Mandates boost financial ed trend.

During Dan Iannicola Jr.'s four years on the board in St. Louis' Affton School District, situations where the district would delay taking action always annoyed him. If an effort for eighth graders was pushed aside, "I couldn't help but think, everybody only gets to be an eighth grader once," he says. What about those current eighth graders who would miss out?

Now, as the U.S. deputy assistant secretary for financial education, Iannicola serves on the recently established Financial Literacy and Education Commission. The commission is coordinating federal government financial education programs and working with private organizations to promote related efforts and improve, the financial literacy of all Americans.

As with any tall order, it's being accomplished in steps. After two meetings, the commission is well on its way to establishing a Web site that pulls together existing education programs, grants and information. "The resources are out there, but until now it's been a hidden treasure," Iannicola says.

Meanwhile Iannicola is helping to educate nonprofits about how to assist schools. If educators "have someone knocking on their door who is well intentioned but doesn't help them meet their immediate needs, it's going to be hard for that party to get the attention they want," he explains. "I try to tell the banks that free doesn't always mean free to schools." For example, a slick CD with personal finance lessons may not get used if teachers aren't trained, it' there aren't enough computers or if a place isn't made for the lessons in a busy school schedule.

More than ever, states are mandating the time for financial education be found. In the past year, 16 states began requiring some sort of financial education in K-12, and nine states have similar legislation pending. Districts are meeting the challenge with both separate classes in personal finance and efforts to include topics in core subject areas. The new state quarters and Lewis and Clark nickel, for instance, can be worked into social studies lessons.

Either approach has value, Iannicola says. "Some financial education is better than no financial education." He hopes administrators will "keep this on their radar, even if there isn't a state or federal mandate requiring them to do so. It's worth the extra effort."

www.treasury.gov/financialeducation

Students Failing (Yet Gaining) in Money Smarts

Quick: In which areas of finance are students more knowledgeable: income and spending, or money management and saving?

High school seniors did a far better job of correctly answering questions about income and spending in the latest nationwide survey conducted for the Jump$tart Coalition for Personal Financial Literacy, which is assisting the Financial Literacy and Education Commission with its efforts. Perhaps struggling with savings and management is as American as apple pie.

When pieced together, the answers of the 4,000 students surveyed don't look so appetizing. On average, they got 52.3 percent of the questions correct, earning a failing grade. But on the positive side, that average score is up slightly from 2002 and 2000 scores. In 1997, the average score was higher, 57.3 percent.

www.jumpstart.org