By Casey McDermott, USA TODAY
Starting this fall, Virginia high school students will need more than reading, writing and arithmetic to snag a diploma.
Incoming high school freshmen will be required to take a one-credit course outlining the ABCs of economics and personal finance.
Virginia joins a handful of states, including Missouri, Utah and Tennessee, that mandate a class in financial education. Similar legislation aimed at improving students' financial literacy has been introduced in Maryland, while several states require teachers to weave personal finance lessons into existing coursework.
Combined with grassroots efforts by non-profits and financial institutions, it's all part of a nationwide push to keep Generation Y from making money mistakes that could haunt them long after they graduate from college.
For younger children, the "Money Matters: Make it Count" partnership between the Boys & Girls Clubs of America and the Charles Schwab Foundation has brought financial literacy lessons to more than 245,000 students since it made its debut in 2004.
FULL ARTICLE AT http://www.usatoday.com/money/perfi/basics/2011-08-12-personal-finance-courses_n.htm
Among teachers, 92% felt My Money, My Future enhanced the material they were teaching and 96% would like the curriculum offered to future students in their high school.
"Freshmen at Lee High are excited each time they log in to the My Money, My Future program," said Wendy Enoch, a teacher at Robert E. Lee High School in Staunton City. "Using components such as games and avatars to capture the attention of teenagers in an area that sometimes bores them is genius. The lessons learned through this program will guide their financial decisions well into adulthood."
In 2009, the Virginia Board of Education (VBOE) mandated a course in economics and personal finance as a requirement for high school graduation. The mandate begins in the fall of 2011. In implementing My Money, My Future, the Genworth Foundation will continue to work with the State Department of Education, local school districts and other nonprofits, including the Virginia Council on Economic Education, to provide teacher training and professional development at no cost to teachers or schools.
"Financial literacy empowers people to make informed and responsible choices and is a building block for a secure financial future," said Leon E. Roday, chairman of the Genworth Foundation board of directors. "By adding private-sector expertise, resources, and funds to the work being done by non-profit organizations and community groups that specialize in financial education, we can significantly raise the quantity and quality of financial education in our schools."
About the Genworth Foundation
Established in 2005, the Genworth Foundation is the charitable giving arm of Genworth Financial. The Foundation is committed to helping build strong communities around the world. Each year, the Foundation makes direct investments in the community through charitable contributions and matching gifts. For more about Genworth in the community, visit genworth.com/community.
About Genworth Financial
Genworth Financial, Inc. (NYSE: GNW) is a leading Fortune 500 insurance holding company that is dedicated to helping people secure their financial lives, families and futures. Genworth has leadership positions in offerings that assist consumers in protecting themselves, investing for the future and planning for retirement -- including life insurance, long term care insurance, financial protection coverages, and independent advisor-based wealth management -- and mortgage insurance that helps consumers achieve homeownership while assisting lenders in managing their risk and capital.
Genworth has approximately 6,500 employees and operates through three segments: Retirement and Protection, U.S. Mortgage Insurance and International. Its products and services are offered through financial intermediaries, advisors, independent distributors and sales specialists. Genworth Financial, which traces its roots back to 1871, became a public company in 2004 and is headquartered in Richmond, Virginia. For more information, visit genworth.com. From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com.
EverFi Inc., based in Washington, D.C., provides the leading education media platform to teach students the core concepts of financial literacy, student loan management and other key life skills. Through its proprietary technology platform, the company is powering a national movement that enables foundations, corporations, school districts and universities in 48 states to launch community-based programs in a variety of off-curriculum subjects. EverFi's award-winning platform is designed to provide an exciting and engaging experience for students and features the latest technology, including rich media, high-definition video, diagrams and avatars. Learn more at www.everfi.com.