More than half of U.S. states have enacted policies to expand financial literacy education in kindergarten through grade 12 schools with the goal of improving students' financial literacy skills. In this report, the authors examine the implementation of Nevada's financial literacy requirements in grades three through 12 using data from a teacher survey, focus groups, interviews, and financial literacy programs.

Implementation of Nevada's Financial Literacy Mandate

A Mixed-Methods Study

Christine Mulhern, Kate E. Kennedy, Zhan Okuda-Lim

ResearchPublished Jul 15, 2024

More than half of U.S. states have enacted policies to expand financial literacy education in kindergarten through grade 12 schools with the goal of improving students' financial literacy skills. Although financial literacy education can be key to building long-term financial capabilities and well-being, more information is needed on how to effectively design state-level financial literacy education requirements. In this report, the authors examine the implementation of Nevada's financial literacy requirements in grades three through 12 using data from a teacher survey, focus groups, interviews, and financial literacy programs.

Key Findings

  • The majority of survey respondents reported that they believe financial literacy education is important, but they had limited confidence that students were learning the state's financial literacy standards.
  • Teachers reported a need for more and better financial literacy instructional materials, including culturally relevant teaching materials.
  • Teachers may need more training on how to teach financial literacy; most teachers reported receiving no training or noted that they felt underprepared to teach financial literacy.
  • Elementary school teachers reported greater needs for instructional materials and pressure to cover other content than did teachers in other grade levels.

Recommendations

  • Leaders at the Nevada Department of Education, school district curriculum directors, and school leaders should work together to ensure that teachers have better access to high-quality teaching materials for financial literacy.
  • Education leaders at the district and school levels should identify ways to strengthen financial literacy in elementary school and address the unique challenges that elementary school teachers face in teaching financial literacy; the Nevada Department of Education might also play a key role in finding solutions for elementary school financial literacy.
  • In-service training opportunities and participation should be expanded to improve teachers' preparation and the quality of financial literacy education that students receive. School leadership training could also help support principals' knowledge and capacity for financial literacy implementation.
  • There should be a focus on strengthening the cultural relevance of financial literacy education and providing educators guidance on how to deliver this type of education.

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Mulhern, Christine, Kate E. Kennedy, and Zhan Okuda-Lim, Implementation of Nevada's Financial Literacy Mandate: A Mixed-Methods Study. Santa Monica, CA: RAND Corporation, 2024. https://www.rand.org/pubs/research_reports/RRA3185-1.html.
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This study was funded by the National Endowment for Financial Education (NEFE) and conducted by RAND Education and Labor.

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