65% of teachers believe it’s unlikely their students are receiving any financial education at home.
  • 62% of teachers surveyed said financial education isn’t seen as a critical skill for college and career readiness.
  • Teachers don’t feel comfortable teaching financial literacy: only 31% feel ‘completely comfortable; 51% feel ‘moderately comfortable’; and 18% feel ‘not comfortable at all.’

The next generation is destined for the same fate unless we take action. April is Financial Literacy Month, and there’s no better time to commit to the financial security of our children and communities. Together, we must empower teachers to help overcome the gap between the amount of financial responsibility given to young Americans and their demonstrated ability to manage financial decisions. We can do this by investing in curriculum development and in-classroom resources, like the PwC Charitable Foundation has done with its new digital lab – a free resource for students, parents and teachers – and the firm has done with broader curriculum and collaborations with forward-thinking nonprofits. We can also play our part by becoming an advocate for personal finance skills as a priority for our kids.

Making good decisions about money is a skill that is critical to the success of every citizen. Today there is far too little conversation about the financial choices and decisions we make each and every day. It’s time to turn up the volume on conversations about earnings and income, spending, saving, borrowing and investing. These conversations matter – to all of us.

Shannon Schuyler is a Principal and PwC’s Corporate Responsibility (CR) Leader. She also serves a member of PwC’s Global CR Board and is President of the PwC Charitable Foundation, Inc.

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Insights

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Spotlight

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Voices

Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp