Image source: AARP
By Michael Argenta
June 11th, 2021
Budgeting. Investing. Surviving. These are just three financial processes that high school students will soon acquire as an official part of their curriculum. Since the beginning of the year, 25 states have introduced legislation advocating for personal finance to be taught in schools. After seeing the negative effects of COVID-19 including a spiking unemployment rate and the lack of financial security, legislators and educators knew that something had to be done. So far, bills in Arkansas, Hawaii, and Nebraska have been signed into law. Colorado, Nevada, Rhode Island, and Texas await governors’ signatures. Meanwhile, seven states (VA, AL, TN, MO, UT, NC, MS) already have half-semester courses set in place focusing on financial literacy. 21 states already require minor financial education, but believe it can be incorporated into other courses.
As COVID-19 vaccination rates rise and cases fall, it is still paramount to teach students basic skills such as budgeting and saving. Many high school students lack basic financial skills before being thrown into college, one of the biggest investments in life. If a student lacks scholarships or is on their own to pay for school, financial literacy is critical when it comes to signing loans and affording school essentials.
Overall, as more states seek to require high school students to fulfill a requirement in personal finance education, there are only positives. The sooner students learn basic life skills, the better. From balancing a checkbook to paying a credit card bill, students will be better prepared for real life.