A study reveals that while personal finance education is on the rise, economics is declining.

High schools in more states are mandating personal finance courses for students before graduation.

According to the 2022 Survey of the States released Thursday by the Council for Economic Education, 23 states require a personal finance course for students.

Since the last publication of the survey in 2020, two states, Nebraska and New Mexico, have enacted legislation requiring all high school students to take a personal finance course before graduation.

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Nan Morrison, president and CEO of the Council for Economic Education, stated that although there has been some advancement in the latest survey, all young people in the country require more and deserve better.

Unequal progress

Over the past 24 years, the number of states incorporating personal finance education has increased from 21 to 47.

The report found that while 27 states offer a personal finance course in high school, only 23 mandate that students must take one to graduate.

Only nine courses are independent personal finance courses; the rest are combined with another subject.

The variation in financial education offered to students in the U.S. is significant, as stated by Worku Gachou, head of North America, inclusive impact & sustainability, at Visa, who launched FinEd50 with the Council for Economic Education.

Gachou stated that the location of where students reside should not affect their ability to acquire knowledge that will aid them in making informed financial decisions in the future.

Morrison stated that students from lower-income families and people of color often lack access to personal finance education due to differences.

Morrison stated that not passing requirements would only widen the existing gaps.

Economics courses falling behind

While personal finance education and requirements have been consistently added to high school curriculums in recent years, the guidelines for economics courses have remained unchanged.

Since 2011, only three states have made it mandatory for students to take an economics course in order to graduate.

Morrison stated that while economics and personal finance education sometimes overlap, both are crucial courses of study. Studying economics enables students to analyze various topics relevant to the world, including the environment, housing, and employment.

In contrast to business courses, personal finance courses equip students with the skills to manage their own finances and make sound decisions based on current global events.

She stated that in her ideal world, every child would possess at least one semester of economics and one semester of personal finance to acquire a set of valuable skills.

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