{"id":13215,"date":"2015-04-23T15:44:27","date_gmt":"2015-04-23T20:44:27","guid":{"rendered":"http:\/\/news.medill.northwestern.edu\/chicago\/?p=13215"},"modified":"2015-04-23T15:45:54","modified_gmt":"2015-04-23T20:45:54","slug":"video-worries-over-financial-literacy-education-in-the-illinois","status":"publish","type":"post","link":"https:\/\/news.medill.northwestern.edu\/chicago\/video-worries-over-financial-literacy-education-in-the-illinois\/","title":{"rendered":"VIDEO: Worries over financial literacy education in the Illinois"},"content":{"rendered":"<p>By Andrew Fowler<\/p>\n<p>April is National Financial Literacy Month, which has some worried that Illinois legislators may not be doing enough to promote finance education in the state.<\/p>\n<p>According to a <a href=\"http:\/\/www.oecd.org\/pisa\/keyfindings\/pisa-2012-results-overview.pdf\">report<\/a> released last year from the Organisation for Economic Co-operation and Development, teenagers in the United States ranked only ninth out of 18 countries tested in financial literacy.<\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_13218\" aria-describedby=\"caption-attachment-13218\" style=\"width: 474px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/news.medill.northwestern.edu\/chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/Screen-Shot-2015-04-22-at-12.28.16-PM.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-large wp-image-13218\" src=\"http:\/\/news.medill.northwestern.edu\/chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/Screen-Shot-2015-04-22-at-12.28.16-PM-1024x577.png\" alt=\"financial literacy global rankings (OECD)\" width=\"474\" height=\"267\" srcset=\"https:\/\/s3.amazonaws.com\/medill.wordpress.offload\/WP%20Media%20Folder%20-%20medill-reports-chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/Screen-Shot-2015-04-22-at-12.28.16-PM-1024x577.png 1024w, https:\/\/s3.amazonaws.com\/medill.wordpress.offload\/WP%20Media%20Folder%20-%20medill-reports-chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/Screen-Shot-2015-04-22-at-12.28.16-PM-300x169.png 300w, https:\/\/s3.amazonaws.com\/medill.wordpress.offload\/WP%20Media%20Folder%20-%20medill-reports-chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/Screen-Shot-2015-04-22-at-12.28.16-PM.png 1210w\" sizes=\"(max-width: 474px) 100vw, 474px\" \/><\/a><figcaption id=\"caption-attachment-13218\" class=\"wp-caption-text\">The U.S. ranked 9th out of 18 countries tested in financial literacy.<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>Money Smart week, created by the Federal Reserve Bank of Chicago, is a weeklong series of events to boost financial literacy among adults and teens.\u00a0On April 18, high school student, Spencer Goodman, presented\u00a0at a financial management class for young adults. Goodman will be graduating in May and said he did not learn about financial literacy from his school.<\/p>\n<p>\u201cI think they expect us to pick up that knowledge naturally, which shouldn\u2019t be the case,\u201d Goodman said.<\/p>\n<p><iframe title=\"VIDEO: Worries over financial literacy education in the Illinois\" src=\"https:\/\/player.vimeo.com\/video\/125711695?dnt=1&amp;app_id=122963\" width=\"800\" height=\"450\" frameborder=\"0\" allow=\"autoplay; fullscreen\" allowfullscreen><\/iframe><\/p>\n<p>Goodman said that the lack of financial education classes at his school is a problem because he does not think his classmates are prepared for the financial independence and challenges that college life will bring. He said he was fortunate because he learned about building credit, saving and investing from his mother, Sherri Griffith, who was the main speaker at the Money Smart Week event. \u00a0Griffith works at New York Life Insurance Company.<\/p>\n<p>\u201cWhen I was in school we had health class and we had Home [economics] classes that taught us budgeting and talked to us about these sorts of things,\u201d Griffith said. \u201cSo we\u2019ve got to bring that concept of financial literacy back into the schools.\u201d<\/p>\n<figure id=\"attachment_13431\" aria-describedby=\"caption-attachment-13431\" style=\"width: 474px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/news.medill.northwestern.edu\/chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/GoodmanGriffith.jpg\"><img decoding=\"async\" class=\"wp-image-13431 size-large\" src=\"http:\/\/news.medill.northwestern.edu\/chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/GoodmanGriffith-1024x512.jpg\" alt=\"Mother son team teach financial literacy\" width=\"474\" height=\"237\" srcset=\"https:\/\/s3.amazonaws.com\/medill.wordpress.offload\/WP%20Media%20Folder%20-%20medill-reports-chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/GoodmanGriffith-1024x512.jpg 1024w, https:\/\/s3.amazonaws.com\/medill.wordpress.offload\/WP%20Media%20Folder%20-%20medill-reports-chicago\/wp-content\/uploads\/sites\/3\/2015\/04\/GoodmanGriffith-300x150.jpg 300w\" sizes=\"(max-width: 474px) 100vw, 474px\" \/><\/a><figcaption id=\"caption-attachment-13431\" class=\"wp-caption-text\">Sherri Griffith and her son, Spencer Goodman, present at a Money Smart Week event. (Andrew Fowler\/Medill)<\/figcaption><\/figure>\n<p>According to a 2014 <a href=\"http:\/\/www.councilforeconed.org\/wp\/wp-content\/uploads\/2014\/02\/2014-Survey-of-the-States.pdf\">report<\/a> from the Council for Economic Education, which monitors policies and legislation in states, Illinois is among the states that do not require finance education classes to be either offered or taken.<\/p>\n<p>The Illinois State Board of Education does have consumer education requirements on the books that students must complete before graduating high school.<\/p>\n<p>\u201cIt should be a course that lasts at least nine weeks and covers a lot of basic concepts for financial literacy,\u201d Mary Fergus, a spokeswoman for the Illinois State Board of Education, said. \u201cEverything from opening a bank account to balancing a check book.\u201d<\/p>\n<p>Those requirements are for public schools in the state, not private ones like Goodman\u2019s high school.<\/p>\n<p>\u201cIn terms of education, throughout\u00a0my full four years of high school, I had to almost look for outside sources of help and knowledge about being financially stable,\u201d Goodman said.<\/p>\n<p>Nationally the Council of Economic Education reports that 19 states require a financial literacy course to be offered in high school and 17 states require a financial literacy course to be taken before high school graduation. Both of those numbers are up from 2011. Still only six states require those concepts to be tested.<\/p>\n<div id=\"featurecaption\">Photo at top: Students asked questions of Sherri Griffith from New York Life Insurance Company during a Money Smart Week event. (Andrew Fowler\/Medill)<\/div>\n<hr \/>\n<h3><a href=\"http:\/\/cantv.org\/\"><img decoding=\"async\" class=\"alignleft size-thumbnail wp-image-8953\" src=\"http:\/\/news.medill.northwestern.edu\/chicago\/wp-content\/uploads\/sites\/3\/2015\/02\/CANTV_600px_Medill-150x150.jpg\" alt=\"CAN TV logo\" width=\"150\" height=\"150\" \/><\/a><a href=\"http:\/\/cantv.org\/\" target=\"_blank\">MEDILL REPORTS<br \/>\nON CAN TV<\/a><\/h3>\n<p>In Chicago, watch Medill Reports video stories on CAN-TV channel 27<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Andrew Fowler April is National Financial Literacy Month, which has some worried that Illinois legislators may not be doing enough to promote finance education in the state. According to a report released last year from the Organisation for Economic Co-operation and Development, teenagers in the United States ranked only ninth out of 18 countries [&hellip;]<\/p>\n","protected":false},"author":74,"featured_media":13217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,28,436],"tags":[],"class_list":["post-13215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-general-interest","category-spring-2015"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>VIDEO: Worries over financial literacy education in the Illinois - Medill Reports Chicago<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.medill.northwestern.edu\/chicago\/video-worries-over-financial-literacy-education-in-the-illinois\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VIDEO: Worries over financial literacy education in the Illinois - Medill Reports Chicago\" \/>\n<meta property=\"og:description\" content=\"By Andrew Fowler April is National Financial Literacy Month, which has some worried that Illinois legislators may not be doing enough to promote finance education in the state. 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