Study after study has revealed that our education system is breeding financially illiterate adults.

Just earlier this month, Americans failed yet another test of their financial literacy skills. The results from the latest National Financial Capability Study revealed that out of 27,564 subjects surveyed, an incredulous 61 percent of respondents could not answer 3 out of 5 money-related questions correctly.

Many experts believe that K-12 schools bear the burden of teaching America’s future the financial skills they will later need, but most states do not mandate courses and as a result most schools don’t offer them.

Changes are coming, however. For instance, all Florida schools will be required to teach financial literacy beginning this upcoming school year. In order to graduate, students will have to master the skills.

Today, the PalmBeachPost.com highlights one school in Florida that has been mandating financial literacy since 2014 and how it should serve as an example for the rest of the schools in the state just doing so now.

According to the source, Palm Beach County has a specific financial literacy coordinator, Aaron Standish, who has been dedicated to implementing grade level standards to guarantee future success.

The curriculum follows a specific timeline of how children should learn financial concepts beginning in elementary years.

The article says it goes like this:

"During the elementary years, fundamental money terms and concepts are introduced, like saving versus spending, earning an income and different types of careers. In middle school, students build on those concepts and learn more complex ones, like credit and the role of financial institutions and the government. In high school, students take an in-depth look at careers, financial markets, insurance and the consumer’s role.”

The timeline was constructed in response to research that core beliefs that will affect adult financial decisions are set by the age of 7, Standish said to the Palm Beach Post.

The article features examples of how grade-level standards work in the district. Grade 8 students, for instance, can expect to learn about the different types of financial assets, the basics behind bonds and mutual funds and more. Grade 4 students, on the other hand, learn the basics of the differences between saving money and investing it.

Only time will tell if such efforts will help adults better master financial literacy skills, but one thing is for sure: it can’t hurt.

Read the full article.

Nicole Gorman, Senior Education World Contributor

7/27/2016