Most adults in the United States support guaranteed access to personal finance education for high school students.
Eighty-eight percent of adults surveyed by the National Endowment for Financial Education said their state should require either a semester or one-year personal finance course for graduation. The poll was conducted among 1,030 adults in March.
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Billy Hensley, president and CEO of the National Endowment for Financial Education, said in a statement Tuesday.
Additionally, 80% of those surveyed said they would like to be required to take a personal finance course to graduate from high school.
The survey also found that seniors, those with higher incomes and those with a post-secondary degree were more likely than others to support mandatory personal financial education or say they would like such a class at school. White, non-Hispanic participants were more likely to support personal finance courses than their Hispanic counterparts.
“Unequivocally financial education is the foundation for acquiring and applying knowledge, even though we are transparent that education alone is not enough to overcome systemic barriers,” Hensley said. “There are many fundamental factors that are part of the personal finance ecosystem that work together to achieve financial viability.”
The number of states mandating a personal finance course for high school students has increased in recent years. in March , Florida has become the largest state requiring personal finance in high school, and the governor of Georgia is set to sign a similar bill into law this week.
Currently, 25% of high school students In the United States, guaranteed access to the personal finance cycle, according to a recent report by Next Gen Personal Finance.
In addition, more states have active bills that would mandate personal finance education if passed, and some Prepare to become law that’s yess.
Such statewide authorizations are important to ensure that all students have the same access to personal finance courses. The nonprofit has found that without a law guaranteeing such classrooms, students of color and those who live in lower-income school districts are less likely to have a solid personal finance education.
“Legislative action, state support, and access to reliable resources make a huge difference in the fair access settlement for all students,” Hensley wrote in a recent blog. “This comprehensive and effective state requirement ensures that all schools can offer this vital class to their students regardless of zip code.”
Beyond calling for legislation that guarantees All high school students get lessons in personal financeand Hensley and Next Gen Personal Finance suggest that teacher training is also an important piece of the puzzle.
Without effective professional development, it can be difficult for teachers to feel prepared to teach personal finance. According to Hensley, this has an impact on the outcomes of the classes they teach.
Hensley wrote that “the quality of education is just as important as access.”
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