College admissions and education rankings generally prioritize math and reading, but there’s much more to the story. What about financial education?
With student loan debt nearing $1.5 trillion, financial literacy is more important than ever, yet many students are falling behind. CNBC’s Annie Nova has more:
Only 17 states require high school students to take a class in personal finance—a number that hasn’t budged in the past four years, according to the newly released 2018 Survey of the States: Economic and Personal Finance Education in Our Nation’s Schools.
More than half of states still don’t require high school students to take an economics course, it found. And since 2014, the number of states that require students to be tested on economics concepts has stayed flat at 16.
“The majority of U.S. states are failing our students by declining to offer these fundamental courses which are critical to their financial stability and security later in life,” said Nan J. Morrison, president and CEO of the Council for Economic Education, which produced the report using data from the 50 states and the District of Columbia.”
Where schools fail, parents can pick up the slack. Instead of just passively handing over allowances, you can teach a child the importance of saving and how to budget for the future.
If your child is lagging in financial literacy, use it as a tutoring opportunity. Even a few hours of tutoring can put them on the path to financial success.