Financial education for children is the key to helping shape housing's future, Consumer Financial Protection Bureau director Richard Cordray said at the President's Advisory Council for Financial Capability for Young Americans meeting.
Americans are facing increasingly complex mortgages and other instruments in the financial marketplace, he said. As students approach graduation from high school, financial education should be a priority and should continue into adulthood. Cordray also endorsed experimental learning, as students learn more effectively when they are able to practice financial management through a medium such as a simulated banking experience or by playing a computer game. He said financial education concepts also should be integrated into standardized tests, that teachers should be supported and engaged in financial education, and that parents must get involved.
"Now more than ever, as we emerge from the deepest financial and economic crisis of our lifetimes, people need the know-how to manage the ways and means of their lives," Cordray concluded.