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Money lessons without money: The financial literacy fallacy
Financial literacy without real-world money experience is as ineffective as teaching swimming with PowerPoint slides. A critical look at classroom finance education.
While our students struggle with basic algebra, school boards and administrators spend countless hours debating financial literacy curricula, arguing about whether to teach the Rule of 72 to kids who can’t divide by 2. The champions of financial literacy imagine that if someone takes out a predatory loan or racks up credit card debt, it must be because they don’t understand interest rates or payment schedules. The most financially literate young people didn’t get that way from classes – they got that way from starting YouTube channels, selling on Etsy, building websites, or running home services businesses.
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