WASHINGTON, March 18, 2019 /PRNewswire/ -- High schoolers face many complex financial decisions, yet one in five lack even basic financial literacy skills. This must change. Today, the Global Financial Literacy Excellence Center (GFLEC) at the George Washington University School of Business (GWSB), with support from PwC US, unveiled Fast Lane, a new and bold initiative aimed at expanding financial education in high schools around the country. Fast Lane seeks to energize a community-based movement to incorporate financial education into high schools across the United States, preparing the next generation of Americans for a brighter financial future.
The website serves as a free, easy-to-use online resource center with customized toolkits for anyone interested in promoting financial education in schools. Fast Lane's materials were developed by experts at the GFLEC and are rooted in rigorous research.
"Financial literacy is an essential skill for students; it's as necessary as reading and writing. From student loans to credit cards, every student will face consequential financial decisions, and yet just a fraction of students receive the education they need to make these important decisions," said Dr. Annamaria Lusardi, Denit Trust Chair of Economics & Accountancy and Academic Director of the GFLEC at GWSB. "Through extensive research, we have identified the many barriers that prevent financial education in high school. We seek to remove these barriers by offering a wealth of resources, strategies, and customized toolkits that can help to bring financial education into every high school in the U.S."
Fast Lane is organized into specialized content areas devoted to policy makers, school administrators, teachers, parents, community members, and students. The content lays out actionable steps everyone can take to get financial education into schools, with examples of cases where it has been done successfully.
"Many factors contribute to low levels of financial literacy -- even well-educated adults are oftentimes not money-savvy. But there is a gap when it comes to youth, particularly among those from diverse communities," said Shannon Schuyler, Chief Purpose Officer at PwC. "Few students are exposed to concepts like personal finance during school lessons, as only about 12 percent of K-12 teachers report including these topics in class. Resources like Fast Lane are crucial to help close the gap in financial education and equip schools to teach their students to become better financial decision-makers."
Fast Lane's comprehensive toolkits empower users to learn why financial education matters, understand effective ways to educate high school students, connect with other like-minded people, and advocate for financial literacy.
"Since hosting the release of the PISA financial literacy data, the GFLEC has been working to promote school-based financial education and provide research-based solutions to help reverse the alarmingly low levels of financial literacy among our youth," said Lusardi. "Policy makers from states such as Fl, IA, KY, MA, NJ, RI, SC, TX and WI are taking notice and moving toward legislation to improve financial literacy rates among students. Never in our nation's history has it been more imperative to do so."
The Global Financial Literacy Excellence Center (GFLEC) is dedicated to advancing research and solutions that open the door to universal financial literacy. In working toward that mission, GFLEC has positioned itself as the world's leading incubator for financial literacy research, policy, and solutions.
GFLEC launched in 2011 at the George Washington University School of Business in Washington, D.C. Since then, it has pioneered breakthrough tools to measure financial literacy, developed and advised on educational programs, and crafted policy guidelines aimed at advancing financial knowledge in the United States and around the world.
For more information on GFLEC, visit www.gflec.org.
SOURCE Global Financial Literacy Excellence Center