CFPB seeks approval to collect info for teacher financial literacy training

Financial EducationThe CFPB recently requested comment on a proposal to collect information that could help train K-12 teachers to teach and incorporate lessons in financial education as part of an effort to improve the financial capabilities of young people.

According to the noticed published in the Federal Register, under the teacher training initiative (TTI), the CFPB will seek approval from the Office of Management and Budget to collect application information from local education agencies interested in partnering with the agency to train school teachers in financial education.

The CFPB is seeking public comments—which are due on or before Oct. 20—on whether data collection is necessary, how to enhance the quality of information collected and ways to minimize the burden of such data collection efforts.

A report released by the CFPB earlier this year showed American teenagers fall below their peers in other countries when it comes to financial literacy. Students in Shanghai-China, Belgium, Estonia and Australia had higher financial literacy scores than U.S. students, who outperformed Russia, France, Slovenia and Spain.

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