Closing the Financial Literacy Gap: The State of Financial Education in the U.S. and a Path Forward

Stephen Molchan ()

Research in Social Sciences, 2025, vol. 8, issue 2, 14-24

Abstract: The United States faces a financial literacy crisis with widespread individual and societal impacts. Despite its importance for informed decision-making and economic well-being, financial literacy levels remain alarmingly low, with disparities across demographic groups such as women, minorities, and lower-income individuals. Current K-12 financial education efforts are inconsistent, with only a fraction of states mandating personal finance courses. Challenges such as inadequate teacher training, outdated curricula, and limited funding further hinder progress. This paper advocates for comprehensive financial education nationwide, starting in early grades and continuing through adulthood. Key recommendations include improved teacher training, culturally relevant curricula, and lifelong learning opportunities to address evolving financial complexities. Collaboration among schools, governments, businesses, and non-profits is critical to creating a robust financial literacy ecosystem. Addressing these gaps is essential to empower individuals, reduce economic disparities, and promote a more equitable and resilient financial future for all Americans.

Keywords: Financial literacy; Financial education (search for similar items in EconPapers)
Date: 2025
References: Add references at CitEc
Citations:

Downloads: (external link)
https://academiainsight.com/index.php/riss/article/view/327/178 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ajo:reissc:v:8:y:2025:i:2:p:14-24:id:327

Access Statistics for this article

More articles in Research in Social Sciences from Academia Publishing Group
Bibliographic data for series maintained by Lucía Aguado ().