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Teaching Right

More kids are getting exposed to financial education courses

The kids will be all right… Because the kids are finally learning about money in school. According to a recent report, about 25 percent of high schoolers who graduate this year will have received a financial education course.

The shift is due to states finally pushing bills that mandate financial education courses. The study found that more states are doing so than ever before. In 2018, just 16 percent of graduating high schoolers had taken a financial education course. There are now eight states with the money mandate, and four more have passed bills that will push the courses through in the next couple of years. As CNBC notes, by 2026, about 32 percent of graduating high schoolers will have taken a financial education course. That’s something to celebrate! The same report estimated that by 2030, that percentage should hit 100 percent.

The mandate is the key here. In the study, the researchers found that in states that offer financial education courses but don’t require them, just 1 in 10 students end up taking the class.
The increase in financial education is encouraging because it can help young people make smart money decisions as they get older. In a separate study, young people who received financial education courses were less likely to carry debt and less likely to be delinquent in payments as adults. Clearly, the more kids learn, the better off they are.

Chris O'Shea - SavvyMoney

May 2022

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