Blogging for Change

FLM Step 30: Dr. Robert Duvall on moving forward

by Kim McGrigg on
4/30/2009
in Personal Finance

In honor of Financial Literacy Month, we created a microsite that offers 30 simple steps to financial wellness–one for each day of the month. To enrich the experience, we asked some amazing people to guest post during the month. Their dedication to financial literacy is truly inspiring! Today, Dr. Robert Duvall, President and Chief Executive Officer for the Council for Economic Education and member of the President’s Advisory Council on Financial Literacy, discusses moving forward.

At the Council for Economic Education (formerly National Council on Economic Education) we envision a world in which people are empowered through economic and financial literacy to make informed and responsible choices throughout their lives as consumers, savers, investors, workers, citizens, and participants in both our national and global economies. We look at the current economic difficulties and see it as an opportunity for all of us, as a nation, to look at how we got into this situation and work towards preventing it from happening again.

The message about the future and moving forward is a message of hope; a message of responsibility, and a message of empowerment. We believe that solutions for long-term economic stability must move forward from boardrooms to classrooms. And key to moving forward positively, efficiently and effectively is economic and financial literacy.

People are not born with an understanding of personal finance and economics. Like anything else, it is learned. The problem is that, by and large, it still isn’t being taught. A Council for Economic Education survey found that only 17 states require students to take an economic course as a condition of graduation, and only seven states require students to take a personal finance course before they graduate. We can do better. The stakes of financial illiteracy are too high to ignore.

Integrating economics and personal finance into high school curriculum requires that states and schools make it a priority, and it requires additional training and resources for teachers. Yes, some states have already begun to take steps to make sure young people are financially literate, but it is not enough. A much broader and bolder commitment is necessary. Moving forward, every state should require – or at least make sure schools offer – courses in economics and personal finance for high school students.

In the 1950s, high schools began teaching drivers’ education in order to equip young people to function – safely and responsibly – in the world. If high schools in every state can teach young people to drive, surely they can teach them to be responsible consumers. In addition, when schools teach economics and personal finance we build in our young people a sense of curiosity, an ability to think critically and we empower them to function responsibly in the world and in their communities.

Being financially literate is a lifelong process. Reaching youth is critical. Educational materials are crucial. That is what the Council for Economic Education does. Our mission is to provide teachers with the educational tools they need to help students develop the real-life skills they need to succeed and ultimately be effective participants in a global economy. But a joint effort is necessary to achieve national financial literacy - no single organization or sector can achieve the goal of providing financial literacy for all. Moving forward, working together is the only viable solution. Our young people deserve no less.

Dr. Robert Fenton Duvall is the President and Chief Executive Officer for the Council for Economic Education. Duvall has become a national, and international, spokesman for the value of improving economic, financial and entrepreneurship education by making it a core component of the pre-college curriculum. In January 2008, he was appointed to the President’s Advisory Council on Financial Literacy.

 

Kim McGrigg is the former Manager of Community and Media Relations for MMI.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.