The wealth gap in the United States is threatening Americans’ aspirations for social advancement and equal opportunity.Minorities, women and the least educated have some of the lowest financial literacy rates in the nation, a major concern forbusinesses that see attracting a more diverse workforce as a business imperative. A new national survey of 2,000 educators shows that a lack of financial education remains a critical problem that needs to be addressed in today’s society. The survey, released this week by professional services firm PwC, also highlights the critical role of our nation’s teachers in helping to curb the gap in financial education. But, teachers need more support.
Key findings of the survey include:
–Very few teachers incorporate financial education in their classrooms. While 92% of K-12 educators believe financial education should be taught in schools, only 12% do so.
–Though teachers believe financial education should happen at school and at home, 65% of teachers believe it’s unlikely their students are receiving any financial education at home.
– 62% of teachers surveyed said financial education isn’t seen as a critical skill for college and career readiness.
– Teachers don’t feel comfortable teaching financial literacy: only 31% feel ‘completely comfortable; 51% feel ‘moderately comfortable’; and 18% feel ‘not comfortable at all.’
The study Bridging the Financial Literacy Gap: Empowering teachers to support the next generation is available at pwc.com/us/financialeducatorstudy.