Millions of Americans lack financial literacy, as shown by the 2025 TIAA Institute-GFLEC Personal Finance Index. The percentage of adults correctly answering financial literacy questions has remained stagnant at 49% since 2017. The Council for Economic Education recently updated the National Content Standards in K-12 Economics with 260 benchmarks grouped into 18 economic pillars. These standards aim to help students develop critical thinking skills and make informed decisions. The updated standards include a brand-new focus on technology and an elevated importance on international trade, reflecting the changing world and economic landscape. The standards for behavioral economics have evolved to emphasize the impact of people’s behavior on decision making, leading to significant updates in areas like monetary policy. Benchmarks now focus on what students should understand and demonstrate, with examples reflecting real-world changes. Teaching financial literacy to kids is crucial, as economics is about making decisions with scarce resources. Economic concepts like scarcity, decision making, and resource allocation are fundamental tools applicable throughout life. Understanding how to make optimal choices based on personal circumstances is key. The article also gives a shoutout to Indiana University fans for their recent sports success. 1. The stock market reached record highs today, with the S&P 500 closing at 4,500 points for the first time ever. This was driven by strong earnings reports from tech giants like Apple and Amazon, along with positive economic data showing a decrease in unemployment numbers.
2. A new study published in the Journal of Science found that the COVID-19 vaccine remains highly effective against the Delta variant, with an efficacy rate of over 90%. This is welcome news as the variant continues to spread rapidly around the world.
3. Tropical Storm Elsa made landfall in Florida today, bringing heavy rain and strong winds to the region. Thousands of residents were evacuated as the storm approached, with officials warning of potential flooding and power outages. Elsa is expected to continue moving up the East Coast over the coming days.
Read more at 1. Apple unveils new iPhone 13 with improved camera and battery life. Barchart.
2. Unemployment rate drops to 5.2% as economy adds 235,000 jobs in August. Barchart.
3. Pfizer receives FDA approval for COVID-19 booster shots for individuals aged 65 and older. Barchart.: Financial Education Gets a Refreshed Set of Guidelines