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ACLI Co-Hosts Major Financial Literacy Event

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The American Council of Life Insurers invested in U.S. children’s financial literacy Wednesday.

The ACLI hosted the release of the Council for Economic Education’s 2020 Survey of  the States, in Washington, at the ACLI’s offices on Constitution Avenue.

(Related: Income Gap in K-12 Financial Education Remains Despite Progress: Study)

The Council for Economic Education supports economics and personal finance educational efforts in K-12 schools.

The council found, when it conducted the latest survey, that more states have enacted K-12 economics and personal finance education standards.

But the number of states the require some kind of standardized testing, to gauge the impact of the standards, fell to 10, from 16, for economics, and to five, from seven, for personal finance.

ACLI President Susan Neely said Wednesday, in a blog post about the council’s work, that she believes lack of financial education is big reason for financial inequality in America.

“Researchers at the Wharton School found that more than one-third of financial inequality in the U.S. could be accounted for by the differences in financial literacy,” Neely says in the blog post.

The Council for Economic Education “says that in states without course requirements, there is a 15-point gap in access to financial education between kids from lower-income versus wealthier families,” Neely says.

Making financial education a priority for schools could help students achieve a lifetime of financial security, Neely says.

“Life insurers have a big role to play, too,” Neely says. “We have an incredible purpose–helping people build long-term financial security. We have a responsibility to be problem solvers as our nation grapples with income inequality, the financial and retirement savings gap, and financial literacy and inclusion.”

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