Recession doesn't change students' econ savvy

Associated Press + More

By PHILIP ELLIOTT, Associated Press

WASHINGTON (AP) — The Wall Street meltdown of 2008 and the ensuing recession did little to help make high school seniors financially savvy and less than half have a solid understanding of economics.

That's according to an Education Department report released Tuesday.

In real terms, that might mean students could have difficulty understanding the impact of a poor credit rating, the relationship between consumer spending and higher unemployment or how inflation can eat away at pay raises.

Students' scores of economic literacy changed little between 2006 and 2012. During that time, millions of jobs that were lost and homes that were foreclosed didn't translate to higher academic achievement.

Also during that period, several states offered new economic courses and some started requiring it to earn a diploma.

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