Approaches to Personal Finance Education
While some are forced to pick up the basics of personal finance through costly trial and error, a course in personal finance can give individuals a stronger foundation in financial matters earlier on. A personal finance course that attempts to induce such change in financial behaviors must take its target audience into account and adapt delivery methods accordingly to maximize behavioral change. The best practices published by government agencies and national education providers are especially helpful.
The State Bank of Pakistan recommends the use of a variety of interactive mediums such as board games, comic strips, and street theaters to engage all members of the target audience (State Bank of Pakistan). http://www.sbp.org.pk/press/2012/FinancialLiteracyProgram-20-Jan-12.pdf
The International Organization of Securities Commissions calls for a curriculum designed to impart basic investment competencies and awareness of various investment products. Programs should structure part of their content around skills relating to life events and regulatory procedures (International Organization of Securities Commissions). https://www.iosco.org
“Financial literacy is an issue that should command our attention because many Americans are not adequately organizing finances for their education, healthcare and retirement.” – Ron Lewis, former United States Representative
“It’s pretty much how we get anything added to the curriculum. When parents said children needed to be computer literate, the schools started responding. The same thing is true of basic financial literacy.” – Elizabeth Warren, United States Senator