WASHINGTON — As students head back to class after summer break, there’s a greater push to prioritize financial literacy in the classroom.
More than half of states in the United States have passed laws requiring high school students to take and pass a personal finance education class before graduation.
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As a result of the newer laws, more high school students than ever before are learning a subject most of their parents never studied when they were in school.
Channel 2 Washington Correspondent Nicole D’Antonio has learned that’s a big jump compared to four years ago, when only a few states had personal finance course requirements in their curricula.
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In 2020, just eight states required high school students to take a personal finance course.
Georgia is one of the many states now requiring all high school students take at least one semester of personal finance before they can graduate. The courses teach students important financial skills like how to create a budget, the pros, cons and how-tos of investing in stocks, and how to develop a retirement plan.
Financial advisors tell Channel 2 Action News that it’s never too late to learn how to budget, invest or build up your retirement funds.
“Just being open and honest with our kids about what might be, how might you make money? If you want that next toy, what’s something you can do to help earn money?” Nikki MacDonald, a financial advisor, said.
Research shows students aren’t the only people who can benefit from personal finance courses.
A new report by the TIAA Institute found that adults only answer an average of 48% of financial literacy questions correctly.
Among adults in the U.S., Gen Z struggled the most, answering only 37% of the questions correctly.
Experts say there are free apps and resources online that can help learn these skills, even outside of school.
“Even for a school supply plan, it’s not extreme to have something even if it’s simple, (can we take out the pause) just take an inventory of what we have in the house already. What might we be able to get by with,” MacDonald said.
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