Students and their parents can become financially literate together through exercises such as intergenerational homework assignments, which reinforce the concepts taught in class. Such strategies allow educators to help adults who until then may not have been exposed to financial concepts. To provide the most effective education, curriculums should also have clear standards and goals.
To that end, the federal government’s Financial Literacy and Education Commission, of which the Federal Reserve is a member, has identified five core competencies that should be covered by financial education: earning and income, spending, saving and investing, borrowing, and protecting. Behind each of these competencies is a set of related knowledge and skills, and corresponding behaviors.