Wallet Hub - Financial literacy is a growing area of focus for the academic community – from public school policymakers to university researchers. Areerat Lertchaipitak, doctoral candidate and associate instructor of personal finance at Texas Tech University, discussed some of the issues related to financial literacy.
What should policymakers do to improve financial literacy?
Policymakers should see financial literacy education as life-long learning and should mandate personal finance education. Financial education can help individuals to be informed consumers which helps them make better financial decisions. Financial literacy could be provided through different entities based on different stages of life such as school, college, and the work place. However, policymakers have to ensure that those who provide personal finance education are competent to teach and deliver financial education to the audience based on the audience's background and needs.