With the 2008 financial crisis, blaming fingers pointed every which way. With time, a substantial number of the fingers aligned to critique the lack of financial literacy abound in the US. The reasoning seems so simple, because if everyone was taught how to manage personal finances, then the economy never would have contracted so much. But the studies that have been conducted, in what I looked for, in analyzing how people deemed financially literate compared to those who were not found no relation to the outcome. Yet, the evidence and theory do not match, because the financial literacy advocates propagate that financial literacy must be incorporated into public education on a national level such that we can see the results years from now. However, as far as public policy goes, this long-term theory will have immediate short-term opposition.
I am interested in the US financial Literacy and Education Commission. The council is extremely well connected and represented. The commission uses MyMoney.gov to educate participants on, well, money. Immediately apparent is the sliding mosaic that says, "YOU CAN GO TO COLLEGE/WE CAN HELP YOU PAY FOR IT" across a diverse group of faces. One issue, on a public scale, is why this website is not incorporated into public education, and how does the conceivable demographic that does not have access to the internet learn about fiscal security? Furthermore, how should financial literacy impact further policy making if it should at all?
http://www.nefe.org/what-we-provide/programs-initiatives/public-policy.aspx
mymoney.gov
http://en.wikipedia.org/wiki/Financial_Literacy_and_Education_Commission
Brandon Kim
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