More states are requiring personal finance education before students graduate from high school.
Bryan Martinez, a senior at Capital City Public Charter School in Washington, works on a computer during his Advanced Algebra with Financial Applications class on Sept. 12, 2023. For his medium-term financial goals, he settles on a car he doesnt have one yet and vacations. Peering way into his future, the 18-year-old also imagines saving money to buy a house, start his own business, retire, and perhaps provide any children with a college fund.
Students begin to understand that “yes, I need to learn decimals, and I need to learn fractions, and I need to learn percentages because I have to manage my money and I have to take out a loan,” Tatum-Gormes says. “The more math you add to financial literacy, frankly, the better it is,” says Annamaria Lusardi, founder and academic director of the Global Financial Literacy Excellence Center. “In many cases, to make a decision, you have to do calculations, so I think math is a very powerful tool. ... Having said that, financial literacy is more than math.”
“This was such a priority out of the gate because I heard from so many people during the campaign last year that our young people weren’t prepared with the basic financial skills they need to succeed in life,” says Debbie Critchfield, Idaho’s state superintendent of public instruction, who spearheaded the effort.
In schools with predominantly Black and Hispanic student populations where there are no state-mandated requirements, only 7% of students have guaranteed access to at least a semester-long personal finance course. That figure rises to 14.2% for schools with less than a quarter of students identifying as Black or Hispanic, according to an analysis by Next Gen Personal Finance, a nonprofit that advocates for financial literacy education.
In Tatum-Gormes' classroom, the conversation about savings goals turns into a math problem on the whiteboard. She’s asking students to calculate how much someone would need to save to create an emergency fund covering three months’ worth of expenses.
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