The Hispanic Wealth Project (HWP), a non-profit 501c3 whose mission is to financially and educationally empower the Hispanic community in America, is encouraged by bills approved this past year in Michigan, Florida, and with other state initiatives, to promote financial literacy in school curricula.
The HWP believes wealth creation is irrevocably tied to financial education. Our most recent report on Hispanic Wealth showed how effective closing knowledge gaps is for Hispanics in particular. Schools can provide a solid base for children and youth to learn about personal finance and improve their money management skills.
HWP fosters an ecosystem for Hispanic household wealth creation by setting out actionable initiatives in sustainable homeownership, small business development, and financial education to ensure the economic prosperity of Hispanic Americans. While Hispanic household wealth has increased by 138% between 2013 and 2019, far outpacing the general population of American households (36%), a sizable wealth gap between Hispanic households and their non-Hispanic White counterparts continues to exist. Incorporating financial education in public schools will go a long way in narrowing knowledge gaps, leading to more adoption of wealth-building practices, including participation in homeownership, savings, and financial investments.
Overall, 23 states in the U.S. have some sort of personal finance education mandate, according to the 2022 Survey of the States from the Council for Economic Education. We are encouraged, and applaud Governors Whitmer and DeSantis and the Governors in all the other states for their leadership in advancing financial literacy in schools. We believe these initiatives will ultimately lead to improved wealth creation for Hispanics and other underserved Americans.
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