According to a new survey from PricewaterhouseCoopers, only 12 percent of teachers are addressing financial literacy in their lesson plans despite many wanting more support to teach it in their classrooms.

Many believe financial literacy is a major skill not being taught in America’s K-12 classrooms, according to 92 percent of educators surveyed.

“Our nation’s teachers are critical to help curb the gap in financial education. While the responsibility of financial education has been traditionally left to parents, K-12 educators increasingly view it as a shared responsibility that schools can and should take on, starting in the early grades,” the new report said.

But according to the report, only 31 percent of the educators surveyed feel comfortable teaching the subject; 51 percent feel moderately comfortable and 18 percent do not feel comfortable at all.

The report identified four barriers that prevent teachers from teaching financial literacy: the lack of appropriate curriculum, qualifications, take-home materials and the fact that financial literacy isn’t considered a college and career readiness skill.

In order to teach financial literacy in their classrooms teachers are turning to outside resources. Sixty-four percent of educators found supplemental resources online while 46 percent collaborated with peers to develop and find resources.

Only 39 percent said they had curriculum supplied by their school district.

Earlier this year, president and CEO of The American College of Financial Services, Robert Johnson, said that a lack of financial literacy is partly to blame for both the on-going student loan crisis and the 2008 housing bubble.

He was reacting to a study from the Council for Economic Education that found that though only 17 states require high school students take a personal finance class, students might benefit from learning skills as early as second grade. 

The study called for a national initiative to address the issue, as the PwC study does as well.

Article by Nicole Gorman, Education World Contributor

4/7/2016