This is an important development that largely fell on deaf ears in the U.S., where government has been dithering in the realm of financial education for years.
It’s not that the U.S. isn’t on board for measures to help individuals raise their financial acumen. In many ways, the U.S. is a global leader on this front. We have a formal National Strategy for Financial Literacy and both private sector and public sector presidential commissions looking into what works best.
What we don’t have is a lot of action, like a federal mandate to require financial literacy coursework in schools. The U.K. just joined Australia and Singapore in this regard, and others like Canada and New Zealand seem headed the same direction.
“It’s encouraging to see an effort that promotes financial literacy nationwide, particularly one that incorporates lessons of finance and economics into subjects already taught in the classroom,” Nan Morrison, CEO of the Council for Economic Education, said of the U.K. development. “This will help students to understand these lesson’s relevance and also build their knowledge over time.”