PwC’s “Earn Your Future” Recognised As A Game Changer For American Students
(3BL Media/Justmeans) â April is National Financial Capability Month in the States, aiming to give all Americans the tools to navigate the financial world and gain economic freedom to pursue their own dreams and pursuits. Whereever we may be in the world, being financially capable is essential for some of life's biggest transitionsâpaying for college, buying a home, saving for retirement. A solid understanding of personal finance makes it easier to avoid scams, spot misleading information and decipher complex paperwork. Money matters in this post financial crisis world is an emerging core subject area in schools throughout the world. It is for this reason that PwC .US. and its PwC Charitable Foundation Inc. have announced a $30 million extension to its signature programÂ Earn Your FutureÂ (EYF).
PwCâsÂ EYF is one of the broadest company-led commitments to advance financial capability in the U.S. It is also one of the largest company-led commitments that supports educators, reaching 1.1 million students and 46,000 educators. EYF is a five-year commitment that now totals $190 million and focuses on three areas: expanded professional development opportunities for educators in business and financial responsibility, investment in research, and helping scale organisations that are revolutionising the field of financial capability. The goal is to reach more than 2.5 million students and educators.
Financial literacy is not emphasised in the American education system, with less than half the states having any financial literacy requirements for grades K-12 (the first year of college), and only four states requiring high school students to take personal finance classes. Hence, most teenagers lack the necessary knowledge and skills to become financially responsible adults. Most things money-related are still taught at home, where the role of the financial educator falls primarily on parents and guardians, and, for many adults, talking about money is not a subject that they feel confident about, with many unsure of where to begin and worried about saying the wrong thing. So, many parents simply avoid these conversations.
PwC recognises that teachers are essential to embedding these financial concepts within schools and knows thatÂ less than 20 percent of teachers feel equipped and comfortable to teach money matters in their classrooms. By providing additional tools and resources to support educators, PwC believes it can help transform the way these ideas are taught in classrooms and ultimately empower students to reach their full potential. This PwCÂ initiative is widely recognised as a game-changer and their commitment recently wonÂ CECPâs Excellence Award, one of the most coveted recognitions in the corporate giving space.
Financial education is a critical piece of what PwC looks for when it hires 4,000 young people each year, yet the impetus to teach youngsters about money isnât progressing fast enough, even though there is an awareness around the world to see this taught as a step towards avoiding the next economic meltdown. Advocates say that learning about things like budgets and credit cards is no less important than reading, writing and arithmetic
Photo Credit: PwC