Financial education should continue beyond school years, according to governors.

Several state governors believe that financial literacy education should extend beyond the end of traditional schooling.

During the Invest in You: The Governors Strategy Session on Financial Education event, New Jersey Gov. Phil Murphy stated that he believes it's a lifelong experience.

Gov. Steve Sisolak of Nevada agrees about the importance of financial literacy.

"We must view it as a lifelong skill that requires a long-term approach," he stated.

State of personal finance education

According to the 2022 Survey of the States from the Council for Economic Education, 23 states require a personal finance course for students, but there are no federal guidelines for personal finance education in schools.

In New Jersey, students are required to take classes in financial, economic, business, and entrepreneurial literacy in order to graduate from middle school.

Murphy, a Democrat, stated that the purpose of incorporating financial literacy education into our middle school curriculum is to reach students while they are young.

Games are a fun way to teach kids about money. Inflation concerns prompt Americans to reevaluate their financial decisions. If prices continue to rise, consumers may need to reduce spending in certain areas.

In Nevada, students learn about personal finance as part of social studies from grade three to high school, while in Mississippi, a college and career readiness class that includes personal financial education is now mandatory for high school graduation.

Mississippi Gov. Tate Reeves, a Republican, believes that each state must decide on their own priorities for classes for their young people. However, he strongly believes that a fundamental understanding of finances is crucial for success in life.

That also means that states can change their guidelines as they see fit.

Sisolak, a Democrat, stated that a mandatory class may be necessary because many students lack financial education at home due to their parents' limited financial literacy.

Beyond school

Many students lack financial literacy because their parents are unable or unwilling to teach them about money at home.

The state of New Jersey has introduced NJ FinLit, a financial wellness platform, to provide residents with more personal financial education beyond school.

According to Murphy, financial literacy is crucial for Americans to establish a strong financial foundation, enable them to support their families, and position them for long-term prosperity.

The financial education platform, developed by Enrich and powered by iGrad, offers personal finance courses on topics such as budgeting, saving, retirement, and student loans. It also includes real-time budget tools. The platform is free for all adult New Jersey residents.

To ensure that educators are equipped to handle the evolving financial landscape, states have provided resources for professional development and addressed questions related to meme stocks and cryptocurrencies.

Mississippi offers a master teacher in personal finance program and coaching.

Reeves stated that the most effective way for a child to receive a top-notch education is through the guidance of a skilled teacher. He emphasized the importance of ongoing professional development for teachers in the field of personal finance, just as it is for subjects such as English and mathematics.

What’s next

Each state can identify areas for improvement in their personal finance education offerings, teacher training, and resources for adults. They will likely develop unique solutions and offerings for their residents.

Currently, 26 states have 54 personal finance education bills pending.

During Wednesday's event, the governors agreed that personal financial education is crucial for the future success of residents, particularly children, despite differences in state approaches.

Sisolak stated that we must gradually introduce children to the pool by starting with the shallow end before moving on to the deep end.

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