Financial Education Omitted: Justifying the Need for Financial Knowledge in High Schools

Turning the Tide: Why Financial Literacy Matters

Having spent my high school years drowning in academic rigor, it's only now, in my final year at The Bronx High School of Science, that I'm getting a taste of the real world-finances. My school offers an optional Financial and Actuarial Mathematics course, and financial literacy is briefly touched upon in our economics class. But this is not unique to Bronx Science; it's a problem that plagues schools across the US and New York. We're graduating into a world underprepared, lacking vital financial knowledge that could shield us from predatory lending, crippling debt, and poor financial decision-making.

Nationwide Transformations

There's been progress in integrating financial literacy into high school curricula. As of 2023, 35 states now require students to take a personal finance course to graduate, up from 23 in 2022 [1]. This means over 10 million additional K-12 students have guaranteed access to financial education [2]. The shift is fueled by bipartisan support and growing awareness of financial mismanagement among young adults. However, this still leaves over 73.7% of U.S. public high school students without mandatory financial education [1].

The Empire State's Shortcomings

New York's stance on financial education is dismal. The state received a "D" grade in financial literacy instruction due to its minimal K-12 instruction and lack of a mandate for a standalone personal finance class [2]. This leaves the quality of financial education largely up to individual schools, creating disparities. The results? New York residents carry an average credit card debt of $8,964 (ranking 4th highest in the country) and have an average student loan balance of $37,678 [3]. Many of these loans are taken out without understanding interest rates or repayment plans.

A League of Their Own

Despite being one of the most academically advanced public schools in the country, Bronx Science graduates students with a weak understanding of budgeting, retirement accounts, and insurance plans. This state of affairs should be a wake-up call for us all.

The Empowering Power of Financial Literacy

Research consistently shows that financial literacy education leads to smarter financial behaviors [4]. Students who receive financial education are more likely to save, budget effectively, and avoid high levels of debt [4]. One semester of personal finance can drastically change a student's outlook on money [4]. The average lifetime benefit per student could reach approximately $100,000 [5], a substantial return on investment for a subject that could be taught using already-available curricular materials and teacher training modules [5].

Students Call for Action

Surveys show that 85% of U.S. high school students are interested in learning about financial topics, and 95% of those who do find it helpful [6]. Here at Bronx Science, many students have expressed concerns about student loans, credit cards, and taxes [7]. Just like us, these students crave practical, real-world knowledge that links our education to life beyond high school.

"I've learned more about budgeting, credit scores, and retirement accounts in this one semester than I have in all my years of school," said Nika Pekarsky '25, a senior enrolled in Financial and Actuarial Mathematics [7]. "It's eye-opening-and frankly infuriating-that something as crucial as this isn't taught more broadly."

Lack of access to financial education hits hardest those who need it most. Schools with predominantly Black or Hispanic students are half as likely to guarantee a personal finance course [1]. For those who qualify for Free & Reduced-Price Lunch, just 4.6% of high school students are guaranteed to take a personal finance course [1]. This gap jeopardizes efforts to break cycles of generational poverty and economic disenfranchisement.

Advocating for Change

Given the clear benefits of financial literacy education and the expressed interest from students, it's time for New York to act. Bills like Assembly Bill 2025-A8733 aim to establish financial literacy standards for grades 4-8 and require high schools to offer financial literacy courses [1]. Initiatives like the Financial Literacy Youth Summit and the Jump$tart Coalition are advocating for broader mandates and equitable access [8]. New York has the resources to do better [8]. It just needs the political will.

Financial literacy is not a privilege; it's a necessity. As students, we deserve an education that equips us for all aspects of adult life, including managing our finances. By ignoring this essential component, we run the risk of setting our students up to struggle with credit cards, loans, and taxes. We can lead by example and prioritize financial education in our schools. Let's not wait until students are deep in debt before we start teaching them what they should have learned at 17. We deserve a curriculum that values not just academic achievement, but life readiness. Let's seize this opportunity to invest in our future-before the cost of ignorance gets any higher.

Up Next:

Bronx Science
Curriculum Reform
Economic Empowerment
Education Policy
Equity in Education
financial literacy
generation Z
High School Education
life skills
New York Education
Personal Finance
public schools
Student Voices
Teen Finance
Youth Preparedness

Empowering Decisions: The integration of financial literacy courses in high schools could empower students to make wiser financial decisions, such as budgeting effectively, saving more, and avoiding high levels of debt, according to research [4].
Closing the Gap: To bridge the disparity in access to financial education, it's essential that schools with predominantly Black or Hispanic students, as well as those qualifying for Free & Reduced-Price Lunch, receive the necessary support to guarantee personal finance courses [1].
Personal and National Growth: Improving financial literacy education nationwide is not just about empowering individual students, but also about fostering economic growth and breaking cycles of generational poverty [8].