Priya Patel
TLDR:
- Personal finance courses are now mandatory in 35 states for high school graduation.
- Studies show that students who take these courses have higher credit scores and make better financial decisions.
According to a report from the Council for Economic Education, 35 states in the US now require high school students to take personal finance courses in order to graduate. This number has been steadily increasing since the late 1990s, with a significant uptick during the Great Recession. As a result, 72% of students in the US now have to complete these classes. The main driver behind this trend is the positive impact these courses have on students’ financial literacy and decision-making skills. Research has shown that individuals who have completed personal finance classes tend to have higher credit scores, lower credit card debt, and make more informed choices when it comes to college loans. However, one of the challenges that states are facing is finding qualified educators to teach these courses. Many teachers lack the necessary background in personal finance, which can affect the quality of instruction.
Raven Turner, a teacher at South County High School in Virginia, highlights the importance of these courses in preparing students for financial independence. She emphasizes that practical lessons on topics like housing costs, compound interest, and budgeting can have a lasting impact on students’ financial well-being. Turner shares her own experience of accumulating debt from college and expresses her desire for her students to make smarter financial decisions. By equipping them with the necessary knowledge and skills, Turner hopes to set them on a path towards financial success and security. Overall, the rise of personal finance courses in high schools reflects a growing recognition of the importance of financial literacy in today’s society.
