Education L I E B “Financial Literacy Education, the most recent edited volume from Dr. Jay O EDITED BY JAY LIEBOWIT Z Liebowitz, contains contributions from thought leaders across the financial literacy W spectrum. This book is a road map for educators, business leaders, and policy IT Foreword by Nan J. Morrison makers on how and why to address America’s failure to educate our students in Z the basics of financial literacy. It should be required reading for anyone who cares about the growth and stability of our nation’s economic future.” — John L. Jacobs, senior advisor and former EVP and CMO of Nasdaq F “I am a firm believer in educating students in terms of financial literacy and i associated best practices. This book is a great step in this direction!” n — Alex DiSanto, founder, Triple Crown Corporation a n Today’s graduates should be grounded in the basics of personal finance and c possess the skills and knowledge necessary to make informed decisions and take i responsibility for their own financial well-being. Faced with an array of complex a financial services and sophisticated products, many graduates lack the knowledge l and skills to make rational, informed decisions on the use of their money and L Financial planning for future events, such as retirement. i t e This book shows what you can do to improve financial literacy awareness and r education. It covers the use of interactive games and tutorials, peer-to-peer a Literacy mentoring, and financial literacy contests in addition to more formal education. It c gives you a sample of approaches and experiences in the financial literacy arena. y Divided into three parts, the book covers financial literacy education for grades E K–12, college, and post-college. d Education u c a t i o Addressing Student, Business, n and Government Needs K26589 6000 Broken Sound Parkway, NW Suite 300, Boca Raton, FL 33487 ISBN: 978-1-4987-3853-8 711 Third Avenue 90000 an informa business New York, NY 10017 2 Park Square, Milton Park www.crcpress.com Abingdon, Oxon OX14 4RN, UK 9 781498 738538 w w w. c r c p r e s s . c o m K26589 mech -rev2.indd 1 10/21/15 10:42 AM Financial Literacy Education Addressing Student, Business, and Government Needs Financial Literacy Education Addressing Student, Business, and Government Needs JAY LIEBOWITZ EDITED BY Harrisburg University of Science and Technology, Pennsylvania, USA Foreword by Nan J. Morrison CRC Press Taylor & Francis Group 6000 Broken Sound Parkway NW, Suite 300 Boca Raton, FL 33487-2742 © 2016 by Taylor & Francis Group, LLC CRC Press is an imprint of Taylor & Francis Group, an Informa business No claim to original U.S. Government works Version Date: 20150924 International Standard Book Number-13: 978-1-4987-3855-2 (eBook - PDF) This book contains information obtained from authentic and highly regarded sources. Reasonable efforts have been made to publish reliable data and information, but the author and publisher cannot assume responsibility for the validity of all materials or the consequences of their use. The authors and publishers have attempted to trace the copyright holders of all material reproduced in this publication and apologize to copyright holders if permission to publish in this form has not been obtained. If any copyright material has not been acknowledged please write and let us know so we may rectify in any future reprint. Except as permitted under U.S. Copyright Law, no part of this book may be reprinted, reproduced, transmit- ted, or utilized in any form by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying, microfilming, and recording, or in any information storage or retrieval system, without written permission from the publishers. For permission to photocopy or use material electronically from this work, please access www.copyright. com (http://www.copyright.com/) or contact the Copyright Clearance Center, Inc. (CCC), 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400. CCC is a not-for-profit organization that provides licenses and registration for a variety of users. For organizations that have been granted a photocopy license by the CCC, a separate system of payment has been arranged. Trademark Notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe. Visit the Taylor & Francis Web site at http://www.taylorandfrancis.com and the CRC Press Web site at http://www.crcpress.com To anyone aspiring to be financially secure throughout one’s work life, retirement, and beyond Contents Foreword ix PreFace xiii contributors xvii Part I K–12 Focused Financial literacy education chaPter 1 the changing landscaPe oF K–12 Personal Finance education 3 BONNIE T. MESZAROS AND MARY C. SUITER chaPter 2 i wish they had a course liKe that when i was in high school 23 JOHN PELLETIER chaPter 3 how twentysomethings are changing Financial literacy education 49 RAKHEE JAIN chaPter 4 the Financial education movement in Pennsylvania: FiFteen years and still going 71 HILARY HUNT AND CATHY FAULCON BOWEN vii viii Contents Part II college-Focused Financial literacy education chaPter 5 raising the bar on eFForts to increase Financial caPability among college students 91 MARY JOHNSON chaPter 6 Financial literacy: national endowment For Financial education 111 AMY MARTY chaPter 7 Financial literacy: a Pathway to Financial well-being 123 THEODORE R. DANIELS chaPter 8 Financial literacy education at harrisburg university oF science and technology: a case study 141 JAY LIEBOWITZ chaPter 9 don’t Just survive—thrive! 149 PATRICIA W. COLLINS chaPter 10 collegiate Financial literacy: the ohio state university examPle 161 BRYAN ASHTON Part III Post-college–Focused Financial literacy education chaPter 11 Financial literacy in the worKPlace 179 ERIC R. HECKMAN chaPter 12 sPecial rePort: gao rePort on “Financial literacy: overview oF Federal activities, Programs, and challenges” 197 ALICIA PUENTE CACKLEY