Effective Financial Education: Best State Practices

This study examines the impact of greater spending on youth financial education upon measures designed to capture the experiences and challenges of low- and moderate-income Americans. Despite more states mandating financial education as a requirement for high school graduation, there was no prior canonical data on the important variable of historical spending on financial education by state and by year. Accurately capturing spending trends may tell us more about the quality and depth of financial education than the mere existence of a mandate can.

To fill this gap, Knology created an open-access database of historical spending on financial education across all 50 states. They combined the data with data from the Federal Reserve Board’s Survey of Household Economics and Decisionmaking (SHED) and analyzed outcomes such as income volatility, comfort managing assets and foregone medical care due to costs.

Financial Education Database Training Fellowship

The National Endowment for Financial Education ® (NEFE®) and Knology are pleased to offer an exclusive fellowship program for a small group of emerging scholars to contribute to the next wave of research, utilizing the database and mapping tool developed by Knology. Fellows will receive technical support through a workshop series aimed at developing research questions and designing analysis plans that make use of the database, mapping tool and any other publicly available datasets.

The goal of each fellow’s work will be to produce either a paper for peer review, a technical report or a presentation for public distribution. Fellows will work collaboratively as part of a learning community at the start of the program, and can work individually, with other fellows or outside peers, or their own colleagues throughout the remainder of the program. Final products could take the form of an essay or report for Knology and NEFE’s websites, a peer-reviewed journal submission, a technical trade journal article, mainstream press, or web resource.

Applications are due March 15, 2022.

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