California Gov. Newsom recently made a nearly $3 billion dollar investment in the state budget to increase teacher preparation to recruit and retain qualified educators. Why was this necessary? Because California’s ongoing teacher shortage has only worsened as the state grapples with classroom vacancies that have been exacerbated by the pandemic. Newsom’s injection of resources is a step in the right direction. But how is it possible to make the pathway to teaching viable for the long run?

Paying teachers more may seem a simple answer, and it’s a good start. It’s not enough.

Without giving people a root understanding of how to use the money they earn, the benefits won’t stick. Education needs to take a cue from the corporate world and consider how to eliminate debt and provide ongoing, responsive support for teachers.

At Teach For America Bay Area, we have found that recruiting talented teachers is not easy in an area of the country where dollars have to go further than in other regions. I was a casualty of this — I left teaching, a job I loved, because of finances.

I became a kindergarten teacher in West Contra Costa in 2010, when a two-bedroom apartment in Oakland rented for $1,750 a month. Today, the price for that same unit has doubled. During my three years of teaching, my rent skyrocketed while my school lost hundreds of thousands of dollars after our School Improvement Grant ended. With dwindling funds and my cost of living increasing, I left the classroom out of fear that I wouldn’t be able to pursue my interests and dreams on a teacher’s salary. I know many other talented educators have made that same decision.

But with help, support and training, teachers can learn to manage their finances and remain. In my current role, my job is to help current and future teachers access resources to help them stay in the classroom comfortably. From this experience and best practices from others in the field, here are some suggestions for improving financial wellness for teachers:

  1. Provide resources to teach financial literacy. People who don’t learn financial literacy from their families often don’t learn it at all.
  2. Reduce debt for teachers upfront. Over 43 million people have federal student loans, so it’s no wonder they are flocking to companies that promise to help pay down this debt.
  3. Make resources known. Resources can help only when they’re used. The California Legislature directed $24 million to help cover credential fees for prospective teachers.

Read the full article about helping teachers' financial wellness and security by Dorian Barrero-Dominguez at The 74.