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National Economics Challenge winners announced
  + stars: | 2024-06-03 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNational Economics Challenge winners announcedCNBC's Steve Liesman joins 'Power Lunch' to introduce the Council for Economic Education's annual National Economics Challenge winners.
Persons: Steve Liesman Organizations: National, Economic
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email35 states require personal finance course to graduate high school, survey findsNan Morrison, Council for Economic Education president and CEO, joins 'Squawk Box' to discuss results from its latest 'Survey of the States', which examines financial education and literacy across the country.
Persons: Nan Morrison Organizations: Economic Education, Survey
But for nearly 15 years, leading introductory economics textbooks gave students an outdated or incomplete explanation of how the Federal Reserve conducts monetary policy. Only now are the textbooks catching up with reality, and some still haven’t fully embraced the new world. And the Council for Economic Education, a nonprofit, is aiming to publish updated standards for what high school economics students should know in 2025. Still, it’s disappointing — though maybe not surprising — that it has taken so long for the notoriously slow-moving world of education to catch up. To explain where the textbooks lagged, I need to do a quick run through the recent changes in monetary policy.
Persons: I’m Organizations: Federal Reserve, College, for Economic Education
"We were an early adopter," said Morgan, who served as past president for Tennessee Jump$tart, an independent affiliate of the national Jump$tart Coalition for Personal Financial Literacy, which championed the policy. While financial literacy has long been a priority, the Covid-19 pandemic sparked a wave of state-level legislation nationwide, said Morgan, who also served on the board of the Tennessee Financial Literacy Commission. "The work is never done," said Bill Parker, director of the Tennessee Financial Literacy Commission, which aims to incorporate personal finance into schools "as early as possible." Bill Parker Director of the Tennessee Financial Literacy CommissionThe Commission has outlined priorities in its five-year strategic plan, which has included thought leadership and state-level advocacy for expanded financial literacy programming. Numerous studies have highlighted the benefits of teaching children financial literacy at an early age.
Persons: chris Ryan, Istock, Jackie Morgan, Morgan, We've, there's, Bill Parker, Parker Organizations: Federal Reserve Bank of Atlanta's, Tennessee, Tennessee Financial Literacy, U.S, Finance, Council for Economic Education, Tennessee Financial Literacy Commission, Tennessee Financial Locations: , Tennessee, Federal Reserve Bank of Atlanta's Nashville, U.S, , Tennessee
The surge comes as educators are scrambling to bolster students’ math skills, which plummeted during the pandemic and haven’t fully recovered. Advocates say personal finance courses could pay dividends if students learn how to make wiser money decisions and avoid financial hazards. “The more math you add to financial literacy, frankly, the better it is,” says Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center. ... Having said that, financial literacy is more than math.”Idaho is one of the states where a new financial literacy curriculum is hitting classrooms. In 2020, the NAACP issued a resolution calling for more financial literacy programs in K-12 schools.
Persons: Bryan Martinez jots, ” Martinez, Tonica Tatum, Gormes, ” Tatum, , , Annamaria Lusardi, weren’t, Debbie Critchfield, aren’t, Laina Cox, Tatum, Martinez, who’s, ___ Sadie Dittenber Organizations: WASHINGTON, Capital, Associated Press, Christian Science Monitor, Dallas Morning News, Idaho Education, Courier, The Seattle Times, D.C, Council for Economic Education, Global Financial, , Advocates, NAACP, Finance, Capital City Public Charter School, Carnegie Corporation of New, AP Locations: Capital City, Idaho, South Carolina, The Washington, Idaho’s, Carnegie Corporation of New York
"You've got to take them at their word that they want to get another 25" basis points, said the asset management giant's CIO of global fixed income. BlackRock fixed income chief Rick Rieder thinks the Federal Reserve can stop raising interest rates, though it probably won't. The fed funds rate, used as a benchmark for many forms of short-term debt, currently is targeted in a range between 5.25%-5.50%. "I love commercial paper," Rieder said. Rieder said he expects the Fed to start cutting at some point, but probably not until the latter half of 2024.
Persons: You've, you've, Rieder, Rick Rieder, Rebecca Patterson, Ray Organizations: Alpha, BlackRock, Economic Education, Delivering Alpha, Council for Economic Education, Bridgewater Associates, AA, Fed Locations: BlackRock
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackRock's Rick Rieder: The Fed will start cutting rates in the second half of 2024Rick Rieder, BlackRock senior managing director, and Rebecca Patterson, Council for Economic Education board chair, join CNBC's Deliver Alpha 2023 to talk the current rate hiking cycle, the state of the markets, what's ahead for the Federal Reserve and more.
Persons: Rick Rieder, Rebecca Patterson Organizations: BlackRock, Economic Education, CNBC's, Federal Reserve
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailYour Money, Your Legacy: Council for Economic Education Board Chair on what drives investment decisionsImpact investing is important to many people, and helping clients support their social and philanthropic passions can be more involved than just simplifying taxes. It pays to have a deeper understanding of motivations, what drives investment decisions, and the legacy clients hope to leave behind. In this session, we'll look at how FAs can better understand how and why clients support causes, and the best ways to help them achieve success in a financially prudent way.
Organizations: Economic Education
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTeaching personal finance to teachers can lead to a stronger economy: Rebecca PattersonCNBC's Melissa Lee and the Fast Money Traders discuss an Op-ed by Rebecca Patterson, chair of the board of the Council for Economic Education, on teaching financial literacy in schools.
While U.S. voters are divided on many issues today, there are at least two where they can agree: They want a stronger economy and better education. The good news for policymakers is that there is a simple way to make voters happier on both fronts: They can increase the number of states requiring K-12 financial education. Currently, only half of the states in the U.S. require at least one course in either economics or personal finance for high-school graduation, according to data from the Council for Economic Education. Given that consumption represents some two-thirds of the overall U.S. economy, this frequent absence of financial capability can have significant consequences. Consider a few examples:Research published in the October 2020 Economics of Education Review concluded that "financial education requirements are associated with fewer defaults and higher credit scores among young adults."
As of this year, 18 states guarantee some form of personal finance education before students graduate, according to Next Gen Personal Finance (NGPF), a nonprofit that provides educational resources and advocates for financial literacy in schools. Personal finance is a huge umbrella. Setting the standardsWhen it comes to mandating personal finance education, it's not as simple as legislators or school boards agreeing that there need to be courses available. The National Council for Economic Education identifies six critical topic areas in their personal finance standards: Earning incomeSpendingSavingInvestingManaging creditManaging risk Developing the local standards can come down to "whoever's in the room," according to Chris Cannon, chief program officer at the Georgia Council on Economic Education, who worked on Georgia's personal finance education standards. NGPF also works on the policy side to help ensure when states are mandating personal finance education, they're doing so effectively.
A report from the National Financial Educators Council shows that 38% of individuals in a recent survey said their lack of financial literacy cost them at least $500 in 2022, including 15% who said it set them back by $10,000 or more. The majority (68%) of respondents said poor financial literacy cost them somewhere from zero to $499. For instance, adults correctly answered, on average, 50% of the 28 basic money questions in the 2022 TIAA Institute-GFLEC Personal Finance index, the sixth annual barometer of financial literacy. Financial literacy is 'a key tool in the toolkit'Advocates of financial literacy say the teaching needs to start before teens reach their high school graduation. "There's good data showing people make better decisions when they have financial literacy," said Nan Morrison, CEE president and CEO.
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