Written by Eliza Siegel as published in Stacker. Read the full article here.
How your state is teaching kids financial literacy?
Gone are the days when learning how to balance a checkbook in home economics class was enough to prepare young people for financial responsibility—if there ever was a time when that was true. Financial literacy is an undeniably valuable tool for navigating an increasingly digital and data-driven world. Online banking and investing are ever more accessible, and dozens of financial apps can help users keep track of their credit scores, account balances, and budgets in real time. But even with more tools available, income inequality continues to increase and student loan debt is valued at a record-shattering $1.7 trillion nationally.
Citing data from the Council for Economic Education, GoHenry looked at six types of laws mandating personal finance education across the country and outlined where every state stands on each.
Despite the fact that 83% of Americans believe parents are responsible for teaching their children about finances, very few actually talk to their kids about money, according to an April 2022 CNBC poll. In fact, 69% of parents report feeling reluctant to broach the topic of finances with their kids. Because of this discomfort around discussing money, many children and young adults only learn of these financial concepts for the first time in school. But the way schools cover personal finance varies depending on the state you live in, your school district, and how well-resourced your school is.