Weekend Read July 12-14
Two weeks ago, California became the 26th state to guarantee a Personal Finance course for high school students. As a result of this legislation unanimously passing in the most populous state in the nation, once fully implemented, 64 percent of high school students in the U.S. will have guaranteed access to this course. This is up 11 percent from when Pennsylvania (state 25) passed a similar bill at the end of 2023. The news continues to make headlines. Read on for more.
"Currently in California, a personal finance course as a condition for graduation is required of only 1% of high school students, according to the NGPF 2024 State of Financial Education report. Compare that to 53% nationally. With the passage of this requirement, California puts a welcomed end to that failure," wrote NGPF Co-Founder Tim Ranzetta in an op-ed for CNBC.
According to a recent report by Tyton Partners the lifetime value of a one semester personal finance course for a California student is estimated at $127,000. But the knowledge provided through this course can give much more than a wealth boost.
“Your financial health dictates your housing, your health care, your access to education, the food you eat and so much more...I truly believe this bill is one of the most impactful and feasible ways we can combat wealth inequality," said Modesto student Kevon Bennica while urging the legislature to pass the measure. He was quoted in the San Francisco Chronicle.
San Francisco Unified School District’s AVID programs manager Ben Solomon told the SF Examiner in an interview, “For decades in education, we’ve talked about the challenges faced by first-generation college students...What we’re starting to be more aware of now is that many of these same students go on to become first-time homebuyers, first-time loan-seekers, first-time investors, [and] first-time budgeters.” Each of those avenues presents “another opportunity to be derailed,” he said, “unless these students have been sufficiently prepared to navigate each of these systems.”
Staff at the Acorn, a news group covering Ventura and LA counties applauded the bill's passage, writing "financial literacy in high school will soon be mandatory, and we couldn’t be happier. While there are other subjects that, according to some, divide society and have no place in public education, the financial literacy piece is a totally practical idea that will serve students well for the rest of their lives. It’s something that can’t be politicized."
To be inspired about the impact of a Personal Finance course beyond the classroom, watch our documentary, "The Most Important Class You Never Had." CNET listed it in an article this week as one of three documentaries about money you should watch right now.
About the Author
Hannah Rael
As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.
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