Dear Governor Brown,
Students need financial education in classrooms today more than ever. Millions of Americans are in debt, and more than half are living paycheck-to-paycheck. In our school district, high school students are studying Math, Science, and English, but most are not learning fundamental money lessons to help them financially navigate through the real world. According to a study conducted by Sallie Mae, 84 percent of students said they need more education on financial management topics. We want this!
In 2013, you signed into law AB 166, which requires financial literacy to be taught in schools in California. While the state of California is beginning to require some sort of personal finance instruction in schools, many schools are unable to move forward with creating new programs due to budget constraints.
However, I did not just come to you with a problem. To break this cycle, we must take action. In 2013, I created the Financial Literacy for Youth (FLY) project, www.financialliteracyforyouth.org. The hallmark of FLY project is a peer-to-peer training model that aims to inspire interest in personal finance and promote financial responsibility among youth. The project has partnered with financial education service providers, non- profit organizations and community leaders to design and deliver money management program to students.
For example, the Financial Literacy for Youth Project (FLY) partners with Sunday Friends Non-profit organization to offer an unique Money Master program for parents and children from low-income families to learn money management skill and build financial responsibility. We believe investing a small amount of time and resources in the lives of students now, will help prevent future crises and the need for dependence on social welfare systems. We have done this through volunteer instructor lead classes and even more importantly through hands-on practice.
The classes are held at Lowell Elementary School and Anne Darling Elementary School in San Jose on Sundays. We design our activities to emphasize the value of earning, money management, and decision making, delayed gratification and funding college. The classes teach students relevant skills, right now, for real success in their present and future.
We address issues relevant to our students and their life experiences:
- The classes are focused on teaching financial responsibility and making informed financial decisions. Students examine real-life spending scenarios and research and analyze what it means to be financially responsible.
- The classes are focused on teaching the power of saving and investing, students learn the advantage of saving money and examine various savings plans are available to consumers.
- The classes are focused on teaching the art of budgeting; students learn effective money management skills with a goal and a step-by-step plan for saving and spending. Students are encouraged to take the time and effort to develop their own personal financial goals and budget.
- The classes are focused on teaching the important of building credit and acquiring credit card, students learn the general reasons of getting credit and using credit card wisely to building a solid credit history and maintaining fiscal fitness.
The Financial Literacy for Youth (FLY) project established 7 partnerships with government and nonprofit organizations, completed financial education certification programs for 255 students in 5 different schools and organizations, distributed 300 copies of financial literacy software to schools and communities, and donated funds and financial education materials worth $13,000.
Please help our students learn how to make good financial decisions so that future generations can succeed and have brighter financial futures. We cannot afford not to.
Gunn High School student