Davidson stresses cooperation between education, private sector

Tom Davidson

Tom Davidson

Tom Davidson, the CEO of EverFi, said last week in an interview with Bloomberg TV that inadequate cooperation between the education system and the private sector has hindered financial education in the U.S.

“If you look at any other major infrastructure in the country—energy… telecommunications, highway systems… there’s been a thriving private sector that rides alongside of it and innovates on it,” Davidson said. “Education is the only place that I think, in the country, that doesn’t welcome the private sector into the mix, and we need to make sure to encourage that and allow the private sector to innovate on what’s going on in schools.”

EverFi is an education technology company that seeks to teach students critical skills. Headquartered in Washington, D.C., EverFi offers financial literacy technology at no cost to classrooms across the country.

Seven million students have been certified through the company’s financial literacy programs, which are funded by the heads of tech giants Twitter, Google and Amazon.

The programs, which meet standards from the Jump$tart Coalition for Personal Financial Literacy, cover topics like credit scores, income, savings and investing, debt, money management, mortgages and banking.

Davidson said EverFi’s financial literacy programs are based on games to allow youths to acquire financial skills in an engaging way.

“This stuff that’s maybe breaking news this morning is not all that exciting typically to a 15- or 16-year-old kid,” Davidson said. “What have to do and what we’ve really done is build gamification into it… putting them into situations where they’re tearing down their credit, building it back up, missing payments, going to the mall, hurting themselves down the road—building a lot of drama into it.”

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