A Shift In Education Focus

Financial decisions are a part of everyday adult life: budgeting, saving, borrowing, investing, taxes, insurance, and even planning for retirement. Yet for decades, personal finance was often missing from high school curricula. That’s changing fast—today, more U.S. states and schools are recognizing personal finance as a core life skill, moving from theory to hands‑on learning.

How Many Schools Teach Personal Finance?

According to the Council for Economic Education’s 2024 survey, 35 states now require high school students to take a personal finance course to graduate—up sharply from fewer than half in 2022. Of those, 15 states mandate a semester‑long standalone course, considered the “gold standard.”

Statewide requirements are fully implemented in eight states—Alabama, Mississippi, Missouri, North Carolina, Tennessee, Utah, Virginia, and Iowa. In these states, nearly all students graduate having studied money management. Outside those states, only about 9% of students are guaranteed such education, and for low-income or minority students, that figure drops to around 5%.

It is estimated that over 50% of high school seniors across the nation will soon graduate with a personal finance course, thanks to new policies in states like Pennsylvania and California.

Why This Matters: Addressing Real Shortfalls

A large body of evidence shows:

• Many adult Americans lack basic financial literacy—struggling to differentiate between savings, credit, loans, and investing.
• Gen Z averages only 38% correct on financial literacy tests and is burdened with high debt levels.
• Students who have personal finance courses are less likely to hold credit card debt, more likely to apply for financial aid, and show higher financial confidence.

Financial education doesn’t just help individuals—it builds collective resilience, reduces defaults, promotes better financial decisions, and narrows economic

What Do Students Learn?

Curricula vary, but most personal finance courses now teach:

• Budgeting basics: using frameworks like the 50/30/20 rule for managing spending and savings.
• Credit, debt, and interest: how to build credit, understand APR, and use credit cards responsibly.
• Saving and investing: from emergency funds to retirement accounts, with real-world investing simulations.
• Taxes, insurance, and mortgages: navigating real adult costs.
• Career readiness: resume building, job shadowing, and financial decision-making tied to employment and entrepreneurship.

Importantly, many courses include hands-on simulations like student-run stock portfolios, mock trading floors, and budgeting using real-life scenarios.

Examples from the Classroom

Wilton High School, Connecticut:
A recent initiative transformed the finance classroom into a student-run trading floor, complete with a live stock ticker and a team managing a real-money portfolio. Started by a former student‑turned‑teacher, this program merges financial literacy with entrepreneurship and philanthropy through Next Gen Personal Finance support.

Frankfort High School, Michigan:
Their senior-level life skills class spans personal finance topics—student loans, mortgages, insurance, investing—and extends to career readiness through job fairs and alumni speakers. The state mandates the course as a requirement for graduation.

Common Challenges and Gaps

• Teacher training: Some states struggle to find instructors with financial expertise. Utah stands out by requiring educators to earn endorsements specific to financial literacy.
• Course depth: Critics argue that a half‑year elective isn’t enough to cover complex life skills—calls grow for multiple courses across grades.
• Equity issues: Students in wealthier districts are more likely to access finance education than those in under-resourced schools—continuing disparity despite state mandates.

The Benefits: Early Evidence of Impact

Early feedback shows students in states with comprehensive programs report:

• Greater confidence in managing money,
• More disciplined saving and lower impulse spending,
• Creative application of knowledge—some open bank or investment accounts, others seek scholarships and launch side gigs.

Longitudinal studies (e.g., Everfi) show improvements in financial behaviors sustained months after course completion, including better planning habits and lower default risk.

Voices of Support

• Robert Rubin, former Treasury Secretary, said: teaching basic economics and personal finance helps students make smarter decisions—and supports a more resilient economy.
• Next Gen Personal Finance advocates for universal access by 2030, arguing students should never graduate without understanding how money works.

Public support is strong: surveys show 88% of Americans favor requiring a standalone personal finance course in high school. Young people themselves express eagerness—73% want to learn more.

What Teachers and Schools Are Doing

• Partnering with nonprofits like Next Gen Personal Finance and Jumpstart Coalition to develop curriculum and resources.
• Hosting guest speakers—entrepreneurs, bankers, alumni—to share real-life financial experiences.
• Offering simulations and challenges (e.g., stock trading, budgeting, scholarship planning).
• Embedding finance into family and consumer science courses and business tracks like Booker T. Washington’s Academy of Finance program.

What’s Next: Toward Nationwide Coverage

By 2026 or 2028:

• 22–25 states are expected to guarantee students a semester-long, standalone personal finance course.
• Washington, California, Pennsylvania, and Kentucky are joining early adopters in this push.
• With increasing demand and public support, advocates aim for universal financial literacy requirements by 2030.

Why It’s a Game-Changer

This shift marks a key evolution in education:

• Personal finance is no longer optional—it’s essential.
• Students learn real-life readiness, not just theoretical economics.
• In the context of a generation grappling with high debt, low financial literacy, and complex markets, these courses offer real hope for change.

Summary Table

Final Thoughts

By treating personal finance as a core life skill, high schools across America are helping students avoid common financial pitfalls—from credit card traps and unwise loans to confusion about credit, taxes, and insurance. Early studies and pilot programs show real progress in confidence, behavior, and decision-making.

Still, success requires more than laws—it needs well-designed classes, well-trained teachers, and hands-on learning opportunities—so students walk into adulthood financially prepared.