Former U.S. Education Secretary Arne Duncan said poverty can't be eliminated without proper financial literacy.

"If we're serious about breaking cycles of poverty, if young people get a good education, get a good job and still can't manage their money and they're spending more than they are bringing in, we're not actually breaking those cycles of poverty," he said.

According to Duncan, financial literacy and education around other 21st century skills like computer software and coding, don't rank high enough in the long list of challenges facing our public schools.

Duncan is author of the new book "How Schools Work."