2023 NATIONAL REPORT CARD ON STATE EFFORTS TO IMPROVE FINANCIAL LITERACY IN HIGH SCHOOLS TM

IS YOUR STATE

MAKING THE GRADE?

2023 NATIONAL REPORT CARD ON STATE EFFORTS

TO IMPROVE FINANCIAL LITERACY IN HIGH SCHOOLS

™

10th Anniversary Edition

BY JOHN PELLETIER

Director, Center for Financial Literacy

at Champlain College

December, 2023

Includes Two

Additional Articles

by Other Authors

See Table

of Contents

All States Should Provide High School Students

Equitable Access to Substantive Personal Finance Education.

TABLE OF CONTENTS

Acknowledgments ..............................................................................................4

Letter from the Champlain College President

......................................................... 5

About Champlain College and the Center for Financial Literacy

.............................. 6

2023 Report Card Introduction

............................................................................ 7

Why Equitable Access to High School Personal Finance Is Needed in America

......... 9

Racial and Ethnic Disparities in Financial Capability

by Angela Fontes, Hanna Gilmore, Gary Mottola, and Olivia Valdes

........ 11

Why High School?

............................................................................................18

Why Is Requiring Financial Education in High School

a Good Investment? by Carly Urban

............................................... 22

The 2023 Report Overview

............................................................................... 25

Grade Changes from the Class of 2017 to the Class of 2023

................................ 29

Grade Changes from the Class of 2023 to the Projected Class of 2028

................. 30

State Grade Changes Over Time

.........................................................................31

Methodology

.................................................................................................... 33

Changes to the 2023 Report from the Previous 2017 Report

................................ 34

A Quick Guide to the Grading System

................................................................ 36

Class of 2023 Final Grade

................................................................................. 38

ARTICLE:

Class of 2028 Projected Final Grade .................................................................. 39

State Assessments by Grade

.............................................................................. 40

Percent of High School Population by Grade

.......................................................46

How Can My State Flunk When My Child’s School Has a Personal Finance Class?

... 50

When Should Personal Finance Be Taught in High School?

................................... 50

The Four Keys to High School Personal Financial Literacy

......................................51

Financial Literacy Education Should Be a High School Graduation Requirement

..... 52

Educators Need Access to Free Curriculum and Tools

.......................................... 52

Teacher Training Is Critical

................................................................................. 53

What Is Required to Be Taught in Grades Pre-K to 8?

........................................... 55

State Fact Sheets

.............................................................................................. 56

State Summaries: 2023 National Report Card Fact Sheets

.................................... 57

Additional References and Resources Referred to in the Report

...........................155

Links contained within the report are subject to change without notice.

All links are accurate as of October 10, 2023.

Report designed by

Stride Creative Group

2023 NATIONAL REPORT CARD | 4

Acknowledgments

The 2023 National Report Card on State Efforts

to Improve Financial Literacy in High Schools

™

would not have been possible without the efforts of

many individuals who helped our Center complete this

research and turn it into the final report that you have

before you. There are too many individuals to list all

of them, but it is important to recognize the following

organizations and individuals who have been particularly

supportive of this project. I would like to extend my

sincere thanks to:

• The Law Firm Antiracism Alliance (LFAA): The

LFAA is a nonprofit organization that brings

together the collaborative effort of more than 300

law firms. Several of the LFAA Alliance firms

provided our Center with hundreds of hours

of pro bono legal research regarding the laws,

regulations, and the high school financial literacy

public policy of each state and the District of

Columbia. Much of their excellent research work is

reflected in the State Fact Sheets at the end of this

report. Any errors or mistakes that may appear in

the State Fact Sheets are exclusively the Center’s.

• The Rauch Foundation for providing funding that

supported this important research.

• Angela Fontes, Hanna Gilmore, Gary Mottola,

and Olivia Valdes for authoring the article “Racial

and Ethnic Disparities in Financial Capability” for

inclusion in this report.

• Carly Urban, Professor of Economics at Montana

State University for authoring the article “Why Is

Requiring Financial Education in High School a

Good Investment?” for inclusion in this report.

• Bill Johnson, whose edits, comments, and

friendship over the past decade have made all

of our Center’s National Report Cards so

much better due to his expert advice.

The grades given to the states and the District of

Columbia in this report and any other statements,

interpretations, or conclusions included in this report

(excluding the two articles previously mentioned and

written by others) are exclusively the author’s and do

not necessarily represent the views of the LFAA, the five

authors of the two articles previously described, or

Champlain College.

John Pelletier

Director, Center for Financial Literacy

Champlain College

2023 NATIONAL REPORT CARD | 5

Letter from the Champlain College President

Champlain College prepares students to be READY.

Ready for work. Ready for life. Ready to make a

difference. We do this by providing a radically

pragmatic, career-focused education.

We are one of the few colleges in America that requires

our students to learn personal finance. Through our

Insight program, we ensure that every student graduates

with the tools to take ownership of their career, finances,

and self-care.

Our Center for Financial Literacy’s 2023 National

Report Card on State Efforts to Improve Financial

Literacy in High Schools

™

is an extension of our

radically pragmatic mission, and complements our

values, which include ensuring that all young people

have the knowledge and skills to succeed in their

personal and professional lives.

John Pelletier, director of our Center, is among the

nation’s leaders in advocating for personal finance

education at all educational levels. His 2023 Report

Card focuses appropriately on high school, since

high school is the threshold to adult life, with its many

complex financial decisions. This report details why high

school personal finance education is so crucial to every

young person’s future success.

Currently, 23 states have laws and regulations that will

guarantee, now or by 2028, that every high school

student graduates having taken a standalone, full-

semester personal finance course or its equivalent. That

is the gold standard, and we believe the Center for

Financial Literacy will continue to be a key influencer in

this national movement to reach this standard in all 50

states and the District of Columbia in the near future.

Financial literacy plays an important role in decreasing

poverty and inequality in our country. By equipping

students with the skills to make sound financial choices,

financial literacy serves as a vital tool in promoting

economic mobility and narrowing the wealth gap,

ultimately fostering a more equitable and

prosperous society.

Congratulations to John and his Center on producing

their fourth report card on this subject, released on

the 10th anniversary of the initial 2013 report card.

It is extremely gratifying to witness how this national

effort aligns with our mission and values that embrace

pragmatic learning.

In service,

Alex

Alex Hernandez

President

Champlain College

2023 NATIONAL REPORT CARD | 6

About Champlain College

and the Center for Financial Literacy

CHAMPLAIN COLLEGE

Founded in 1878, Champlain College is a small, private,

not-for-profit institution located in Burlington, Vermont.

The College offers an innovative approach to education

that enables students to begin major-related courses and

obtain internships in their first year. Champlain College

prepares students to excel through a career-focused

education, transformative hands-on experiences, and

meaningful connections and collaborations that engage

the passions of our students to create a better world.

Champlain College has also been a leader in online

education for over 30 years, providing a high-quality

academic experience through acclaimed associate,

bachelor’s, master’s, and certificate programs, and a key

partner for the Center for Financial Literacy. Champlain’s

3,000+ online students can be found in all 50 states and

around the globe.

Financial Literacy education has been an integral piece

of the Champlain College experience, and the school is

one of the few colleges in America that requires students

to learn personal finance. Champlain’s InSight program

requires personal finance education as a graduation

requirement for traditional undergraduate students and

the four-year program ensures that all students graduate

with the tools to take ownership of their career, finances,

and self-care.

CENTER FOR FINANCIAL LITERACY

AT CHAMPLAIN COLLEGE

Champlain College’s Center for Financial Literacy

is nationally known and respected for its work to

increase the financial capability of our nation through

its research, advocacy, and financial literacy educator

training programs. The Center for Financial Literacy’s

(CFL) trusted research, the National Report Cards (High

School, Adult, and Prepped for Success) have informed

and led financial literacy debates nationwide. Founded

in 2010, the Center for Financial Literacy has also

developed two innovative and nationally recognized

training programs to support educators in improving

financial education in their classroom, helping our

youth to be equipped to handle the complexities and

intricacies of today’s financial world.

The CFL’s director is John Pelletier, who was formerly

chief operating officer and chief legal officer at some of

the largest asset management firms in the United States.

John is an attorney and has been involved in numerous

state and national financial literacy advisory commissions

as well as a valuable media resource for current financial

literacy topics.

2023 NATIONAL REPORT CARD | 7

2023 Report Card Introduction

The Center for Financial Literacy at Champlain College

was established in 2010. At that time, our Center was

trying to understand the requirements for personal

finance education in public high schools in each state

and the District of Columbia. As our Center gathered

this information on each state, we decided that we

should share it with the public and issued our inaugural

National Report Card on State Efforts to Improve

Financial Literacy in High Schools

™

in the summer

of 2013.

This report is the fourth issued by our Center on this

topic over the last decade (reports in 2013, 2015, 2017,

and 2023). On this 10th anniversary of our first report,

we hope that continuing to grade each state on how

well it teaches high school personal finance will play a

part in moving America closer to guaranteeing access to

financial literacy education for all high school students.

Our Center last looked at personal finance education in

America with its 2017 National Report Card. At that

time, just five states earned an A grade, and less than

one out of 10 public school students nationwide lived in

a state that guaranteed access to this critical course prior

to graduating from high school.

There was so little substantive change by the summer of

2019 from the 2017 report that we decided to delay the

update for a year or more. Then COVID-19 arrived in

March 2020.

The pandemic did two things. It delayed our fourth

report card to 2023 as our Center reimagined how we

could provide our existing financial literacy training to

many more of our nation’s K to 12 educators. It also

greatly accelerated the pace of policy change occurring

in the states. For students who graduated in spring

2023, seven states guaranteed a standalone personal

finance course, but more importantly, in five years, we

project that 23 states will have this guarantee.

In 2018, less than half of the adults surveyed indicated

that they had a rainy-day fund that would cover three

months of expenses (49%) in the FINRA Financial

Capability Study. When COVID-19 hit the nation,

unemployment skyrocketed from 3.5% in January 2020

to 14.7% in April 2020—levels not seen since the Great

Depression. Through no fault of their own, millions living

paycheck to paycheck were deciding whether to buy

groceries or pay the rent, mortgage, or utilities.

During the pandemic, it became clear to state legislators

how financially fragile many of their constituents

were. Overnight, legislators in states across the nation

became more receptive to the need for personal finance

education in our schools. Witness how, in recent years,

legislation requiring a personal finance course as a

high school graduation requirement passed easily by

incredibly wide margins in many states. During a time

of intense political division in our nation, this change in

state policy is a purple issue, not a red or blue one.

It may be one of the few issues that Americans,

regardless of their politics, agree on. A 2022 poll

by the National Endowment for Financial Education

(NEFE) indicated that nearly nine out of 10 (88%) adults

surveyed wanted their state to require a semester or

yearlong financial education course for graduation from

high school, and eight in 10 adults wished they had

been required to take such a class when they went

to school.

In 2023, 1.7 million students attended high schools in

our grade A states, while in 2028, there are projected

to be 6.4 million students attending school in grade A

states. Thus, in five short years, more than four out of

10 U.S. high school students will be enrolled in high

schools where a stand-alone, full-semester course in

personal finance is required before graduating. That’s

a 229% increase from the 2017 report.

The personal finance education momentum has been

building in part because of the availability of free,

online curricular resources offered by state departments

of education and by many other organizations, often

nonprofits. But as this momentum continues, we must

pay attention to the critical importance of teacher

training. For example, we project that there will be

a need for 30,000 highly trained personal finance

educators in just the grade A and B states by 2028.

2023 NATIONAL REPORT CARD | 8

Our Center knows that many high school administrators

believe that teachers from various disciplines can teach

personal finance. However, we found that untrained

teachers often lack the confidence and knowledge to

teach this complex subject well. Taxpayers and parents

rightfully expect teachers to be trained in personal

finance, just as they are required to be trained to teach

language arts, history, civics, math, or a foreign language.

Personal finance education is a cumulative process,

so our Center always encourages the teaching of this

subject in grades Pre-K through 8. However, grades 11

and 12 in high school are critically important in terms of

honing financial knowledge and skills. Students in those

grades are poised to enter college, the workforce, or

the military and will quickly face a host of complicated

financial decisions. We’ve outlined these later in the

report, but suffice it to say that learning personal finance

at this juncture arms young people to navigate a world

of college loans, leases, credit cards, savings, investing,

and much more.

Because projections don’t always happen, we have

tweaked our grading system and now grade a state for

its policy applied to the students that graduate in the

year the report is issued. But we also have a second

projected grade for states with new policy changes that

will not be fully implemented until a future date. We

know from experience that policies can be diluted prior

to implementation.

In addition to the projected grade described above,

two other changes distinguish this report from the three

previous versions. The first is the inclusion in our state

summaries of the public policy for each state regarding

financial literacy instruction in grades Pre-K to 8. This

is provided for informational purposes only and is not

taken into account when grading the states. The second

change is including, for the first time, articles written by

leading national experts on two topics that we want to

highlight in this particular report.

The first article by Angela Fontes, Hanna Gilmore, Gary

Mottola, and Olivia Valdes, from the FINRA Investor

Education Foundation, reviews the racial and ethnic

disparities in financial capability drawn from the most

recent FINRA National Financial Capability Study. The

authors conclude that closing this gap will require a

concerted effort that addresses obstacles adults of color

face, including access to high-quality financial education.

The second article is written by Dr. Carly Urban of

Montana State University. It highlights research that

shows the many benefits of requiring financial literacy

education in high school and how this type of education

is a low-cost investment for states to make. She also

highlights research that shows why such an educational

intervention is most successful when done as a stand-

alone graduation requirement. She adds that educators

assigned to teach financial literacy appear to increase

their own financial capability.

2023 NATIONAL REPORT CARD | 9

Why Equitable Access to High School Personal

Finance Education Is Needed in America

Financial literacy is linked to positive outcomes, like

wealth accumulation, stock market participation, effective

retirement planning, and avoiding high-cost alternative

financial services. Conversely, poor financial literacy and

negative financial behaviors often go hand in hand.

A fantastic annual report/survey that highlights the

connection between financial literacy knowledge and

personal finance behaviors has been issued every year

since 2017 by the Global Financial Literacy Excellence

Center: The TIAA Institute-GFLEC Personal Finance Index

(P-Fin Index). Its press release for the 2023 report does

a great job of summarizing this connection based on its

in-depth national adult survey:

“Financial literacy matters: American workers with a

very low level of financial literacy are twice as likely

to have decreased their retirement savings and

more than 4 times as likely to have stopped saving

for retirement compared to their peers with very

high levels of financial literacy.

Further, overall, compared to those with a very high

level of financial literacy, those with a very low level

of financial literacy are:

• More than 4 times as likely to typically have

difficulty making ends meet (44% vs 10%).

• Nearly 3 times as likely to be debt constrained

(34% vs 12%).

• More than 4 times as likely to lack emergency

savings sufficient to cover one month of living

expenses (56% vs 13%).

• More than 3 times as likely to spend at least

10 hours a week coping with issues related to

personal finances (32% vs 10%).”

We live in a country with increasing income inequality

and systemic disparities. Addressing racial equity is

required for the progress of our society. One crucial

step toward achieving this goal is to ensure that all

students have equal and guaranteed access to a stand-

alone personal finance course in high school and that it

is a graduation requirement.

All too often, students from underprivileged

backgrounds enter adulthood with insufficient

knowledge of personal finance, which continues the

cycle of poverty and inequality. To help address racial

inequities, we should give all students the tools they

need to make informed financial decisions. Many

educators agree with this sentiment.

NEA Today

(the

teachers’ union flagship publication) recently published

an article that notes that personal finance education in

our nation’s classrooms can “chip away at racial wealth

gaps.” Racial equity in personal finance education has

become a high priority for the NAACP, which issued a

2020 resolution to support more financial literacy in K

to 12 schools in order “to close the financial literacy gap

for the African American Community.”

Next Gen Personal Finance (NGPF) commissioned

research from Dr. Carly Urban that looked at course

catalogs from 12,588 public high schools serving

12,488,245 high school students nationwide. The

2023 NGPF study notes that in states that do not

mandate a personal finance course as a graduation

requirement and leave such decisions up to local

school district control, troubling racial and income

disparities appear.

In such states without this requirement, the predominantly

minority high schools have only a 7% chance of being

locally required to take such a course. Meanwhile,

predominantly white high schools are more than twice

as likely to have such a local graduation requirement

(14.2%). The statistics are similar when looking at high

2023 NATIONAL REPORT CARD | 10

school income levels. Predominantly rich schools are

more than twice as likely as predominantly poor schools to

have such a local school district graduation requirement

(11.4% versus 4.6%, respectively).

Requiring all high school students to take a financial

literacy course, regardless of their race, ethnicity,

or economic status, is an important step toward

reducing inequality. High school graduates with a

strong foundation in personal finance concepts will have

the tools they need to make informed decisions about

saving, investing, and managing debt. These important

skills should help students break the cycle of poverty and

narrow persistent income and wealth gaps.

Predatory lending practices disproportionately affect

communities of color. Financial literacy education

can help students avoid these exploitative financial

practices, such as payday loans, title loans, pawn

shops, rent-to-own stores, and other high-interest

lending practices. By teaching students about the

dangers of these financial products, we can reduce

the number of marginalized individuals who become

victims of these predatory practices.

Financially capable high school graduates have a better

chance of achieving financial stability in the future.

Financial literacy education in our nation’s high schools

not only benefits the students but can also increase the

economic health of our nation.

For a detailed discussion on the racial and ethnic

differences in financial literacy knowledge and

behaviors, please see the article on page 11 entitled

“Racial and Ethnic Disparities in Financial Capability”

authored by Angela Fontes, Hanna Gilmore, Gary

Mottola, and Olivia Valdes.

ARTICLE

2023 NATIONAL REPORT CARD | 11

Racial and Ethnic Disparities

in Financial Capability

Many people of color in the United States face obstacles

that can hinder their financial capability. For example,

income, wealth, and educational disparities create

barriers unique to this population and contribute to

the widening wealth gap in the U.S. and the inequality

associated with it.

Using measures related to making ends meet, planning

ahead, financial product use, and financial knowledge/

decision-making from the most recent wave of the FINRA

Foundation’s National Financial Capability Study (NFCS),

we examined how financial capability varies across Asian

American/Pacific Islander (AAPI), Black/African American

(Black), Hispanic/Latino (Latino), and white adults. Our

findings indicate large differences in financial capability

among different groups in the United States.

MAKING ENDS MEET

An important indicator of financial capability is people’s

ability to get by day-to-day. Debt is often a sign of difficulty

managing everyday expenses, due to insufficient income

or excess spending. While access to credit allows people

to purchase high-cost goods like homes, having too much

debt and enduring the costs of servicing that debt via

interest and fees can be extremely problematic and an

indication that a household may be struggling to make

ends meet. Unfortunately, excessive debt appears to be

widespread among U.S. adults. On average, 34 percent of

U.S. adults reported having too much debt. This number

is nearly four in 10 (39 percent) for adults who are Black,

followed closely by those who are Hispanic (35 percent)

and white (33 percent). Twenty percent of those identifying

as AAPI reported having too much debt.

Figure 1. Over One-Third of Adults Reported Excessive Debt Levels

Total AAPI

Percent Reporting “Too Much Debt”

Black WhiteHispanic

34%

20%

39%

35%

33%

Figure 1. Over One-Third of Adults Reported Excessive Debt Levels

Percent Reporting “Too Much Debt”

100%

“How strongly do you agree with the following statement: I have too much debt right now”

—percent responding 5, 6, or 7 on a 7-point scale where 1 is strongly disagree and 7 is strongly agree.

Note: The White/Hispanic comparison is not statistically significant. All other comparisons are significant at p < .01.

ARTICLE

2023 NATIONAL REPORT CARD | 12

PLANNING AHEAD

Planning ensures that a household is prepared for both

short-term emergencies and long-term financial goals,

such as retirement or educational pursuits. One way to

deal with an unexpected expense is to have emergency or

“rainy-day” savings. Having emergency savings, which we

define as having enough savings to cover three months

of expenses, is a frequently used indicator of planning

ahead financially. Lack of emergency savings could

have long-term implications for other areas of financial

capability, like burdensome debt or an overreliance on

high interest credit cards to cover expenses.

On average, a little more than half of U.S. adults (53

percent) reported having three months of emergency

savings. Rainy-day funds are most common among AAPI

adults (70 percent). Many fewer white (54 percent),

Hispanic (48 percent), and Black (44 percent) adults

reported having emergency savings.

100%

Total AAPI Black WhiteHispanic

Figure 2. Fewer Than Half of Black and Hispanic Adults

Reported Having Emergency Savings

Percent with Emergency Savings

53%

70%

44%

48%

54%

“Have you set aside emergency or rainy-day funds that would cover your expenses for 3 months, in case

of sickness, job loss, economic downturn, or other emergencies?”—percent responding ‘Yes.’

Note: All comparisons statistically significant at p <.01.

ARTICLE

2023 NATIONAL REPORT CARD | 13

Not planning ahead financially, as noted, can create

downstream financial problems and stresses, evident in

another measure of financial capability: the ability to cope

with an unexpected expense. Unfortunately, 30 percent of

U.S. adults would have difficulty coming up with $2,000

in 30 days to pay an unexpected expense. This figure

increases to 38 percent for Black adults and 34 percent

for Hispanic adults. AAPI adults less often have trouble

covering an unexpected charge (17 percent).

Total AAPI Black WhiteHispanic

Figure 3. Over One-Third of Black and Hispanic Adults

Could Not Cover an Unexpected Expense

Percent Reporting Difficulty Covering an Unexpected Expense

100%

30%

17%

38%

34%

28%

“How confident are you that you could come up with $2,000 if an unexpected need arose within the

next month?”—percent reporting that they probably or definitely could not come up with $2,000.

Note: All comparisons statistically significant at p <.01.

ARTICLE

2023 NATIONAL REPORT CARD | 14

MANAGING FINANCIAL PRODUCTS

Engaging with financial products is an important part of

everyday financial management. Households’ decisions

about which products to use and how to use them can

determine whether they experience successful financial

outcomes or serious financial distress. One commonly

used financial product is the credit card; about eight in

10 (79 percent) of U.S. adults reported having at least one

credit card.

NFCS respondents with a credit card were asked a series

of questions about how they use them, allowing us to

identify whether they engaged in credit card behaviors

that are costly and could detract from their financial

wellbeing. These costly behaviors include: being charged

an overlimit or late fee, receiving a cash advance,

exceeding a credit card balance, and/or making only the

minimum payment on the card.

43%

27%

64%

Total AAPI Black WhiteHispanic

Figure 4. Many Reported Costly

Credit Card Behavior

Percent Reporting Costly Credit Card Behavior

100%

53%

39%

Note: All comparisons statistically significant at p <.01.

On average, 43 percent of credit card holders report engaging in at least one costly behavior. Fifty-three percent of

Hispanic and 64 percent of Black adults reported one or more costly credit card behaviors, over twice the percent of

AAPI adults (27 percent).

ARTICLE

2023 NATIONAL REPORT CARD | 15

FINANCIAL KNOWLEDGE

AND DECISION-MAKING

Making sound financial decisions requires the financial

knowledge and skills to apply that knowledge. While

we know that financial knowledge can predict important

financial outcomes (Angrisani et al., 2020), financial

knowledge levels in the U.S. are generally low. On

average, only 32 percent of U.S. adults have high

financial knowledge (correctly answering at least four of

five financial knowledge questions). This includes about

half of AAPI adults (47 percent), 36 percent of white

adults, 23 percent of Hispanic adults, and 14 percent of

Black adults.

Total AAPI Black WhiteHispanic

Figure 5. Large Differences in Financial Knowledge

Based on Race/Ethnicity

Percent with High Financial Knowledge (4+ out of 5 Correct Answers)

100%

32%

47%

14%

23%

36%

Note: All comparisons statistically significant at p <.01.

ARTICLE

2023 NATIONAL REPORT CARD | 16

Related to financial knowledge is the concept of financial self-efficacy, which is the belief that you have the knowledge,

skills, and tools to achieve your financial goals. Financial self-efficacy does not vary much by race and ethnicity.

Confidence in one’s ability to achieve their financial goals deviated marginally from the national average of 73 percent.

Total AAPI Black WhiteHispanic

Figure 6. Similar Levels of Financial Self-Efficacy

Across Race/Ethnicity

Percent Confident in Ability to Achieve Financial Goals

73%

100%

72%

74%

81%

76%

“If you were to set a financial goal for yourself today, how confident are you in your ability to achieve it?”

—percent reporting that they are somewhat or very confident.

Note: Hispanic/White and Hispanic/Black comparisons are not statistically different. All other comparisons

statistically significant at p <.01.

CONCLUSION

We found large disparities in financial capability among

different groups in the U.S. While this brief only examined

a subset of variables from a national dataset, the results

align with a body of research describing similar race-

and ethnic-based differences (Lusardi & Mitchell, 2014).

Closing this gap will require a concerted multifaceted

effort, including promoting widespread access to high-

quality financial education, which can equip people with

the knowledge and skills needed to make informed and

effective financial decisions throughout life (see Carly

Urban’s essay on page 22).

ARTICLE

2023 NATIONAL REPORT CARD | 17

METHODOLOGY

These analyses used data from the FINRA Foundation’s

2021 National Financial Capability Study, a large-scale

survey research project aimed at monitoring and better

understanding financial capability in the U.S. Started

in 2009 and administered every three years, the NFCS

now has data from over 125,000 U.S. adults spanning

12 years.

The sample consisted of 27,118 adults (ages 18+) across

the U.S., with approximately 500 respondents per state,

plus the District of Columbia, broken out as follows:

• AAPI, n=1,193

• Black, n=2,716

• Hispanic, n=2,174

• White, n=20,062

• All other groups, n= 973 (not reported)

The 2021 State-by-State NFCS survey was fielded from

June through October 2021. Results are weighted to be

representative of the U.S. adult population in terms of

age, gender, ethnicity, education, and Census Division.

The dataset used for these analyses as well as more

detailed methodological information can be found at

FINRAFoundation.org/NFCS.

REFERENCES

• Angrisani, M., Burke, J., Lusardi, A., & Mottola,

G. (2023). The evolution of financial literacy

over time and its predictive power for financial

outcomes: evidence from longitudinal data.

Journal of Pension Economics and Finance

, 22(4).

• Lusardi, A. & Mitchell, O. (2014). The economic

importance of financial literacy: Theory and

evidence.

Journal of Economic Literature

, 52(1).

AUTHORS

• Angela Fontes, PhD, Visiting Scholar,

FINRA Foundation

• Hanna Gilmore, Intern, FINRA Foundation

• Gary Mottola, PhD, Research Director,

FINRA Foundation

• Olivia Valdes, PhD, Principal Research Analyst,

FINRA Foundation

DISCLOSURE

All results, interpretations, and conclusions expressed

are those of the authors alone and do not necessarily

represent the views of the FINRA Investor Education

Foundation, FINRA, or any of its affiliated companies.

2023 NATIONAL REPORT CARD | 18

Why High School?

Personal finance education should start early, both at

home and in school. Ideally, personal finance concepts

should be taught in elementary, middle, and high school

and should continue into college. In mathematics, you

start with counting, move on to addition and subtraction,

and then move on to division and multiplication. You

need to learn letters and phonics before you can read.

Personal finance education should be a cumulative

process, with age-appropriate topics taught each

school year. The reality is that many states and school

districts do not provide any substantive personal finance

education until high school, if at all.

The basics of personal financial planning and money—

its value, how to save, invest, and spend, and how not

to waste it—should be taught in school as early as the

elementary level. But too many school districts teach

personal finance for the first and only time in high

school, if at all.

According to the National Center for Education Statistics

(NCES), in 2021 about 62% of students were enrolled

in college in the fall immediately following high school

completion. That means that about 38% of students are

likely to enter the workforce after high school. For those

graduates who choose to go on to higher education,

personal finance education in college is often scant and

scattered, with some colleges offering a personal finance

elective and even fewer requiring personal finance

instruction as a graduation requirement. Regardless of

when a young person’s formal education ends, they will

be thrust into situations where they need to know how

to manage daily living expenses. So, high school seems

like the best and most logical place to deliver personal

finance education to America’s youth.

Admittedly, a high school focus could omit some of

the students who have dropped out of high school.

NCES indicates that the high school dropout rate

(percentage of high school dropouts among persons

16 to 24 years old) was 5.1 % in 2021.

The Center’s National Report Card focuses on each

state’s financial literacy education policy because

that data is obtainable. It is very hard to measure the

amount and intensity of personal finance instruction

that is occurring in people’s homes, and there is less

meaningful data on this topic with regard to elementary

and middle schools than exists for high schools.

2023 NATIONAL REPORT CARD | 19

THE CASE FOR HIGH SCHOOL

FINANCIAL LITERACY

Personal finance education in high school provides

students with the knowledge and skills to manage

financial resources effectively for a lifetime of financial

well-being. Here are just some of the reasons our young

people need to learn about personal finance:

• The number of financial decisions an individual

must make continues to increase, and the variety

and complexity of financial products continues

to grow. Young people often do not understand

debit and credit cards, mortgages, banking,

investment and insurance products and services,

payday lending, auto title loans, rent-to-own

products, credit reports, credit scores, etc.

• Many students do not understand that one of the

most important financial decisions they will make

in their lives is choosing whether they should go

to college after high school, and if they decide

to pursue additional education, what field to

specialize in.

• Kids are not learning about personal finance at

home. A 2022 T. Rowe Price Survey noted that

57% of parents have some reluctance about

discussing financial matters with their kids and

37% do not like to talk to their children about

money. This is not surprising; 65% of parents

wished they were more financially savvy, and 54%

indicated that they were not financially prepared

for the pandemic. Three out of four children

indicated that they would go to their parents for

money advice. But they indicated that they would

look to their teachers, siblings, friends, YouTube,

Facebook, Instagram, TikTok, and X (formerly

Twitter) for financial advice as well.

• On a 2018 international financial literacy test of

15-year-olds, the U.S. ranked sixth out of 13 OECD

countries, trailing Estonia, Finland, Canada,

Poland, and Australia, and it was just slightly, but

not statistically, better than Portugal, Latvia, and

Lithuania. That’s four formerly communist nations

that are doing as well or better than the USA—

what a “Sputnik moment.”

• Most college students borrow to finance their

education, yet they often do so without fully

understanding how much debt is appropriate for

their education or the connection between their

area of study and the income level that they can

expect to earn upon graduation. Many students

attend college without understanding financial

aid, loans, debt, credit, inflation, budgeting, and

credit scores.

• At many colleges, financial literacy education is

largely composed of brief, federally mandated

entrance and exit loan counseling for students.

Student feedback indicates that most do not

comprehend the information presented and view

it as one more requirement of the financial aid

process rather than a learning opportunity.

• The 2021 adult survey in the most recent

FINRA Investor Education Foundation’s

Financial Capability Study indicated that just

one in five American adults were offered and

took financial literacy instruction in school,

college, or the workplace. Most adults never get

this education since it is not required instruction.

• Student debt can be very high for some recent

college graduates and large debt variations

exist from state to state. According to a recent

Project on Student Debt study for 2020 four-

year public and private college graduates, these

students left college with average student debt

that ranged from a low of $18,350 in Utah to

a high of $39,950 in New Hampshire. The

percentage of these students graduating with

debt ranged from a low of 39% in Utah to a

high of 73% in South Dakota.

• Employee pension plans have been disappearing

for most private sector workers for decades and

have been replaced by defined contribution

retirement programs, which impose greater

responsibilities on young adults to save and

invest and ultimately spend retirement savings

wisely. If they fail to do this, they could become

a significant economic burden on our society.

2023 NATIONAL REPORT CARD | 20

Most adults will not have pension plans. The US

Bureau of Labor Statistics indicated that in 2022

only 11% of private sector workers participated in

pension plans compared to 75% of state and local

governmental workers.

• Financial literacy tends to improve as we age.

This makes sense. Many are learning from their

financial mistakes as they get older. The 2022

GFLEC P-Fin Index Study indicated that the

average percentage of P-Fin Index questions

answered correctly by each generation was as

follows: Gen Z 42%, Gen Y 46%, Gen X 51%.

Baby Boomers 54% and the Silent Generation

54%. Despite this increase in knowledge as adults

age, each generation would earn an F on this

personal finance knowledge quiz.

• A 2019 LendingTree survey indicated that nearly

four out of 10 adults have no idea how their credit

scores were calculated. Credit scores are a difficult

concept for many young adults to understand. A

2023 Credit.com survey indicated that 42% of

Gen Z respondents didn’t know what their credit

score was. The economic cost of a low (or no)

credit score is very high. One’s credit score and

borrowing history impact one’s daily life when

applying for a credit card, purchasing a home

or car, renting an apartment, buying insurance,

signing up for certain utilities, and even getting a

new job. Having an excellent credit score could

save a consumer in excess of $100,000 in interest

payments over a lifetime (see: Credit.com’s Lifetime

Cost of Credit Calculator).

Financial literacy leads to better personal finance

behaviors. There are a variety of studies that indicate that

individuals with higher levels of financial literacy make

better personal finance decisions.

As a society, we need more training programs that

increase the number of financially literate citizens who

are able to make better and wiser financial decisions

during their lives. Such programs are not just good

for the individual but also helpful to society. The 2008

financial crisis and the 2020 pandemic clearly show that

poor financial decisions by individuals can have negative

consequences on our country.

The good news is that studies indicate that financial

literacy educational interventions in high school have

a positive impact, increasing student knowledge and

resulting in an increase in positive financial behaviors.

For a detailed discussion on the many benefits and

low cost of a stand-alone personal finance course

requirement, please see Dr. Carly Urban’s article in this

report on page 22, entitled “Why Is Requiring Financial

Literacy in High School a Good Investment?”

Studies also indicate that giving educators the training

they need to successfully teach personal finance topics

in their classrooms works:

• Educators Who Learn to Teach Personal

Finance in a Graduate-Level Course Are

Dramatically More Confident and Effective.

Students who learned personal finance from these

trained teachers showed significant knowledge

gains in all test topics, while a control group of

students who did not receive personal finance

education dropped slightly in knowledge in all

but one area. Also, students who received formal

education by trained teachers reported some

improvement in most personal finance behaviors

measured. Indeed, students who received

personal finance education from trained teachers

had “high financial literacy” on par with the

literacy levels of Generation X (ages 35 to 49)

and higher than that of older Millennials (ages

18 to 34) (see our Center’s 2015 Prepped for

Success study.) In addition, the trained educators

also reported improvement in their own personal

finance behaviors after taking the graduate course.

2023 NATIONAL REPORT CARD | 21

• High School Educators Who Already Teach

Personal Finance Substantially Improve Student

Results After Receiving Substantive Personal

Finance Training. An April 2021 Game Changer

study shows the importance of training educators

on financial literacy topics. This study looked at

educators who were already teaching personal

finance and whether substantive educator training

improved student outcomes. It did—after receiving

the training, those same teachers increased their

student knowledge impact threefold from the

academic year prior to the training. The training

greatly increased the positive effect on student

knowledge gained from the course when results

from before and after the training were compared.

These effects were even more pronounced

for Black students—in fact, the improvement

in knowledge for this group of students was

significantly higher than their white counterparts.

The knowledge improvement was significantly

greater for students from households with parents

having just a high school degree than for those

students with college-educated parents. Unbanked

students improved their scores more than their

banked peers. The training helped educators

with less teaching experience come closer to the

student outcomes obtained by their much more

experienced peers. This suggests that substantive

education of this nature is particularly important

to educators who are new to teaching the topic

of financial literacy in the classroom. This study

also suggests that all educators teaching personal

finance should be required to take substantive

training of this nature as a prerequisite to teaching

a stand-alone course in financial literacy.

After students leave high school, not a day will go by

when these young adults will not have to think about

money—how to earn it, spend it, and save it. Financial

literacy, just like reading, writing, and arithmetic,

builds human capital by empowering individuals with

the ability to create personal wealth to buy a home,

go to college, start a business, and have rainy-day and

retirement funds.

We would not allow a young person to get in the driver’s

seat of a car without requiring driver’s education, and

yet, in too many states, we allow our youth to enter the

complex financial world without any related substantive

education. An uneducated individual armed with a credit

card, a student loan, and access to a mortgage can be

nearly as dangerous to themselves and their community

as a person with no training behind the wheel of a car.

ARTICLE

2023 NATIONAL REPORT CARD | 22

Why Is Requiring Financial Education

in High School a Good Investment?

Carly Urban

Professor of Economics, Montana State University

Research Fellow, Institute for Labor Economics (IZA)

Fellow, TIAA Institute

Carly[email protected]

A 2020 study compiled results from all (76) randomized

financial education experiments, and the findings were

clear: on average, financial education improved financial

knowledge and behaviors.

The interventions were cost-

effective, and the levels of improvement were similar

to other interventions in math or reading education.

While financial education overall is an effective tool for

improving financial behaviors, requiring it in high school

is a specific policy lever in a complex setting. At the

same time, more states are requiring a full semester of

personal finance education. In 2020, five states required

a full semester of personal finance education for all

high school graduates, though a recent surge increased

that number to 23 states.

Is requiring personal finance

instruction in high school an effective tool?

WHAT ARE THE BENEFITS?

A recent wave of research estimates the

causal

effect of

requiring personal finance education for high school

graduation on financial behaviors. Overwhelmingly, high

school financial education improves credit and debt

behaviors. Requiring financial education improves credit

scores,

reduces delinquency rates,

reduces the use of

alternative financial services (e.g., payday lending),

and

shifts students from high-interest to low-interest methods

of financing a college education.

It increases longer-

run student loan repayment rates for first-generation

college students and students from low-income families.

Subjective financial well-being improves up to 12 years

after graduation.

The intervention does not change

all financial behaviors. Required personal finance

instruction does not change eventual retirement savings,

income, educational attainment, or college choice.

The benefits of financial education go beyond students.

Recent research from Peru showed that randomly

assigning schools to required financial education

instruction not only improved student behaviors but

also increased savings rates among teachers.

Further,

lower-income parents of children randomly assigned to

complete the course saw improvements in their

credit scores.

WHAT ARE THE COSTS?

No intervention is costless. In educational settings, one

concern is always that adding another requirement

could reduce high school graduation rates, creating

another barrier for students. Research does not confirm

this suspicion. Requiring a one-semester personal

finance course did not affect overall graduation rates or

the likelihood of remaining “on time” for high school

graduation.

The standalone course requirement also did

not reduce the likelihood of graduating or remaining “on

time” for more vulnerable students: students of color and

students from families with lower household incomes.

Another cost associated with the requirement comes

from training teachers and creating content. High-quality

online teacher professional development opportunities

exist and are largely funded through private donors as

opposed to taxpayer dollars. Given that personal finance

is a field where high-quality curricula exist free of

charge, the cost of content is negligible.

ARTICLE

2023 NATIONAL REPORT CARD | 23

WHY IS A STANDALONE COURSE

REQUIREMENT NECESSARY?

Given the nature of local control in education, a mandate

is sometimes challenging to pass. There are three main

reasons that a requirement is necessary, based on

recent research.

1. Access is limited. While more states now require

a standalone course in personal finance for

high school graduation, others embed personal

finance content into another required course (such

as Economics) or content area (such as Social

Studies). Recent research uses data from all high

schools in the US with online course catalogs to

gauge the level of personal finance instruction

nationwide. When personal finance is required

as a standalone course, every student in the state

is in a school where the requirement is in place.

When states embed personal finance into

another course, only 49 percent of students

are in schools that require personal finance

content.

When states have no requirements at

all, only 16 percent of students are in schools

requiring personal finance in some capacity.

This means that not all students have access

without a statewide requirement for a standalone

class. Since schools have competing priorities,

in the absence of statewide mandates personal

finance is often left behind.

2. There are inequities in access. Without

requirements, schools with higher fractions

of students of color are less likely to have

access to required personal finance courses

or content.

In states without standalone

course requirements, 20 percent of schools

with above median fractions of white students

have standalone course requirements, whereas

only 9 percent of schools with below median

fractions of white students have standalone course

requirements. Looking at any content requirements

tells a similar story: 29 percent of schools with

higher fractions of students of color require

some personal finance content, while 38 percent

of schools with predominantly white students

require some personal finance content. Allowing

schools to choose their level of personal finance

instruction exacerbates structural racial inequities

in access to credit, low-cost financial products,

and quality general education.

3. Offering an elective does not change behavior.

One study shows that when schools offered a

class, this did not change financial behaviors;

requirements did.

This could be because the

students who select into the courses are already

from more affluent backgrounds.

DISCUSSION

Overall, requiring financial education in high schools is

a policy lever that can improve the financial footing of

young adults in pivotal years. Meeting students where

they are makes this a lower-cost intervention when

compared to other education interventions in adulthood.

The research is clear: personal finance instruction

improves the financial behaviors of young adults for

years to come. Without a statewide requirement,

students of color remain without access.

ARTICLE

2023 NATIONAL REPORT CARD | 24

SOURCES

Kaiser, T., Lusardi, A., Menkhoff, L., & Urban,

C. (2022). Financial education affects financial

knowledge and downstream behaviors.

Journal of

Financial Economics

, 145(2), 255–272. https://doi.

org/10.1016/j.jfineco.2021.09.022

This number includes all states that have passed

legislation to require a standalone personal finance

course for high school graduation as of August 14,

2023. Many of these will not go into effect for at least

three years.

Urban, C., Schmeiser, M. D., Collins, J. M., & Brown,

A. (2020). The effects of high school personal financial

education policies on financial behavior.

Economics

of Education Review

, 78, 101786. https://doi.

org/10.1016/j.econedurev.2018.03.006 and Brown,

M., Grigsby, J., Van Der Klaauw, W., Wen, J., & Zafar, B.

(2016). Financial education and the debt behavior of the

young.

Review of Financial Studies

, 29(9), 2490–2522.

https://doi.org/10.1093/rfs/hhw006

Urban, C., Schmeiser, M. D., Collins, J. M., & Brown,

A. (2020b). The effects of high school personal

financial education policies on financial behavior.

Economics of Education Review

, 78, 101786. https://

doi.org/10.1016/j.econedurev.2018.03.006 and Brown,

M., Grigsby, J., Van Der Klaauw, W., Wen, J., & Zafar, B.

(2016b). Financial education and the debt behavior of

the young.

Review of Financial Studies

, 29(9), 2490–

2522. https://doi.org/10.1093/rfs/hhw006

Harvey, M. (2019). Impact of financial education

mandates on younger consumers’ use of alternative

financial services.

Journal of Consumer Affairs

, 53(3),

731–769. https://doi.org/10.1111/joca.12242

Stoddard, C., & Urban, C. (2019). The effects of

State‐Mandated Financial Education on college

financing behaviors.

Journal of Money, Credit and

Banking

, 52(4), 747–776. https://doi.org/10.1111/

jmcb.12624

Mangrum, D. (2022). Personal finance education

mandates and student loan repayment.

Journal of Financial Economics

, 146(1), 1–26.

https://doi.org/10.1016/j.jfineco.2022.06.006

Burke, J., Collins, J. M., & Urban, C. (2020, October 1).

Does state-mandated financial education affect financial

well-being?

University of Wisconsin-Madison Center for

Financial Security. https://cfs.wisc.edu/2020/09/10/

state_mandated_fin_ed/

Harvey, M., & Urban, C. (2022). Does financial

education in high school affect retirement savings

in adulthood? Wharton Pension Research Council

Working Paper No. 2022-03. https://doi.org/10.2139/

ssrn.4037547

Frisancho, V. (2022). Is School-Based Financial

Education Effective? Immediate and Long-Lasting

Impacts on High School students.

The Economic Journal

133(651), 1147–1180. https://doi.org/10.1093/ej/

ueac084

Frisancho, V. (2023). Spillover effects of financial

education: The impact of school-based programs

on parents.

Journal of Financial Literacy and Wellbeing

1(1), 138-153. doi:10.1017/flw.2023.2

Urban, C. (2023). Does state-mandated financial

education reduce high school graduation rates?

Economics of Education Review

, 95, 102427.

https://doi.org/10.1016/j.econedurev.2023.102427

Urban, C. (2023, March 28). Financial education

in high schools across America: Trends and statistics.

https://papers.carlyurban.com/Report2023.pdf

Ibid.

Stoddard, C., & Urban, C. (2019b). The effects of

State‐Mandated Financial Education on college

financing behaviors.

Journal of Money, Credit and

Banking

, 52(4), 747–776. https://doi.org/10.1111/

jmcb.12624

2023 NATIONAL REPORT CARD | 25

The 2023 Report Overview

Nearly halfway through the academic year, our high

school students are working hard to master a variety of

subjects. So it is an appropriate time to reflect on how

well our high schools are providing personal finance

education. After a year of intensive research, our Center

has graded all 50 states and the District of Columbia

(D.C.) on their efforts to produce financially literate

high school graduates (the 50 states and D.C., which is

technically not a state, are referred to collectively in this

report as “states”).

When it comes to report cards, everyone wants an A.

But when the Center finished its grading, only seven

states earned an A for the Class of 2023. That’s just

a two-state increase since our last report, in 2017, which

focused on the Class of 2017. Iowa and Mississippi are

the two new additions to this grade A list. Looking at

just these two data points would lead one to believe that

personal finance education policy is changing nationally

at a glacial rate. But the reality is quite different. Change

is happening very quickly and will be accelerating

dramatically over the next five years. States are so rapidly

passing laws and changing regulations that we estimate

we will have 23 grade A states for the graduating

Class of 2028, or 45% of all states (assuming full

implementation of new laws and regulations).

It often takes four or five years for a major policy change,

like adding a new high school course graduation

requirement in personal finance, to be fully implemented

statewide. The key takeaway is that the wheels of state

policy change are moving decisively forward.

BIG CHANGE IS COMING. Sixteen states are in the

process of implementing policy changes that are

projected to increase the number of states requiring

a standalone personal finance course as a high school

graduation requirement, from seven states for the

Class of 2023 to 23 states for the Class of 2028—

that’s a whopping increase of 229% in half a decade.

Here is the implementation timeline:

• Three states by the Class of 2024: Nebraska,

North Carolina, and Rhode Island

• Two states by the Class of 2026: Florida and Ohio

• Six states by the Class of 2027: Connecticut,

Kansas, Louisiana, New Hampshire, Oregon, and

South Carolina

• Five states by the Class of 2028: Georgia,

Indiana, Michigan, Minnesota, and West Virginia

Our Center estimates that when the Class of 2028

graduates, 41 percent of students will reside in a

state that requires them to take a standalone course

(or its equivalent) in personal finance.

When the Class of 2007 graduated, there were no

states that had fully implemented a standalone financial

literacy course graduation requirement. During the

Great Recession, Utah became the first state to require

a standalone course for the Class of 2008. In just two

decades, we will have seen this important course go

from being required in zero to 23 states—nearly half of

the nation.

Graduating Class Grade A States

Class of 2017 Alabama, Missouri,

Tennessee, Utah,

and Virginia

Class of 2023 Alabama, Iowa,

Mississippi, Missouri,

Tennessee, Utah,

and Virginia

2023 NATIONAL REPORT CARD | 26

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

Grade A States by Year of Full Implementation

Class of 2008 to 2028*

State Fully Implements

Total Number of States

Total States Fully Implemented

*Projections

for Years 2024

to 2028

From the Class of 2017 (our last report) to the Class of 2028, we expect the number of grade A states to increase

from five to 23 states. That means that 18 states have already or are expected to move to grade A from grades B,

C, D, or F since our last report in 2017, six years ago.

Grade Class of 2017* Class of 2023 Projected Class of

2028 Grade

Grade A 10% (5 States) 14% (7 States) 45% (23 States)

Grade B 37% (19 States) 41% (21 States) 27% (14 States)

Grade C 24% (12 States) 25% (13 States) 12% (6 States)

Grade D 8% (4 States) 10% (5 States) 8% (4 States)

Grade F 22% (11 States) 10% (5 States) 8% (4 States)

It is important to note that no state that has implemented a stand-alone personal finance course

requirement (or its equivalent) has ever reversed course.

2023 NATIONAL REPORT CARD | 27

It is also encouraging that nine states that have moved or

will move to grade A were already highly committed to

personal finance education and received B grades in our

2017 report. Here is the breakdown of the states projected

to move to grade A by 2028 from our 2017 report:

• Nine states that have moved or are projected to

move from Grade B to Grade A: Florida, Georgia,

Michigan, Minnesota, New Hampshire, North

Carolina, Ohio, South Carolina, and West Virginia.

• Six states have moved or are projected to move

from Grade C to Grade A: Indiana, Iowa,

Kansas, Mississippi, Nebraska, and Oregon.

• One state is projected to move from Grade D to

Grade A: Louisiana.

• Two states are projected to move from Grade F

to Grade A: Connecticut and Rhode Island.

We still have much more to do, but the country is

definitely moving in the right direction. Our Center

estimates that the number of states getting a grade

of C, D, or F will drop from 53% in 2017 to 28% in

2028. And by 2028, only four states in the nation are

projected to be grade F states: California, the District

of Columbia, Massachusetts, and South Dakota.

The 23 states that received grades C, D, or F for the Class

of 2023 are projected to decrease to just 14 states for

the Class of 2028. For the Class of 2023, more than half

of the states, 55% (28 states), were given grades of A or

B. These are grades that you would want your children

to bring home from school. The good news is that this

group is projected to grow to 73% (37 states) for the Class

of 2028. And the 10 states (20%) with grades D or F are

projected to drop to eight states (16%) by or before the

Class of 2028.

Grade A Grade B Grade C Grade D Grade F

2017

5 19 12 4 11

2023

7 21 13 5 5

By 2028 23 14 6 4 4

Number of States

Number of States Grade Distribution

for the Classes of 2017, 2023 & Projected 2028

Based on Current Policies

2023 NATIONAL REPORT CARD | 28

2017

10%

15%

20%

25%

30%

35%

40%

45%

2023 By 2028

States Percentage Distribution by Grade

for the Classes of 2017, 2023 & Projected 2028

Based on Current Policies

Grade A Grade B Grade C

Grade D Grade F

2023 NATIONAL REPORT CARD | 29

Grade Changes from the Class

of 2017 to the Class of 2023

Twelve states improved their grades, and two states saw

their grades go down during this period. Six states went

from F to C or D, four improved from C to A or B, and two

upped their grades from D to B or C. But Florida’s grade

dropped from B to C, and Kansas’ grade fell from C to D.

Both of these declines were due to policy changes, but the

good news is additional changes will lead both Florida and

Kansas to rise to an A in 2026 and 2027, respectively.

You can read the details behind each state’s grade change

for the Class of 2023 in its State Fact Sheet, which is at the

back of this report. Below is a summary of the 14 states

with grade changes from 2017 to 2023:

State Trend Class of 2017 Grade Class of 2023 Grade

Alaska Grade F Grade D

Delaware Grade F Grade C

Hawaii Grade F Grade D

Pennsylvania Grade F Grade C

Rhode Island Grade F Grade C

Wisconsin Grade F Grade C

Louisiana Grade D Grade B

Vermont Grade D Grade C

Iowa Grade C Grade A

Kansas Grade C Grade D

Mississippi Grade C Grade A

Nevada Grade C Grade B

Oklahoma Grade C Grade B

Florida Grade B Grade C

2023 NATIONAL REPORT CARD | 30

Grade Changes from the Class of 2023

to the Projected Class of 2028

Eighteen states are projected to have grade changes from

2023 by or before 2028, and the grades of all 18 are

expected to rise. Sixteen of these states will improve their

grades to an A, and two will rise to a B.

You can read the details behind each state’s grade change

projected by or before 2028 in its State Fact Sheet, which

is at the back of this report. Below is a summary of the 18

states with projected grade changes from 2023 to 2028:

State Trend Class of 2023 Grade Projected Grade Change by

or before the Class of 2028

Georgia Grade B Grade A (Class of 2028)

Louisiana Grade B Grade A (Class of 2027)

Michigan Grade B Grade A (Class of 2028)

Minnesota Grade B Grade A (Class of 2028)

New Hampshire Grade B Grade A (Class of 2027)

North Carolina Grade B Grade A (Class of 2024)

Ohio Grade B Grade A (Class of 2026)

South Carolina Grade B Grade A (Class of 2027)

West Virginia Grade B Grade A (Class of 2028)

Florida Grade C Grade A (Class of 2026)

Indiana Grade C Grade A (Class of 2028)

Kentucky Grade C Grade B (Class of 2024)

Nebraska Grade C Grade A (Class of 2024)

New Mexico Grade C Grade B (Class of 2027)

Oregon Grade C Grade A (Class of 2027)

Rhode Island Grade C Grade A (Class of 2024)

Kansas Grade D Grade A (Class of 2027)

Connecticut Grade F Grade A (Class of 2027)

2023 NATIONAL REPORT CARD | 31

State Grade Changes Over Time

CLASS OF 2017, CLASS OF 2023, AND PROJECTED CLASS OF 2028

The following is a chart that shows the actual and projected grades

over an 11-year period: 2017 to 2028.

State Trend 2017 Grade 2023 Grade Projected 2028 Grade

Alabama Grade A Grade A Grade A

Missouri Grade A Grade A Grade A

Tennessee Grade A Grade A Grade A

Utah Grade A Grade A Grade A

Virginia Grade A Grade A Grade A

Arizona Grade B Grade B Grade B

Arkansas Grade B Grade B Grade B

Florida Grade B Grade C Grade A

Georgia Grade B Grade B Grade A

Idaho Grade B Grade B Grade B

Illinois Grade B Grade B Grade B

Maine Grade B Grade B Grade B

Maryland Grade B Grade B Grade B

Michigan Grade B Grade B Grade A

Minnesota Grade B Grade B Grade A

New Hampshire Grade B Grade B Grade A

New Jersey Grade B Grade B Grade B

New York Grade B Grade B Grade B

2023 NATIONAL REPORT CARD | 32

State Trend 2017 Grade 2023 Grade Projected 2028 Grade

North Carolina Grade B Grade B Grade A

North Dakota Grade B Grade B Grade B

Ohio Grade B Grade B Grade A

South Carolina Grade B Grade B Grade A

Texas Grade B Grade B Grade B

West Virginia Grade B Grade B Grade A

Colorado Grade C Grade C Grade C

Indiana Grade C Grade C Grade A

Iowa Grade C Grade A Grade A

Kansas Grade C Grade D Grade A

Kentucky Grade C Grade C Grade B

Mississippi Grade C Grade A Grade A

Nebraska Grade C Grade C Grade A

Nevada Grade C Grade B Grade B

New Mexico Grade C Grade C Grade B

Oklahoma Grade C Grade B Grade B

Oregon Grade C Grade C Grade A

Washington Grade C Grade C Grade C

Louisiana Grade D Grade B Grade A

Montana Grade D Grade D Grade D

Vermont Grade D Grade C Grade C

Wyoming Grade D Grade D Grade D

Alaska Grade F Grade D Grade D

California Grade F Grade F Grade F

2023 NATIONAL REPORT CARD | 33

State Trend 2017 Grade 2023 Grade Projected 2028 Grade

Connecticut Grade F Grade F Grade A

Delaware Grade F Grade C Grade C

District of Columbia Grade F Grade F Grade F

Hawaii Grade F Grade D Grade D

Massachusetts Grade F Grade F Grade F

Pennsylvania Grade F Grade C Grade C

Rhode Island Grade F Grade C Grade A

South Dakota Grade F Grade F Grade F

Wisconsin Grade F Grade C Grade C

Methodology

At the end of this report are State Fact Sheets, brief

overviews of how each state approaches personal finance

education in its public high schools. The Center’s research

includes detailed reviews of high school graduation

requirements, state academic standards for personal

finance education, and laws, regulations, and guidelines

that relate to how each state delivers personal finance

education in its public high schools. We also report on

each state’s policy regarding the teaching of personal

finance to students in grades Pre-K to 8.

As thorough as the Center’s researchers tried to be,

it is possible that some of the grades in this report

are based on incomplete or inaccurate information

and thus might be too severe or too lenient for a

particular state. We want the grades to be based on

the best information possible, and so we welcome

any corrections or additional data for future updates.

We encourage you to send any information that you

believe we should be made aware of to

[email protected].

2023 NATIONAL REPORT CARD | 34

Changes to the 2023 Report

from the Previous 2017 Report

The grading methodology used in our 2023 report is

basically unchanged from the previous 2017 report. What

has changed is what we are grading. In the past, we gave

each state a single grade based on its current public

policy on financial literacy education in high school. This

resulted in states getting grades based on the state policy

applied to the graduating class in the year the report was

issued. Sometimes the grade was based on what the state

planned to do in the future, that is, based on recent legal

or regulatory changes. So, a state that recently passed

a law requiring all students to take a financial literacy

course would receive a grade A in the report, even if that

requirement would not be fully implemented for another

four years. The grade was given before the policy change

was fully implemented. After doing state financial literacy

policy research for more than a decade, it became clear

that occasionally states modify, weaken, or revoke policies

before they are fully implemented. To avoid the risk of

unfair state grade inflation, our report now gives the

following two distinct grades:

• Class of 2023 Grade: This grade is given to

a state for its current public policy on personal

finance education in public high schools for the

graduating Class of 2023.

• Projected Grade: This grade is given to a state

for its new public policy that has not yet been

fully implemented for a graduating high school

class. This grade makes assumptions based on

a reasonable reading of a law or regulation and

written guidance from regulators. For states with

no pending policy changes, their projected grade

will be the same as their Class of 2023 grade. The

projected grade is dated with the year when the

new policy is scheduled to be fully implemented

or is dated 2028 for states without any proposed

policy changes. This is done because as of August

1, 2023, there were no pending policy changes in

any state beyond 2028.

The new projected grade is merely our best guess of what

will happen up to five years in the future. Some policies

will likely change over time and implementation dates may

be delayed. So, a state’s actual grade in a future report

from our Center could be very different from

this projection.

For example, we project a grade A for New Hampshire

and Rhode Island for the Classes of 2027 and 2024,

respectively. Once we have a chance to review the final

New Hampshire regulations and the required Rhode Island

report, describing how this new requirement was actually

implemented by school districts in academic year 2023–

2024, we will know if our projections were accurate. We

currently have given both states a projected grade of A,

but it is possible that the appropriate grade should be a

grade B.

2023 NATIONAL REPORT CARD | 35

State policy can and does change,

as happened in Florida and Louisiana.

FLORIDA:

• Class of 2015 to Class of 2019 Grade B: The

state required all students to take an economics

course, and the educational standards applicable

to that course required that about half of the

course be allocated to personal finance topics.

• Class of 2020 to Class of 2025 Grade C:

In 2019, the state passed a law requiring all

high schools to offer a stand-alone financial

literacy course elective and allowed the required

economics courses to be taught without any

substantive personal finance content. Electives

are often taken by about one-quarter or less of a

graduating class.

• Class of 2026 and thereafter Grade A: ln

2022, the state passed a law requiring that all

students take a stand-alone course in personal

finance as a graduation requirement beginning

with the Class of 2026.

LOUISIANA:

• Class of 2015 to Class of 2017 Grade B: The

state required all students to take a civics course

as a graduation requirement, and the standards

applicable to that course required that personal

finance content be taught.

• Class of 2018 to Class of 2022 Grade D:

The state changed the graduation requirements

and no longer required that students take the

civics course with personal finance content as a

graduation requirement. It required all public high

schools to offer that course as an elective course.

• Class of 2023 to Class of 2027 Grade B: In

2018, the state passed a law requiring all students

to take a course (e.g., civics or economics)

with specified personal financial management

instruction prior to graduation.

• Class of 2027 and thereafter Grade A: In

2023, the state passed a law requiring all students

to take a stand-alone financial literacy course as a

graduation requirement beginning with the Class

of 2027.

The 2023 Report Card also includes summaries regarding

the level of personal finance content required to be taught

in grades Pre-K to 8 for the academic year 2022–2023.

This is the first time our Center has looked at this data

in detail. A state’s financial literacy education policy for

grades Pre-K to 8 was not used for grading purposes, only

a state’s high school policy has been graded.

2023 NATIONAL REPORT CARD | 36

A Quick Guide

to the Grading System

The state requires personal finance instruction as a graduation

requirement that is equal to a one-semester, half-year course

(minimum of 60 hours of personal finance instruction in an

academic year).

The state mandates personal finance education as part of a required

course or as a clearly defined graduation mandate. In some of these

states, local school districts determine whether the personal finance

instruction requirement is met through a stand-alone course offering

or is embedded in another course or courses.

The state has substantive personal finance topics in its academic

standards that the local school districts are expected to teach.

Implementation is left to local school districts with no material

oversight by the state. There is no specific delivery mechanism

identified for financial literacy instruction. A state may also receive a

C grade if it requires a stand-alone personal finance elective course.

The state has modest levels of personal finance education in its

academic standards that local school districts are expected to teach.

Implementation is left to local school districts with no material

oversight by the state. There is no specific delivery mechanism

identified for financial literacy instruction. A state may also receive a

D grade if it requires schools to offer an elective course that includes

some personal finance education.

The state has virtually no requirements for personal finance education

in high school. Students in these states are able to graduate without

ever having the opportunity to take a course that includes financial

literacy instruction.

2023 NATIONAL REPORT CARD | 37

It is important to note that states with a grade of

B, C, D, or F have local school districts that may

require a stand-alone financial literacy course as a

graduation requirement. When this occurs, it is a

local school district policy and not a statewide policy.

This report only grades the educational policies of

state governments, not local school districts.

The Center’s grading system is based on the belief

that, at a minimum, all high school students should

be required to take a designated course that includes

personal finance topics—even if these topics are just a

modest part of the overall course offering.

We recognize that creating a stand-alone course or other

courses in which personal finance is embedded can

be difficult to achieve. States often tell us that adding a

personal finance course requirement is just not possible

due to local control issues.

Ironically, many of these local control states have

adopted national educational standards, such as the

Common Core for high school English and mathematics,

and other national standards for science, social studies,

and physical education. We believe that if a state can

use national models to mandate what must be taught

in certain topics, like mathematics, language arts,

sciences, and social studies, it can follow a similar path

to requiring instruction in financial literacy.

2023 NATIONAL REPORT CARD | 38

Class of 2023 Final Grade

State-by-state grades are as follows, with expanded

explanations for each state’s grade in the State Fact Sheet

section at the back of this report.

A B C D F

14%

7 STATES

41%

21 STATES

10%

5 STATES

25%

13 STATES

GRADE %

VISUALIZED

10%

5 STATES

2023 NATIONAL REPORT CARD | 39

Class of 2028 Projected Final Grade

State-by-state grades are as follows, with expanded

explanations for each state’s grade in the State Fact Sheet

section at the back of this report.

A B C D F

45%

23 STATES

27%

14 STATES

4 STATES

12%

6 STATES

4 STATES

GRADE %

VISUALIZED

2023 NATIONAL REPORT CARD | 40

State Assessments by Grade

CLASS OF 2023 GRADE A STATES

Seven states were given a grade of A for the Class

of 2023: Alabama, Iowa, Mississippi, Missouri,

Tennessee, Utah, and Virginia. These states require

students to take a stand-alone half-year course in

personal finance, or its equivalent, as a high school

graduation requirement.

How do these grade A states provide this education

to their students? The following chart summarizes the

approaches taken by these seven states:

Course Offering Grade A States

Full-year course—half of course (60

hours of instruction) is dedicated to

personal finance topics. Local school

districts can allow the content to be

delivered in a single course or two

separate half-year courses.

Alabama (career preparedness course),

Mississippi (college and career readiness

course), and Virginia (economics and

personal finance course)

Half-year, stand-alone personal

finance course.

Tennessee (three years of JROTC may

be used as a credit substitute) and Utah

(passing a financial literacy assessment

created by the state can be used to fulfill

this requirement)

Local school districts determine

whether the required half-year

credit/unit of personal finance is

delivered in a single stand-alone

course or through a combination of

courses (embedded coursework).

Iowa and Missouri (if embedded

coursework is used, students are

required to take a financial literacy

assessment created by the state)

2023 NATIONAL REPORT CARD | 41

PROJECTED GRADE A STATES:

BY OR BEFORE THE CLASS OF 2028

Twenty-three states are projected to have a grade A by

or before the Class of 2028. Below is a list of the states

projected to have a grade A by or before the Class of

2028. The states are listed alphabetically by the year that

this substantive graduation requirement was or will be

fully implemented.

Graduation Year That the Grade A Policy

Was or Will Be Fully Implemented

State

2008 Utah

2010 Missouri

2013 Tennessee

2015 Virginia

2017 Alabama

2021 Iowa

2022 Mississippi

2024

Nebraska

North Carolina

Rhode Island

2026

Florida

Ohio

2027

Connecticut

Kansas

Louisiana

New Hampshire

Oregon

South Carolina

2028

Georgia

Indiana

Michigan

Minnesota

West Virginia

2023 NATIONAL REPORT CARD | 42

CLASS OF 2023 GRADE B STATES

Twenty-one states were given a grade of B for the Class

of 2023: Arizona, Arkansas, Georgia, Idaho, Illinois,

Louisiana, Maine, Maryland, Michigan, Minnesota,

Nevada, New Hampshire, New Jersey, New York,

North Carolina, North Dakota, Ohio, Oklahoma,

South Carolina, Texas, and West Virginia.

As you will see in this report, a B grade does not

necessarily mean that a state requires an adequate

level of instruction. The Center estimates that only nine

grade B states for the Class of 2023 require 15 hours or

more of class time allocated to financial literacy topics.

How do these grade B states provide this education

to their students? The following chart summarizes the

approaches taken by these 21 states:

Course Offering Class of 2023 Grade B States

Embed personal finance instruction into

a required half-year course, usually an

economics course.

Arizona, Georgia, Idaho, Michigan,

Minnesota, Nevada, New Hampshire,

New York, North Dakota, South Carolina,

and Texas

Required full-year course—less than

half of course is dedicated to personal

finance topics.

North Carolina (Founding Principles civics

and economics course) and West Virginia

(civics with personal finance content)

Subject to local school district control,

personal finance instruction is offered

as either a stand-alone course or is

embedded into other required courses

(economics, civics, family and consumer

sciences, business, life skills, career

readiness, or mathematics courses).

Arkansas, Louisiana, Maine, Maryland,

New Jersey, Ohio, and Oklahoma

Requires nine weeks of consumer

education instruction.

Illinois

2023 NATIONAL REPORT CARD | 43

States with a B grade have personal finance topics in

their educational standards and require local school

districts to implement them. To graduate from high

school in a B state, a student must take a course that

includes personal finance topics. Most states identify a

specific course that must be taken to graduate from high

school that includes financial literacy instruction. Other

states have very specific standards that must be taught as

a graduation requirement but leave how the instruction

is implemented up to local school districts. These states

require that personal finance topics be taught and

embedded in economics, civics, family and consumer

sciences, business, life skills, career readiness, or

mathematics courses.

Grade B implies that the state is doing a fine job of

providing financial literacy. However, the fact that a state

requires personal finance instruction as a graduation

requirement is not enough. The amount of instruction

required should be a component of the grading process.

For each Grade B state, the Center has looked at the

educational standards of the required course and

estimated the amount of time allocated to the topic of

personal finance based on the Carnegie unit system of

120 hours of instruction for a full-year course and 60

hours of instruction for a half-year course.

For example, if a half-year economics course has 45

standards or learning objectives and 15 standards are

personal finance in nature, then we would estimate that

a third of the course is allocated to financial literacy

topics, or approximately 20 hours of instruction. For

purposes of these calculations, we have assumed that

approximately equal instruction time is allocated to all

45 standards.

Based on this methodology, we identified nine states

that appear to require 15 or more hours of instruction.

We also found four states where the personal finance

instruction ranges from 7.5 to 11 hours. Texas fits into

both groups because it offers students the choice of

two courses to meet its economic course graduation

requirement: one where 75% of the course is personal

finance in nature and another where 17% of the course

is financial literacy content. Seven of the states allow

local districts to implement the financial literacy

education requirement either through a stand-alone

course or another course (or multiple courses) with

personal finance embedded in it. It was impossible to

estimate the hours of instruction in these states. The

chart on the next page summarizes these results.

For grading purposes, the Center has treated all Grade

B states identically in the State Fact Sheets at the back

of this report. However, based on our research, it is

possible to provide further refinement and analysis of

many Grade B states. So, we have further divided the

Grade B states based on our estimates of the intensity

of the required personal finance instruction. The Center

wanted to highlight the wide variability of the amount of

instruction required in these Grade B states. This analysis

is set forth in the chart below. States received the grade

of B+, B, or B- depending on whether courses allocated

more than, equal to, or less than 15 hours in personal

finance instruction.

2023 NATIONAL REPORT CARD | 44

2023 Grade B State Grade B Refined Estimated Hours of Financial

Literacy Course Instruction

Idaho B- 7.5 hours

Michigan B- 11 hours

Minnesota B- 9 hours

New Hampshire B- 10 hours

Texas B- or B+ 11 or 45 hours*

Arizona B 15 hours

New York B 15 hours

South Carolina B 15 hours

Georgia B+ 27 hours

Illinois B+ 37.5 hours

Nevada B+ 32 hours

North Carolina B+ 24 hours

North Dakota B+ 18 hours

West Virginia B+ 27 hours

Arkansas Not applicable Cannot be estimated^

Louisiana Not applicable Cannot be estimated^

Maine Not applicable Cannot be estimated^

Maryland Not applicable Cannot be estimated^

New Jersey Not applicable Cannot be estimated^

Ohio Not applicable Cannot be estimated^

Oklahoma Not applicable Cannot be estimated^

Texas requires high schools to offer students

two different courses to meet this requirement,

and each course has a substantially different

amount of personal finance content.

Instruction hours cannot be estimated because

each local school district determines how it

will meet the personal finance education

graduation requirement.

2023 NATIONAL REPORT CARD | 45

PROJECTED GRADE B STATES:

BY OR BEFORE THE CLASS OF 2028

Fourteen states are projected to have a grade of B

by or before the Class of 2028: Arizona, Arkansas,

Idaho, Illinois, Kentucky, Maine, Maryland, Nevada,

New Jersey, New Mexico, New York, North Dakota,

Oklahoma, and Texas.

Nine states are projected to improve from grade B

to grade A by or before the Class of 2028: Georgia,

Louisiana, Michigan, Minnesota, New Hampshire,

North Carolina, Ohio, South Carolina, and

West Virginia.

Two states are projected to improve from grade C to

Grade B by or before the Class of 2028: Kentucky and

New Mexico.

CLASS OF 2023 GRADE C STATES

Thirteen states were given a grade of C for the Class

of 2023: Colorado, Delaware, Florida, Indiana,

Kentucky, Nebraska, New Mexico, Oregon,

Pennsylvania, Rhode Island, Vermont, Washington,

and Wisconsin.

States were given the grade of C because they require

substantive personal finance topics be taught in high

school to all students by including these topics in the

states’ instructional guidelines. Implementation is a local

control issue, and how these guidelines are implemented

varies greatly from school district to school district.

Some districts may be doing an exceptional job, while

others are barely covering the topic.

A state may also earn a grade C if it requires each

high school to offer a stand-alone personal finance

elective. Offering an elective means that many students

will graduate without any exposure to personal finance.

For example, Washington requires that all high

school students are provided with access to personal

finance instruction but doesn’t require students to

avail themselves of this instruction. In Washington, this

requirement could be met by offering either an elective

course, a before- or after-school workshop, or an online

education course.

These states are not monitoring how the required

academic standards are being taught. Two of the states,

Florida and New Mexico, earned a C grade because

they require each high school to offer a personal

finance course as an elective. Rhode Island received a

grade of C because of its policy that by academic year

2022–2023 each high school had to offer a stand-alone

personal finance course as an elective. This was done

as part of its transition to a stand-alone personal finance

course graduation requirement beginning with the Class

of 2024. These states at least gave students the choice

to take such a course. Texas is another state that requires

high schools to offer a personal finance course as an

elective. Texas receives a grade B, however, because it

also requires that all students take an economics course

that includes personal finance concepts as a

graduation requirement.

PROJECTED GRADE C STATES:

BY OR BEFORE THE CLASS OF 2028

Six states are projected to have a grade of C by

or before the Class of 2028: Colorado, Delaware,

Pennsylvania, Vermont, Washington, and Wisconsin.

Five states are projected to improve from grade C

to grade A by or before the Class of 2028: Florida,

Indiana, Nebraska, Oregon, and Rhode Island.

Two states are projected to improve from grade C to

Grade B by or before the Class of 2027: Kentucky and

New Mexico.

2023 NATIONAL REPORT CARD | 46

CLASS OF 2023 GRADE D STATES

Five states were given a grade of D for the Class of

2023: Alaska, Hawaii, Kansas, Montana,

and Wyoming.

Those states receiving a D grade require that modest

levels of personal finance topics be included in

instructional guidelines applicable to all students.

Schools are not instructed to include the topics in

any course needed for graduation. In Grade D states,

personal finance concepts may be taught in elective

courses or partially integrated into other courses, if they

are taught at all. How these standards are implemented

is left up to the school districts. It is not clear how the

states ensure that the schools teach these topics. These

states are not monitoring how the required academic

standards are being taught.

PROJECTED GRADE D STATES:

BY OR BEFORE THE CLASS OF 2028

Four states are projected to have a grade of D by or

before the Class of 2028: Alaska, Hawaii, Montana,

and Wyoming.

One state is projected to improve from grade D to

grade A by or before the Class of 2028: Kansas.

CLASS OF 2023 GRADE F STATES

Five states were given a grade of F for the Class of

2023: California, Connecticut, District of Columbia,

Massachusetts, and South Dakota.

These states have few requirements or none at all for

personal finance education in high school. Students

in these states are able to graduate without ever

having the opportunity to take a course that includes

financial literacy instruction.

This report card is about student access to personal

finance education. If a student has no opportunity to take

a course or other learning module in personal finance,

then the state deserves the grade of F. It should be

noted that California, Connecticut, and Massachusetts

have created programs that promote financial literacy

education, but still, many students in these states often

receive no exposure to the subject.

PROJECTED GRADE F STATES:

BY OR BEFORE THE CLASS OF 2028

Four states are projected to have a grade of F by

or before the Class of 2028: California, District of

Columbia, Massachusetts, and South Dakota.

One state is projected to improve from grade F to grade

A by or before the Class of 2028: Connecticut.

Percent of High School

Population by Grades

There are two ways to measure the progress of state

policy changes with regard to financial literacy education

in public high school. The first method measures the

number and percentage of states by policy grade. The

problem is that this type of measurement treats all states

equally. For example, it treats as equals a state with the

largest and the smallest public high school enrollments

in the nation:

State 2021 Public High

School Enrollment*

California 1,955,753

Vermont 24,648

Average of 50 states

and D.C.

302,657

* Source: U.S. Department of Education, Institute of

Education Sciences, and National Center for

Education Statistics “Digest of Education Statistics,

2022.” Actual enrollment numbers are from 2021.

Data from Table 203.30 Public school enrollment in

grades 9 through 12. Total enrollment for the US in

2021 was 15,435,529.

2023 NATIONAL REPORT CARD | 47

The second method measures state grading by public

high school population. Population varies greatly by

state. So perhaps the best measurement of the progress

being made with regard to financial literacy education

policy in our public high schools is to measure the

impact of these policies by population.

This data indicates that the percentage of states with

a particular grade does not match the percentage of

high school students living in states with that grade. For

example, we project that 23 states, or 45% of states,

will have a grade A when the Class of 2028 graduates.

However, only 41% of the public high school student

population lives in those projected grade A states.

Another example is grade F states. We project that

four states, or 8% of states, will have a grade F when

the Class of 2028 graduates. However, the number of

students in these projected grade F states is 15% of the

nation’s public high school population.

The data is a bit more impressive when each state is

treated equally and less impressive when measured by

public high school enrollment, particularly for projected

grades A and F for the Class of 2028.

Grade Percentage by State and by Public High School

Population Projection for the Class of 2028

50%

45%

40%

35%

30%

25%

20%

15%

10%

Grade A

Percent By State Percent By Population

Grade B Grade C Grade D Grade F

* Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics

“Digest of Education Statistics, 2022.” Actual enrollment numbers are from 2021. Data from Table 203.30 Public

school enrollment in grades 9 through 12. Total enrollment for the US in 2021 was 15,435,529.

2023 NATIONAL REPORT CARD | 48

Below and on the following page are two charts showing the differences when measuring by the

number of states and by the high school population in each state. The first chart is for the Class

of 2023 grades, and the second chart is for the projected Class of 2028 grades.

Making the Grade: Population and State Percentages for the Class of 2023

Grade States Public High

School Student

Population*

% of Public

High School

Population

in the U.S.

Number

of States

(and D.C.)

% of

States

(and D.C.)

A Alabama, Iowa, Mississippi,

Missouri, Tennessee, Utah,

and Virginia

1,681,765 11% 7 States 14%

B Arizona, Arkansas, Georgia,

Idaho, Illinois, Louisiana, Maine,

Maryland, Michigan, Minnesota,

Nevada, New Hampshire,

New Jersey, New York, North

Carolina, North Dakota, Ohio,

Oklahoma, South Carolina,

Texas, and West Virginia

7,640,205 49% 21 States 41%

C Colorado, Delaware, Florida,

Indiana, Kentucky, Nebraska,

New Mexico, Oregon,

Pennsylvania, Rhode Island,

Vermont, Washington, and

Wisconsin

3,330,220 22% 13 States 25%

D Alaska, Hawaii, Kansas,

Montana, and Wyoming

310,020 2% 5 States 10%

F California, Connecticut, District

of Columbia, Massachusetts,

and South Dakota

2,473,319 16% 5 States 10%

* Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics

“Digest of Education Statistics, 2022.” Actual enrollment numbers are from 2021. Data from Table 203.30 Public

school enrollment in grades 9 through 12. Total enrollment for the US in 2021 was 15,435,529.

2023 NATIONAL REPORT CARD | 49

Making the Grade: Population and State Percentages for the Class of 2028

Grade States Public High

School Student

Population*

% of Public

High School

Population

in the U.S.

Number

of States

(and D.C.)

% of

States

(and D.C.)

A Alabama, Connecticut, Florida,

Georgia, Indiana, Iowa, Kansas,

Louisiana, Michigan, Minnesota,

Mississippi, Missouri, Nebraska,

New Hampshire, North Carolina,

Ohio, Oregon, Rhode Island,

South Carolina, Tennessee, Utah,

Virginia, and West Virginia

6,367,758 41% 23 States 45%

B Arizona, Arkansas, Idaho, Illinois,

Kentucky, Maine, Maryland,

Nevada, New Jersey, New

Mexico, New York, North

Dakota, Oklahoma, and Texas

5,086,890 33% 14 States 27%

C Colorado, Delaware,

Pennsylvania, Vermont,

Washington, and Wisconsin

1,506,406 10% 6 States 12%

D Alaska, Hawaii, Montana,

and Wyoming

164,311 1% 4 States 8%

F California, District of Columbia,

Massachusetts, and South Dakota

2,310,164 15% 4 States 8%

* Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics

“Digest of Education Statistics, 2022.” Actual enrollment numbers are from 2021. Data from Table 203.30 Public

school enrollment in grades 9 through 12. Total enrollment for the US in 2021 was 15,435,529.

2023 NATIONAL REPORT CARD | 50

How Can My State Flunk When My Child’s

School Has a Personal Finance Class?

Some schools in states in the Grade C, D, and F

categories require a stand-alone personal finance course

as a graduation requirement (or offer this course as an

elective in grade D and F states). So, readers from such

districts might be shocked or angered by the grade their

state has received. These wonderful yet isolated cases

are due to local control, not a state requirement. Such

instruction, when it occurs, is the result of the actions

of local school boards, superintendents, principals,

teachers, and parents. These pockets of excellence

are financial literacy islands within each state, and we

commend them.

Many of the states that have poor grades have advocates

in their legislatures who are trying to do something. In

many of these states, bills are routinely introduced to

promote personal finance but are never passed.

Some high schools offer a personal finance elective, and

some do not. Providing only a personal finance elective

will result in the majority of students graduating without

any financial literacy training.

When Should Personal Finance

Be Taught in High School?

As described earlier, many school districts offer

substantive personal finance training to students as a

single educational intervention in high school. High

school students should not take such intensive one-time

instruction before grades 11 or 12. Personal finance

concepts are most relevant just prior to the time when

students will be managing their daily living expenses.

Students should be taught these concepts shortly before

they are thrust into financial independence, when they

either get jobs or go to college.

Studies of adults and students consistently show that

personal finance knowledge and skills obtained in a

classroom setting fade over time. This is not surprising.

The same thing could probably be said for foreign

languages and mathematics. It is the old “use it or lose

it” phenomenon. So high school juniors and seniors,

fresh from learning these concepts, “use it” when they

graduate and deal with real-life financial decisions.

Many grade A and grade B states allow financial literacy

education to be taught in grades 9 to 12. Oklahoma

(grade B) allows its schools to choose to teach personal

finance in grades 7 through 12, so students there might

be done with the subject in middle school. That’s too

early. We believe it is a suboptimal policy for a state

to require, recommend, or allow a single secondary

education public school financial literacy educational

intervention to occur in grades 7 to 10.

2023 NATIONAL REPORT CARD | 51

The Four Keys to High School

Financial Literacy

So, what are the elements of a successful financial literacy

educational program at the high school level?

1. Financial literacy topics must be taught in a

standalone course that students are required to

take as a graduation requirement.

2. Educators need easy access to quality curriculum,

lesson plans, calculators, videos, games,

applications, activities, projects, case studies,

articles, and expert volunteer speakers. A state’s

online education platform is ideal for providing

these tools.

3. Teacher training is critical. To effectively educate

our students about personal finance, we need

confident, well-trained educators.

4. Funding is needed to ensure that these classes are

offered to all high school students. Funding is only

needed for educator training because high-quality

curriculum is available for free.

2023 NATIONAL REPORT CARD | 52

Financial Literacy Education Should Be

a High School Graduation Requirement

Requiring a stand-alone course in personal finance, or

as a material part of a half-year course for graduation,

will result in a high-intensity level of personal finance

training. A half-year, semester-long course provides 60

hours of classroom instruction. One-quarter or more of

such a class allocated to financial literacy will result in

15 or more hours of personal finance instruction, not

including homework.

Course material should meet nationally recognized

financial literacy standards. The best source to use when

judging state educational standards is the Jump$tart

Coalition and the Council for Economic Education’s

shared standards. The standards created by these two

organizations help guide educators, curriculum writers,

policymakers, and other financial education stakeholders

across the nation: The National Standards for Personal

Finance Education (2021).

Educators Need Access

to Free Curriculum and Tools

Educators need ready access to free financial literacy

tools and curriculum to successfully bring personal

finance instruction into the classroom. The natural

place that an educator will look for resources is on

the website of their state’s department of education

(or its equivalent). Most states (we have identified

31) have such resources housed at their department

of education’s, or its equivalent, website: Alabama,

Arkansas, Hawaii, Idaho, Iowa, Kansas, Kentucky,

Louisiana, Maine, Maryland, Michigan, Minnesota,

Missouri, Nebraska, Nevada, New Jersey, North

Carolina, North Dakota, Ohio, Oklahoma, Pennsylvania,

Rhode Island, South Carolina, Tennessee, Texas, Utah,

Vermont, Virginia, Washington, West Virginia, and

Wisconsin. Links to these websites are included in the

State Fact Sheet section of this report. It should also

be noted that the websites of many state treasurers and

state financial industry regulators also include personal

finance education material for students and adults. A

great source of high-quality, free middle and high school

curriculum, games, and tools is Next Gen Personal

Finance. The Jump$tart Clearinghouse website is another

great resource to help educators find free curriculum

and tools for the classroom.

2023 NATIONAL REPORT CARD | 53

Teacher Training Is Critical

It’s wonderful that curriculum for financial literacy

courses is readily available for free, as there are plenty

of great online course materials and tools at no cost.

Growing popularity for financial literacy courses and free

curriculum are two ingredients for success. The third is

trained high school educators. There is a critical national

shortage of these trained educators, which will only be

exacerbated as more and more states adopt this course

as a graduation requirement.

A successful state high school financial literacy program

will train educators and set minimum standards for

who is allowed to teach personal finance. An educator

should be required to have certain expertise and training

prior to being authorized to teach a personal finance

course. Most states have fairly stringent requirements

on what background an educator must have to teach

mathematics, language arts, social studies, and

science courses. Rarely are such types of requirements

applicable to financial literacy educators.

Being self-taught is not optimal for meeting learning

goals. Currently, the vast majority of grade A and B

states do not require educators to have demonstrable

personal finance expertise prior to being allowed to

teach a course. Utah is a leader in this area, with robust

requirements for educators.

Given our projection that grade A states will be

increasing from seven states in 2023 to 23 states in

2028, educator training is desperately needed to

ensure the successful implementation of these new

requirements. We estimate that for grade A states the

number of students that take a stand-alone financial

literacy course each year will increase from 420,000

students in academic year 2022–2023 to 1,600,000

students in 2027–2028.

Assuming that each educator can train 100 students in

an academic year, we estimate that the need for highly

trained educators in personal finance concepts in grade

A states will increase from 4,200 in 2022–2023 to

16,000 in 2027–2028. In Grade B states, we estimate

there will be a need for nearly 13,000 highly trained

educators in 2027–2028. Thus, in half a decade, we

will need nearly 30,000 teachers for the A and B states.

This number does not include any of the new teachers

requiring training who start teaching in public high

schools for the first time as replacements for teachers

who retire or leave the profession.

Class of 2023 Number of Grade A States 7 States

Class of 2023 Total Number of Students in

Public High Schools in Grade A States

(Fall 2021 data*)

1,681,765

Estimated Number of Public High School

Students Taking Course in the 2022–2023

Academic Year (Fall 2021 Data*)

420,441

Estimated Number of Trained Educators

Required for 2022–2023 Academic Year

(assumes each educator trains 100 students

each academic year)

4,204

* Source: U.S. Department of Education,

Institute of Education Sciences, and

National Center for Education Statistics

“Digest of Education Statistics, 2022.”

Actual enrollment numbers are from

2021. Data from Table 203.30 Public

school enrollment in grades 9 through

12. Total enrollment for the US in 2021

was 15,435,529.

2023 NATIONAL REPORT CARD | 54

Projected Class of 2028 Number

of Grade A States

23 States

Class of 2028 Total Number of Students in

Public High Schools in Grade A States

(Fall 2021 data*)

6,367,758

Estimated Number of Public High School

Students Taking Course in the 2027–2028

Academic Year (Fall 2021 Data*)

1,591,940

Estimated Number of Trained Educators

Required for 2027–2028 Academic Year

(assumes each educator trains 100 students

each academic year)

15,919

* Source: U.S. Department of Education,

Institute of Education Sciences, and

National Center for Education Statistics

“Digest of Education Statistics, 2022.”

Actual enrollment numbers are from

2021. Data from Table 203.30 Public

school enrollment in grades 9 through

12. Total enrollment for the US in 2021

was 15,435,529.

Naturally, we look to our teachers to help students

become financially literate since it is not always taught at

home. That’s because most adults have never taken such

a course. A 2021 FINRA Investor Education Foundation’s

Financial Capability Study also showed that just one in

five American adults surveyed were offered and actually

enrolled in such training.

Imagine the reaction of parents if untrained educators

were allowed to teach language arts, mathematics,

history, civics, or a foreign language. Yet that is often

what is happening today with regard to personal finance

instruction in our nation’s high schools.

To produce expert personal finance educators, higher

education can play a critical role by creating financial

literacy certificate or degree programs. We should

encourage interested teachers to pursue professional

development opportunities. Many of these opportunities

are online and often free. Our Center has offered

a free graduate course since 2011 to hundreds of

educators. Our Center has also offered free, online, and

on-demand professional development training of this

nature in Vermont and Maine, and we hope to expand

this program, with state-specific content, across the

nation. More higher learning institutions should provide

educators with this critically needed training.

Such efforts are significant, but they are more than

worthwhile. This 2021 research shows that teacher

training improves students’ learning. Other research

shows conclusively that personal finance education in

high school is effective in developing financially capable

citizens (see Carly Urban’s article in this report on

this topic).

2023 NATIONAL REPORT CARD | 55

What Is Required to Be Taught

in Grades Pre-K to 8?

Although this report is about state public policy as it

relates to financial literacy education in high schools,

our research team also looked at whether personal

finance content was required to be taught to students

in elementary and middle school in each state. Our

research indicated that about 39% of states require

substantive content to be taught to students in grades

Pre-K to 8. In many states, this content is included in

social studies or mathematics standards, while in others

it is tied to career and technical education. The good

news is that many states realize that personal finance

should not be taught solely in a single educational

intervention in high school.

Personal finance skills should be taught in elementary

and middle school followed by a stand-alone course in

high school. In grades Pre-K to 8, financial literacy topics

can be taught in conjunction with mathematics and social

studies topics. Some states have passed laws requiring

that instruction in personal finance and career-related

topics occur in elementary and middle school. Examples

of states with laws or regulations requiring such

instruction include Louisiana, Nevada, New Hampshire,

New Jersey, New York, Texas, Utah, and West Virginia.

Pre-K to Grade 8 Requirements in

the 2022–2023 Academic Year

States Percentage &

Number of States

Content Not Required to Be Taught Alaska, California, Connecticut, Delaware,

District of Columbia, Hawaii, Massachusetts,

Mississippi, Rhode Island, and Washington

20% (10 States)

Modest Level of Content Required

to Be Taught

Alabama, Arkansas, Colorado, Florida, Idaho,

Illinois, Kansas, Louisiana, Michigan, Missouri,

Montana, New Hampshire, North Carolina,

North Dakota, Oklahoma, South Carolina,

South Dakota, Tennessee, Utah, Vermont,

and Wyoming

41% (21 States)

Substantive Amount of Content

Required to Be Taught

Arizona, Georgia, Indiana, Iowa, Kentucky,

Maine, Maryland, Minnesota, Nebraska,

Nevada, New Jersey, New Mexico, New York,

Ohio, Oregon, Pennsylvania, Texas, Virginia,

West Virginia, and Wisconsin

39% (20 States)

We are hopeful that in the years to come we will see more personal finance education integrated into the classrooms of

grades Pre-K to 8 students across the nation. For more information on what states require to be taught in grades Pre-K

to 8, see the State Fact Sheets at the back of this report.

2023 NATIONAL REPORT CARD | 56

State Fact Sheets

What follows are State Fact Sheets describing the

statewide public policy approach of each state and

the District of Columbia with regard to the teaching of

personal finance education in its public high schools.

When you read through the summaries, you will see links

that should take you directly to the documents that were

used to inform each state’s fact sheet and the state’s Class

of 2023 Grade, as well as the state’s Projected Grade

due to policy changes that have been enacted but won’t

be implemented until the future. Specifically, you will see

them for high school graduation requirements, academic

standards as they relate to personal finance, key state laws,

and regulations and rules that relate to how each state

delivers personal finance education in its public school

system. In some states, you will see links that connect to

initiatives that we believe are relevant for understanding

how well the state performs. We understand that over

time, these links might expire. The information in the fact

sheets is based on information as of August 31, 2023,

and the website links in the State Fact Sheets were live on

October 10, 2023.

GRADE COLOR KEY AND GRADING SYSTEM GUIDE

The state requires personal finance instruction as a graduation requirement that is equal

to a one-semester, half-year course (minimum of 60 hours of personal finance instruction

in an academic year).

The state mandates personal finance education as part of a required course or as a

clearly defined graduation mandate. In some of these states, local school districts

determine whether the personal finance instruction requirement is met through a

stand-alone course offering or is embedded in another course or courses.

The state has substantive personal finance topics in its academic standards that the local

school districts are expected to teach. Implementation is left to local school districts with

no material oversight by the state. There is no specific delivery mechanism identified for

financial literacy instruction. A state may also receive a C grade if it requires a stand-

alone personal finance elective course.

The state has modest levels of personal finance education in its academic standards that

local school districts are expected to teach. Implementation is left to local school districts

with no material oversight by the state. There is no specific delivery mechanism identified

for financial literacy instruction. A state may also receive a D grade if it requires schools

to offer an elective course that includes some personal finance education.

The state has virtually no requirements for personal finance education in high school.

Students in these states are able to graduate without ever having the opportunity to take

a course that includes financial literacy instruction.

2023 NATIONAL REPORT CARD | 57

Alabama

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, starting with the Class of 2017, Alabama requires

that all high school students take a one-year career

preparedness course. The education standards for this

course note that it can be taught: (i) as a full-year course

in grades 9 to 12; or (ii) as two half-year courses in the

following sequence: Career Preparedness A may be

taught in grade 8 for one half-credit, to be followed by

Career Preparedness B in grades 9 to 12.

Sources:

• Alabama High School Graduation Requirements

• Career Preparedness Standards

HIGH SCHOOL EDUCATION STANDARDS

The career preparedness course has 24 content standards,

of which 19 include personal finance topics. The State

Department of Education (DOE) provides a suggested

course outline and pacing guide that indicates that the

full-year course consists of 140 hours of instruction. Based

on this guide, we estimate that students receive more than

a one semester personal finance course.

Sources:

• Career Preparedness Standards

• Suggested Course Outline and Pacing Guide

PROJECTED GRADE

FOR CLASS OF 2028

The policy changes included in HB164, described

below, would not change Alabama’s grade, but they

are an improvement to the current public policy with

regard to high school financial literacy education. In

May 2023, the governor signed into law HB164. This

bill requires that high school students, beginning in

the Class of 2028, complete a stand-alone personal

financial literacy and money management course

before graduation. The bill also requires that students

take a financial literacy examination, created by the

DOE, and that a summary of the examination results

is reported by each local school district to the DOE.

Finally, the law requires the DOE to identify approved

financial literacy courses that may fulfill 1 unit of

academic credit for any mathematics course for high

school graduation.

Sources:

• HB164

PRE-K TO GRADE 8

EDUCATION STANDARDS

Alabama’s social studies content standards for

the required 7th grade civics instruction includes

principles of money management.

Sources:

• Alabama Social Studies Content Standards (page 49)

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2023 NATIONAL REPORT CARD | 58

Alabama

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The DOE’s website includes links to financial literacy

resources that can be used by educators teaching the

career preparedness course.

Sources:

• Career Preparedness Resources (scroll to bottom)

CAVEAT

It is not clear how Alabama measures student

achievement in financial literacy. Personal finance

concepts are most relevant after students graduate

from high school, when they are thrust into a situation

where they must manage their daily living expenses.

Allowing this part of this course to be taken in grade

8 or allowing students in grade 9 and 10 to take a

course of this nature is not optimal, since knowledge

obtained will fade over time. The 8th and 9th grade

students will not use much of what they learn until

many years after the instruction is completed.

2023 NATIONAL REPORT CARD | 59

Alaska

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course. Alaska high school students must earn a

minimum of 21 credits with 3 credits in social studies.

Sources:

• 4 AAC 06.075. High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

Alaska has minimal personal finance standards. Alaska has

economics concepts in the government and citizenship

standards, but these standards do not include personal

finance concepts. Alaska has employability standards that

include certain concepts contained in the Earning Income

section of the National Standards for Personal

Finance Education.

Sources:

• Employability Standards

• National Standards for Personal Finance Education

• Alaska Content Standards

PRE-K TO GRADE 8

EDUCATION STANDARDS

It is not clear if the employability standards are taught

prior to high school.

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Alaska’s grade.

EXTRA CREDIT

In March 2023, a bill was introduced in Alaska’s

Senate (SB 99) that would require high school students

to take a stand-alone personal finance course as a high

school graduation requirement.

Sources:

• SB 99

CAVEAT

The government and citizen standards are part of

Alaska’s social studies standards. The social studies

standards were last adopted in 2005 and are in the

process of being revised. It is expected that they will

be finalized sometime in 2023. It is not clear how

Alaska measures student achievement in financial

literacy or how the state monitors local school district

implementation of the financial literacy education

requirement.

Sources:

• Revision Schedule

2023 NATIONAL REPORT CARD | 60

Arizona

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

B B

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, a law was passed in 2019 that requires high school

students to complete a half-year course in economics and

that such course include financial literacy and personal

financial management content. Prior to 2019, beginning

in 2013, state law required the academic standards

prescribed by the State Board of Education in social

studies to include personal finance concepts.

Sources:

• Arizona Graduation Requirements

• A.R.S. Title 15, Chapter 7, Article 701.01

HIGH SCHOOL EDUCATION STANDARDS

The economics course standards in Arizona consist of

20 standards, five of which are personal finance. Based

on this information, we estimate that students receive

approximately 15 hours of instruction in personal finance.

Effective for the Class of 2013, Arizona students, in

grades 9 to 12, are required to complete an Arizona

Education and Career Action Plan (ECAP) prior to

graduation. The ECAP allows students to enter, track, and

update the following information: (i) academic goals; (ii)

career goals; (iii) postsecondary education goals; and (iv)

extracurricular activity goals.

Sources:

• Arizona Social Studies Standards (page 51)

• 2013 A.R.S. Title 15, Chapter 7, Article 701.01

• Arizona Administrative Code R7-2-302.05 (page 15)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Arizona’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

The K to 8 social studies standards include some

personal finance concepts in the social studies

economics standards in grades 1 to 6 and 8. Arizona

also has K to 8 Career Literacy standards to help

students make informed decisions about their futures.

The standards focus on career awareness in grades K

to 4 and career exploration in grades 5 to 8.

Sources:

• Arizona Social Studies Standards

• K–8 Career Literacy

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2023 NATIONAL REPORT CARD | 61

Arizona

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

B B

EXTRA CREDIT

A 2021 law created the Arizona Seal of Personal Finance

program that recognizes high school students who achieve

a high level of proficiency in personal finance. The seal

is placed upon the student’s diploma and noted on their

transcript. In grades 9 to 12, students must complete the

following requirements to obtain the seal: (a) complete all

social studies courses with an overall grade point average

(GPA) of 3.0 out of a 4.0 scale; and (b) students must

complete one activity from each of the four categories: (i)

pass an assessment of personal finance; (ii) complete of

an approved personal finance program; (iii) participate

in a cocurricular or extracurricular program; and (iv)

complete a college and/or career readiness plan.

Sources:

• Seal of Personal Finance

• A.R.S. Title 15, Chapter 2, Article 260

CAVEAT

The 2019 law states that the State Board of Education

“may consider establishing a required separate

personal finance course for the purpose of the

graduation of pupils from high school” but does not

require the board to take such action. As of the date

of this report the state board has not required that

Arizona high school students take a stand-alone course

in personal finance as a graduation requirement.

Prior to 2019, a 2013 law specifically did “not allow

the state board of education to establish a required

separate personal finance course for the purpose of

the graduation of pupils from high school.” It is not

clear how Arizona measures student achievement in

financial literacy or how the state monitors local school

district implementation of the financial literacy

education requirement.

Sources:

• A.R.S. Title 15, Chapter 7, Article 701.01

• 2013 A.R.S. Title 15, Chapter 7, Article 701.01

2023 NATIONAL REPORT CARD | 62

Arkansas

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, state law requires that beginning with the entering

9th grade class of the 2017–2018 academic year (the

Class of 2021), each public high school student must

earn a credit in a course taken in grades 9 to 12 that

includes instruction on certain financial literacy topics. The

Arkansas graduation requirements also require students to

take a half-credit Economics and Personal Finance social

studies course (a half-year course) prior to graduation.

Sources:

• A.C.A. § 6-16-135

Click on Arkansas Code and go to Title 6 Education, Subtitle

2, Elementary and Secondary Education Generally, Chapter

16 Curriculum, Subchapter 1 General Provisions

• Arkansas Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

The social studies standards for grades K to 4 include

economic standards that contain a very modest level

of personal finance concepts. Grades 5 to 8 do not

include substantive personal finance concepts in the

social studies standards.

Sources:

• K–4 Social Studies Academic Standards

• Social Studies Standards and Courses

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Arkansas’s grade.

HIGH SCHOOL EDUCATION STANDARDS

As required by state law, the Arkansas State Board of

Education has approved personal finance standards

that cover the financial literacy topics specified in the

legislation. Prior to graduation, high school students

must complete a course that includes these standards.

The Arkansas Department of Education (ADE) has

aligned and embedded the personal finance standards

in existing courses. A local district can use one of the

six following courses to meet the personal finance

requirement: a stand-alone Financial Literacy course

(half-credit); a Quantitative Literacy course (1 credit);

an ADE-approved AP Macro Economics and Personal

Finance course (half-credit); an ADE-approved AP

Micro Economics and Personal Finance course (half-

credit); an Economics course (half-credit social studies

or a Career Focus credit); and a Financial Planning

course (1.5 credits consisting of 1 Career Focus

credit and a half-credit in Economics). Subject to ADE

approval, districts can embed the personal finance

standards into an existing approved course other than

those listed above. >>

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2023 NATIONAL REPORT CARD | 63

Arkansas

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Each public high school is required to offer 38

courses, and only the Economics course listed above

is required to be offered in every high school. That is

consistent with NGPF’s Got Finance research, which

indicates that about 31% of Arkansas high school students

attend schools where they are required to take a stand-

alone half-year course in personal finance as a local

graduation requirement, and about 50% of high schools

offer a stand-alone personal finance course as an elective.

It is likely that a majority of students in the state do not

meet this graduation requirement by taking a stand-alone

personal finance course prior to graduation. Instruction

hours cannot be estimated since each school district

selects how it will meet the personal finance

education requirement.

Sources:

• Personal Finance Standards

• Financial Literacy

• Quantitative Literacy

• Economics

• Financial Planning

• 38 courses Required to be Offered

• NGPF’s Got Finance

• Personal Finance

EXTRA CREDIT

ADE’s website includes a list of personal finance

education resources for educators. In addition, the

website includes information on five professional

development courses (10 credits in total) that are

available to educators via ArkansasIDEAS (the

state’s online professional development program for

educators).

Sources:

• Personal Finance

CAVEAT

It is not clear how Arkansas measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement. Allowing

students to take a course of this nature in grades 9 and

10 is not optimal, since knowledge obtained will fade

over time. The grade 9 and 10 students will not use

much of what they learn until years after the instruction

is completed.

2023 NATIONAL REPORT CARD | 64

California

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course, and schools are not required to offer

financial literacy courses. Graduation from high school in

California requires students to take three years of social

science, including a one-semester course in economics.

Sources:

• California State Minimum High School

Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

As described in High School Education Standards, the

IQC adopts instructional materials for grades K to 8.

California-passed laws require the IQC, in the future, to

adopt instructional materials (in particular textbooks) that

include specified financial literacy content. This applies to

the following educational subjects: social sciences, health,

and mathematics. Therefore, textbooks updated since

the passage of this law should include personal finance

content for grade K to 8.

Sources:

• Instructional Materials FAQ

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

California’s grade.

HIGH SCHOOL EDUCATION STANDARDS

Under the education laws and regulations in

California, a student could graduate without ever

being taught substantive personal finance concepts in

high school.

Content Standards: State law requires the State

Board of Education (BOE) to adopt standards for all

students, from grades K to 12. These educational

content standards describe what students should know

and be able to do in each subject at each grade.

These standards do not include financial literacy

topics. These standards are infrequently changed and

adding financial literacy would require a change in

state law. The BOE-approved History-Social Science

standards include Principles of American Democracy

and Economics standards, but these do not include

any financial literacy standards. These standards were

adopted in 1998 and have not been revised in a

quarter of a century. When updated, these standards

could add personal finance concepts if required by

law to do so. No California law requires that content

standards include financial literacy concepts.

Frameworks: Curriculum frameworks offer guidance

for implementing BOE-approved content standards.

Frameworks describe the curriculum and instruction

necessary to help students achieve proficiency. >>

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2023 NATIONAL REPORT CARD | 65

California

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Frameworks are developed by the Instructional Quality

Commission (IQC). These frameworks are tools that local

school districts may use, but they are not required to do

so by law or regulation. Certain frameworks reference

or include financial literacy concepts. The History-Social

Studies (HSS) Framework (adopted in July 2016) requires

9th grade students to take two semesters of electives.

The framework identifies 12 suggested elective options

for grade 9, and one of the options is a personal finance

elective. However, NGPF’s Got Finance research indicates

that 73% of California students attend a high school that

does not offer a stand-alone personal finance elective.

Recommending that students take a course of this nature

in 9th grade is not optimal, since knowledge will fade

over time. Such students will not use much of what they

learn until many years after the instruction is completed.

Laws passed in 2013 and 2016 require that when the IQC

next updates the “curriculum frameworks in the social

sciences, health, and mathematics” that these frameworks

include specified financial literacy content by the following

grade band: grades K; 1 to 5; 6 to 8; and 9 to 12. In

2016, a bill analysis indicated that the next update of the

HHS Framework may not occur until 2024 or later (and

they have not been updated in the seven years since the

passage of this bill). The mathematics framework has

not been updated since 2013, but they do include an

appendix with some suggestions on how to integrate

financial literacy concepts into grades K to 12 math

courses. The California Education Code requires that local

districts adopt high school textbooks aligned to the state

content standards, but they are not required to align to

curriculum frameworks.

Instructional Materials: Instructional materials are used

by students and their teachers as a learning resource and

help students become proficient in a subject. Instructional

materials include textbooks, technology-based materials,

other educational materials, and tests. The IQC reviews

and adopts textbooks and other instructional materials

for use in grades K to 8. The IQC does not adopt

instructional materials for grades 9 to 12; this is done

exclusively by the local school districts.

Sources:

• Instructional Materials FAQ

• Content Standards

• History-Social Science Content Standards

(see pages 54–61)

• Instructional Quality Commission

• Curriculum Frameworks & Instructional Materials

• History-Social Science Framework

(Chapter 14: Grade 9 – Elective Courses in

History-Social Sciences and Chapter 18: Grade 12 –

Principles of Economics (One Semester))

• Mathematics Framework Appendix A: Financial

Literacy and Mathematics Education

• California Education Code 51280 to 51284.5

EXTRA CREDIT

The California Department of Education offers

educators a robust list of financial literacy resources.

The CalMoneySmart program provides annual

grants of up to $200,000 to nonprofit organizations

to provide financial education and financial

empowerment programs and services for unbanked

and underbanked Californians.

Sources:

• California Grades K–12 Financial Literacy Resources

• CalMoneySmart

CAVEAT

Not applicable.

2023 NATIONAL REPORT CARD | 66

Colorado

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, a specifically identified course with personal finance

concepts is not a graduation requirement. High school

graduation requirements are set by local school boards.

The State Board of Education has created Graduation

Guidelines that include the requirement that each student

must create an Individual Career and Academic Plan

(ICAP), which includes career-oriented financial literacy

concepts. The Department of Education (DOE) indicates

on its Teaching Personal Finance in Colorado web page

that “Though the state board [of education] strongly

encourages local school district boards to require personal

finance courses and curriculum throughout the state, only

about 25% of districts include personal finance in their

approved graduation requirements.”

Sources:

• Teaching Personal Finance in Colorado

• Graduation Guidelines

• Graduation Guidelines FAQs

PRE-K TO GRADE 8

EDUCATION STANDARDS

Local school districts are strongly encouraged to teach

personal finance topics in grades Pre-K to 8. The state’s

approved social studies standards for these grades

includes personal financial literacy topics.

Sources:

• Social Studies Standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Colorado’s grade.

HIGH SCHOOL EDUCATION STANDARDS

By law the State Board of Education is required to

adopt standards that identify the knowledge and skills

that a student should acquire as the student progresses

from preschool through elementary and secondary

education. Local school districts are required to align

their curriculum in their schools to these standards.

State law requires the board to ensure that grade 9 to

12 financial literacy standards include certain concepts

such as an understanding of the following higher

education topics: expected career income, financial

aid, student loans, scholarships, and grant programs.

The state board-adopted social studies standards

have five content areas: history, geography, civics,

and personal financial literacy. State law strongly

encourages (but does not require) local school boards

to: (i) adopt financial literacy curriculum for grades K

to 12; (ii) select mathematics and economics textbooks

that include financial literacy content; and (iii) require

the successful completion of a course in financial

literacy as a graduation requirement. Graduation

Guidelines require student implementation (by

grade 9 and through grade 12) of the ICAP. Career-

related financial literacy topics are part of the ICAP

requirements. The DOE notes that “ICAP is a multi-

year process that intentionally guides students and

families in the exploration of career, academic and

postsecondary opportunities. >>

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2023 NATIONAL REPORT CARD | 67

Colorado

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> With the support of adults, students develop the

awareness, knowledge, attitudes, and skills to create their

own meaningful and powerful pathways to Postsecondary

and Workforce Readiness (PWR).” PWR occurs when a

graduate is able to “demonstrate the knowledge and skills

(competencies) needed to succeed in postsecondary

settings and to advance in career pathways as lifelong

learners and contributing citizens.”

Sources:

• Social Studies Standards (pages 138–145)

• C.R.S. 22-7-1005

• C.R.S. 22-32-135

• C.R.S. 22-32-109

• 1 CCR 301-81

• Individual Career and Academic Plan (ICAP)

EXTRA CREDIT

Colorado law requires the DOE to provide online financial

literacy resources for teachers and school districts. In

2022, the state passed a law: (i) allocating $275,000

to provide resources and training in financial literacy

to educators and (ii) allocating $200,000 for teacher

stipends of $500 to be given to each educator that

completes DOE-approved training in financial literacy.

Sources:

• C.R.S. 22-2-127

• C.R.S. 22-2-127.1

• Personal Financial Literacy Resource Bank

CAVEAT

It is not clear how Colorado measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

ICAP financial literacy education requirement.

2023 NATIONAL REPORT CARD | 68

Connecticut

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course. Commencing with classes graduating

in 2023, in order to graduate, students must complete

a minimum of 25 credits, including not fewer than 9

credits in the humanities (including civics and the arts).

Humanities includes English, social studies, and fine arts.

The program of instruction offered by public schools must

include the following subject matter: career education

and consumer education, but no high school course is

identified for delivering this content. By law, the State

Board of Education is required to assist and encourage

local and regional boards of education to include personal

financial management education. In 2014, a state law

allowed the Department of Education (DOE) and other

identified organizations to create a plan to provide high

school students with personal finance instruction. High

schools may offer courses and programs in any of the

16 career clusters identified by the DOE. A personal

finance course can be part of the following career clusters

program of study: business management & administration,

finance, and marketing.

Sources:

• Sec. 10-221a. High school graduation requirements

• Sec. 10-16b. Prescribed courses of study

• Sec. 10-16pp. Plan to provide instruction in

financial literacy

• Career Clusters Personal Finance

PROJECTED GRADE

FOR CLASS OF 2027

Grade A for the Class of 2027. In July 2023, the

governor signed into law a bill that adds personal

financial management and financial literacy to the

state’s required program of instruction for public

schools. This law adds a half-credit of personal

financial management and financial literacy to the

high school graduation requirements beginning

with the graduating Class of 2027. The course can

count as either a humanities credit or as an elective

credit and will not add to students’ existing required

credits for high school graduation. The DOE is

required to provide curriculum and resources to help

local school boards develop the course, which must

include instruction on banking, investing, savings, the

handling of personal finance matters, and the impact

of using credit cards and debit cards. In his press

release announcing his signing of this bill, Governor

Lamont stated: “This course will help give every

student a better shot at financial success, particularly

those who are not fortunate enough to be given the

opportunity or the resources to receive this kind of

instruction at home. Financial education is as important

as math, science, and reading.”

Sources:

• Governor Lamont Press Release

• Public Act 23-21

• Bill Analysis

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2023 NATIONAL REPORT CARD | 69

Connecticut

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

Under the education laws and regulations in Connecticut,

a student could graduate without ever being taught

substantive personal finance concepts in high school.

The 2015 Social Studies Framework includes economics

content but does not include substantive personal

finance content. The DOE has identified financial literacy

education tools and models to assist educators who teach

this content in a stand-alone high school course or embed

this content in other courses for grade 6 to 12 students.

Sources:

• Framework

• Career and Technical Education

PRE-K TO GRADE 8

EDUCATION STANDARDS

Connecticut does not require that personal finance

concepts be taught to students during primary education

(grades Pre-K to 8).

EXTRA CREDIT

Not applicable.

CAVEAT

Not applicable.

2023 NATIONAL REPORT CARD | 70

Delaware

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course. Beginning with the Graduation Class

of 2019, students are required to take a minimum of 24

credits to graduate, including 3 credits in social studies

and 3 credits in a career pathway.

Sources:

• Delaware High School Graduation Requirements

(scroll to section 5.0)

PRE-K TO GRADE 8

EDUCATION STANDARDS

Delaware’s financial literacy content standards apply to

grades K to 12. However, whether such education occurs

is left to local control. If a school district decides to

provide personal finance education, then the training must

align with the state-approved standards.

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Delaware’s grade.

HIGH SCHOOL EDUCATION STANDARDS

The state social studies standards include economic

concepts but do not include substantive personal

finance concepts. In May of 2015, the legislature

issued a joint resolution creating a statewide financial

literacy task force. The Task Force presented its

recommendation to the State Board of Education in

2016. A modest level of financial literacy content

standards were adopted in response to these

recommendations. The new financial literacy content

standards became effective in the 2018–2019

academic year. Delaware regulations require that

instructional programs offered in the public schools

be in alignment with the appropriate content

standards documents, including financial literacy

content standards documents. All school districts are

required to provide evidence (and certify annually)

to the Department of Education (DOE) that their

school district curricula are aligned with the State

Content Standards, including financial literacy content

standards.

Sources:

• Social Studies Standards

• Delaware Resolution Establishing Task Force

• Financial Literacy Content Standards

• Content Standards Regulation

• Alignment Regulation

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2023 NATIONAL REPORT CARD | 71

Delaware

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The DOE indicates that, in support of these new

standards, it will work with the University of Delaware’s

Center for Economic Education & Entrepreneurship to

develop training for teachers, curriculum resources, and

models of implementation.

Sources:

• University of Delaware’s Center for Economic

Education & Entrepreneurship

CAVEAT

Under state law, the DOE determines the minimum

courses of study for all public high schools. The

DOE does not require high schools to offer or

students to take financial literacy training. The January

2018 presentation to the State Board of Education

makes it clear that these standards are voluntary not

mandatory and that only 19 high schools, at that time,

were offering this content in a 10th grade course

that appears to also include economic concepts.

The web page with the standards indicates that the

“DOE will consult with and solicit feedback from

district and school leaders.” And that “A timeline for

implementation of these standards will be forthcoming

once feedback from districts/school have been

collected.” This website has not been updated since

February 2018. It is not clear how Delaware measures

student achievement in financial literacy or how the

state monitors local school district implementation of

the financial literacy education requirement.

Sources:

• § 122(b)(5). Rules and Regulations

• Financial Literacy Standards

2023 NATIONAL REPORT CARD | 72

District of

Columbia

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course. Student are required to complete a total

of 24 Carnegie Units for high school graduation. Four

units are social studies and must include World History 1

and 2, United States History, United States Government,

and District of Columbia History. A total of 3.5 required

Carnegie Units are allocated to elective courses.

Sources:

• District of Columbia High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

The D.C. 2006 Social Studies Standards were updated

in 2023. There is no personal finance content in the

social studies standards; however, economic concepts

are included.

Sources:

• District of Columbia Social Studies Standards

PRE-K TO GRADE 8

EDUCATION STANDARDS

The District of Columbia does not require that personal

finance concepts be taught to students during primary

grades Pre-K to 8.

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change the

District of Columbia’s grade.

EXTRA CREDIT

In 2008, the D.C. City Council passed the District of

Columbia Financial Literacy Council Establishment

Act of 2008. In 2014, that council released its

recommendations for personal finance education in

D.C. public schools; they have not been implemented.

In 2021, a bill was introduced in D.C. that would have

created a two-year pilot program that would require all

public high schools to offer a financial literacy course

elective to grade 11 and 12 students. The bill was

not passed.

Sources:

• District of Columbia Financial Literacy Recommendations

• Chapter 7A. Financial Literacy

• B24-0081 - Financial Literacy Education in Schools

Amendment Act of 2021

CAVEAT

Not applicable.

2023 NATIONAL REPORT CARD | 73

Florida

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2026 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course. A half-credit economics course is a

graduation requirement; however, since the passage of a

2019 law, this course is no longer required to include any

personal finance content.

Sources:

• Florida High School Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

The social studies standards for grades K to 3 and 7

include economic standards that contain a very modest

level of personal finance concepts.

Sources:

• Florida Education Standards

(click on “Social Studies” then on the relevant grade to

see the economics standards)

PROJECTED GRADE

FOR CLASS OF 2026

Grade A for the Class of 2026. In March 2022, the

governor signed into law a bill (SB 1054) that revised

the topics required to be included in the state’s

financial literacy education standards. The bill also

requires that beginning with students entering grade 9

in the 2022–2023 academic year (the Class of 2026),

students must earn a half-credit (a half-year stand-

alone course) in personal financial literacy and money

management in order to graduate from high school.

Accordingly, the bill reduces the current number

of elective credits required to earn a standard high

school diploma from 8 to 7.5 credits.

Sources:

• SB 1054

• SB 1054 Senate Staff Analysis

• § 1003.41, Fla. Stat.

• § 1003.4282, Fla. Stat.

HIGH SCHOOL EDUCATION STANDARDS

Prior to 2019, every high school student was required

to take a half-credit economics course in order to

graduate. Substantive financial literacy topics were

included in the social studies standards for this

economics course. In our Center’s 2017 report, we

estimated, based on the required economics course’s

education standards, that at least half of this half-year

course was allocated to personal finance topics. In

2019, a law was passed that substantially changed

what was required for financial literacy instruction in

Florida’s high schools. >>

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2023 NATIONAL REPORT CARD | 74

Florida

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2026 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> For the Class of 2020 until the class of 2025, school

districts are required to offer a financial literacy course

consisting of at least a half-credit as an elective; however,

it is not a graduation requirement.

Sources:

• HB 7071 (pages 24 and 25)

• Florida Education Standards

(click on “Social Studies” then on “Grade 912” for

the standards that will discontinue after the 2023–2024

academic year and for the new standards that were

adopted in 2023)

• § 1003.41, Fla. Stat.

EXTRA CREDIT

Not applicable.

CAVEAT

It is not clear how Florida measures how many students

take the available financial literacy elective course or

student achievement in financial literacy.

2023 NATIONAL REPORT CARD | 75

Georgia

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, high school students in Georgia are required to take

3 credits of social studies for graduation, which includes a

half-unit (half-year) course in economics.

Sources:

• Georgia High School Graduation Requirements

• Graduation Requirement Rule (page 5)

HIGH SCHOOL EDUCATION STANDARDS

The required course is called Personal Finance and

Economics. This course has 22 standards, and 10 of

these standards are personal finance in nature. Based

on this information, we estimate that students receive

approximately 27 hours of instruction in personal finance.

Sources:

• Georgia Personal Finance and Economics Standards

PRE-K TO GRADE 8

EDUCATION STANDARDS

Personal finance topics are required to be taught and are

included in the social studies standards for grades K to 8.

Sources:

• Georgia Social Studies Standards of Excellence

PROJECTED GRADE

FOR CLASS OF 2028

Grade A for the Class of 2028. In 2022, Georgia

passed a law that requires high schools, beginning in

the 2024–2025 academic year, to require all students

during their 11th or 12th grade years to complete

at least a half-credit course in financial literacy as a

graduation requirement. The law requires the State

Board of Education to adopt financial literacy content

standards for this course. The law notes that the course

may be provided within the framework of existing

coursework offered by a local school system and

indicates that the course is eligible to count toward a

mathematics, social studies, or elective unit of credit

requirement for graduation.

Sources:

• O.C.G.A. § 20-2-149.4

• Georgia Social Studies Standards of Excellence

(see Financial Literacy Standard on pages 102 to 106)

• Financial Literacy Educator Endorsement Program

• Social Studies Content web page

EXTRA CREDIT

Not applicable.

CAVEAT

It is not clear how Georgia measures student

achievement in financial literacy or how the state

monitors local school district implementation of

the financial literacy education requirement.

2023 NATIONAL REPORT CARD | 76

Hawaii

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course, and schools are not required to offer

financial literacy courses.

Sources:

• Hawaii High School Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

There is no personal finance content in the social studies

standards; however, economic concepts are included.

Sources:

• Subject Matter Standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Hawaii’s grade.

HIGH SCHOOL EDUCATION STANDARDS

Hawaii has not approved standards for a high school

course elective in financial literacy or an economics

course elective. Hawaii has minimal personal finance

instructional requirements. The state’s graduation

requirements include awarding a student a half-credit

for completion of the required Personal Transition Plan

(PTP). The PTP is started in 9th grade and completed

in 12th grade. The PTP is periodically reviewed and

updated. The PTP includes certain concepts contained

in the Earning Income strand (one of six strands) of the

National Standards for Personal Finance Education.

Students, parents, and school personnel have a shared

responsibility in the development and execution of

the PTP during high school. The PTP is an individually

designed and customized plan of action for each

high school student to move successfully from high

school to postsecondary and/or career venues.

The Department of Education (DOE) has a financial

literacy resources web page and notes that “extensive

resources exist that can assist teachers, schools, and

the DOE to integrate financial literacy concepts into

Hawaii’s classrooms.” >>

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2023 NATIONAL REPORT CARD | 77

Hawaii

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> It is clear that most schools are not teaching personal

finance in Hawaii in a substantive manner. NGPF’s Got

Finance website indicates that no student in Hawaii attends

a high school that locally requires a personal finance

course graduation requirement (one of the lowest rates

in the nation), and only 7% of student attend schools that

offer a stand-alone personal finance elective course.

Sources:

• National Standards for Personal Finance Education

• NGPF’s Got Finance website

• Graduation Requirements

• Subject Matter Standards

• Personal Transition Plan Regulations

• NGPF’s 2023 State of Financial Education Report (page 5)

EXTRA CREDIT

The DOE has a web page of financial literacy

resources for educators. In the fall of 2015, the

Financial Literacy Task Force released a report that

made its recommendations for increasing financial

literacy among young Hawaiians. The report made

five recommendations, including aligning current

content standards with financial literacy concepts and

identifying professional development opportunities for

teachers to deliver personal finance education.

Sources:

• Financial Literacy Resources

• Hawaii Financial Literacy Task Force Report 2015

CAVEAT

Not applicable.

2023 NATIONAL REPORT CARD | 78

Idaho

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, Idaho requires high school students to take 5 credits

in social studies, with 1 credit being an economics course.

The economics course contains some personal

finance concepts.

Sources:

• Idaho High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

Idaho’s economic standards are composed of 24 learning

objectives, three of which are personal finance concepts.

Based on this information, we estimate that students

receive approximately 7.5 hours of instruction in

personal finance.

Sources:

• Idaho Social Studies Standards (pages 60–63)

PRE-K TO GRADE 8

EDUCATION STANDARDS

The K to 12 social studies standards include modest

personal finance learning objectives in grades 1 to 5 but

very limited content for grades 6 to 8.

Sources:

• Idaho Social Studies Standards

PROJECTED GRADE

FOR CLASS OF 2027

Grade B for the Class of 2027. On March 20, 2023,

the governor signed House Bill 92 into law. The bill

applies to the grade 9 students in academic year

2023-2024. The law requires school districts to

provide to all students in grades 9 through 12 one or

more courses in personal financial literacy and money

management. The law also notes that this course will

fulfill the financial literacy component of the high

school graduation requirement. Parallel to this effort,

in 2023 the State Board of Education (SBE) amended

the graduation requirements for social studies

requiring that all students take one credit (a half year

course) in “economics/financial literacy.” The new

requirement must be fully implemented for students

that graduate in 2027. These legal changes will not

change Idaho’s grade.

Sources:

• House Bill 92

• SBE Graduation Rules (see page 8)

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2023 NATIONAL REPORT CARD | 79

Idaho

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

EXTRA CREDIT

Idaho’s State Department of Education’s (DOE) website

includes financial literacy resources for educators.

Financial literacy is one of the college and career

readiness competencies identified as part of a mastery

education resource created by the DOE.

Sources:

• College and Career Readiness Competencies

• DOE Financial Literacy web page

CAVEAT

It is not clear how Idaho measures student achievement

in financial literacy or how the state monitors local

school district implementation of the financial literacy

education requirement.

2023 NATIONAL REPORT CARD | 80

Illinois

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, since 2006, Illinois has required that all high school

students participate in consumer education.

Sources:

• Illinois High School Graduation Requirements

• Illinois Mandated Units of Study Document

HIGH SCHOOL EDUCATION STANDARDS

Illinois requires that each high school student, sometime

during grades 9 to 12, participates in consumer education

for 50 minutes per day for a period of nine weeks. This

results in a minimum of 37.5 hours of consumer education

in high school, assuming the instruction is conducted

five days a week for a nine-week period. Superintendents

are required to maintain evidence showing that each

student has received adequate instruction in consumer

education prior to the completion of grade 12. Consumer

education may be included in course content of other

courses, or it may be taught as a separate required course.

Teachers providing this instruction are required to hold

an educator license valid for the grade levels taught and

have completed at least three semester hours in consumer

education courses.

Sources:

• 105 ILCS 5/27-12.1

• 23 Ill. Admin. Code 1.420(k)

• 23 Ill. Admin. Code 1.440(a)(11)

• 23 Ill. Admin. Code 1.440(b)(3)

PROJECTED GRADE

FOR CLASS OF 2028

Although bills have been introduced in the legislature

in 2023 that would require a stand-alone course

in financial literacy as a graduation requirement,

currently there is no policy change pending that would

change Illinois’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

For grades K to 8, the social science standards include

modest levels of personal finance content. In addition,

each school district is required to offer students a

Career Awareness and Exploration Program in grades

K to 8.

Sources:

• The Social Science Learning Standards

• 23 Ill. Admin. Code 1.420(i)

• Career Exploration and Development

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2023 NATIONAL REPORT CARD | 81

Illinois

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

Beginning with pupils entering the 9th grade in the 2021-

2022 school year, one semester, or part of one semester

of the two years of social studies required for graduation,

may include a financial literacy course. Illinois requires two

years of social science courses, which must include one

year of U.S. History or a combination of U.S. History and

American Government, and one semester of civics. The

Social Science Learning Standards include high school

standards for financial literacy. State regulations require

that students be provided with opportunities to prepare

themselves for entry into the world. Every school district

is required to initiate a Career Awareness and Exploration

Program that should enable students to make more

meaningful and informed career decisions. This program

should be available at all grade levels.

Sources:

• 105 ILCS 5/27-22(e)(5)

• The Social Science Learning Standards

• 23 Ill. Admin. Code 1.420(i)

• Career Exploration and Development

CAVEAT

It is not clear how Illinois measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

consumer education requirement, which can be

delivered to students at any time in grades 9 to 12

through a single course or multiple courses. Personal

finance concepts are most relevant right after students

graduate from high school, when they are thrust into

a situation where they must manage their daily living

expenses. Allowing students take personal finance

concepts in grade 9 and 10 is not optimal, since

knowledge obtained will fade over time. Many grade

9 and 10 students will not use much of what they learn

until years after the instruction is completed.

2023 NATIONAL REPORT CARD | 82

Indiana

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, a specifically identified course with personal finance

concepts is not a graduation requirement.

Sources:

• Indiana High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

In 2009, Indiana required school districts to incorporate

into their curriculum (in grades 6 through 12) instruction

in personal financial responsibility. A school may meet this

requirement by integrating personal finance content within

its curriculum, instruction, or by conducting a seminar.

As required by the law, the state has adopted academic

standards to ensure personal financial responsibility is

taught. By the end of grade 12, every student should

have met the Financial Literacy Education (FLE) High

School Standards. Schools may prepare their students to

be proficient in the FLE High School Standards through

instruction in business education, family and consumer

sciences, or other subject areas if those are not available.

The Department of Education’s website provides a Personal

Financial Responsibility Course Framework that could be

used by districts that want to provide a stand-alone course.

Sources:

• Personal Financial Responsibility Course Framework

• Indiana Code 20-30-5-19 (2022)

• Financial Literacy web page

• Financial Literacy Standards for end of 12th Grade

PROJECTED GRADE

FOR CLASS OF 2028

Grade A for the Class of 2028. In May 2023, the

governor signed into law a bill that requires high

school student to successfully complete a personal

financial responsibility course prior to graduation. This

new requirement will take effect with students who are

expected to graduate from high school in 2028. The

law specifies the financial literacy topics required to

be covered in this course. High schools must offer the

instruction in this course as a separate subject. The law

also provides that the state board may allow the course

to satisfy one or more diploma course requirements

for graduation. Each school is required to certify

to the Department of Education that the student

has successfully completed the personal financial

responsibility course before the student may graduate.

Sources:

• Senate Bill 35

• Senate Enrolled Act 35

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2023 NATIONAL REPORT CARD | 83

Indiana

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

As of academic year 2022-2023, state law required

students to receive instruction in personal finance from

grades 6 to 12. Pursuant to this law, the state board

adopted standards regarding what students should know

by grade 8 with regard to personal finance topics.

It is not clear if these standards will continue to be

required to be taught by grade 8 in future academic

years due to the deletion of statutory language in a law

passed in May 2023. The law now refers only to grade 12

and no longer refers to grades 6 to 12. The economics

strand of the current social studies standards for grades K

to 8 currently includes modest levels of financial literacy

instruction in most grades.

Sources:

• Financial Literacy web page

• Financial Literacy Standards for End of 8th Grade

• Academic Standards for Social Studies

• Senate Enrolled Act 35

EXTRA CREDIT

Not applicable.

CAVEAT

It is not clear how Indiana measures student

achievement in financial literacy or how the state

monitors local school district implementation of

the financial literacy education requirement. Due to

statutory language changes made in May 2023, it is

not clear if the state board will continue to require

personal finance instruction in middle and

elementary school.

2023 NATIONAL REPORT CARD | 84

Iowa

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, all students, beginning with the students in the

2020–2021 academic year graduating class, shall

complete at least one half-unit of personal finance literacy

as a condition of graduation. One half-unit is equal to a

half-academic-year class. This requirement was the result of

two laws passed by the legislature.

Sources:

• 2018 Law (pages 21–23)

• 2019 Law

• Iowa High School Graduation Requirements

• 256.11(5)(k) Educational standards (pages 3–4)

HIGH SCHOOL EDUCATION STANDARDS

Iowa requires each high school to provide students with a

very robust financial literacy curriculum that covers many

specific topics that are consistent with national financial

literacy education standards. State law allows one half-

unit of personal finance literacy to count as one half-unit

of social studies even if the teacher providing personal

finance literacy coursework does not hold a social

studies endorsement.

Sources:

• 256.11(5)(k) Educational standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Iowa’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

Iowa’s social studies standards require financial literacy

topics to be taught each year in grades K to 8. The

Iowa Social Studies Academic Standards are required

for all students by state law.

Sources:

• Iowa Social Studies Standards

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2023 NATIONAL REPORT CARD | 85

Iowa

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The Iowa Department of Education has a site with financial

literacy resources.

Sources:

• Resources

CAVEAT

It is unclear how the state will ensure that each local

school district is, in fact, delivering the equivalent

of a half-year course in personal finance, particularly

in local school districts that do not offer a stand-

alone personal finance course. A local school district

could meet the half year requirement through any

combination of classes that meet the statutory financial

education requirements. This could be done through

a combination of units of coursework in locally

required social studies, mathematics, and career and

technical education courses. Legally, the time allocated

to financial literacy topics, using this combination

method, must be the equivalent of a standalone half

year course. This means that some local school district

may be meeting this graduation requirement through

a method other than a mandatory stand-alone personal

finance course. Basically, how this requirement is

met is entirely dependent on what course(s) each

local school district decides to offer to meet the

requirement. It is not clear how Iowa measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

Sources:

• Financial Literary Guidance

2023 NATIONAL REPORT CARD | 86

Kansas

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, a specifically identified course with personal finance

concepts is not a graduation requirement for the Class

of 2023.

Sources:

• Graduation Requirements Fact Sheet

• Graduation Requirements Regulation KAR 91-31-35

PRE-K TO GRADE 8

EDUCATION STANDARDS

Kansas does not require that personal finance

concepts be taught to students in grades K to 8. The

state’s social studies standards include modest levels

of personal finance concepts in the economics strand

in a few grades. The state board has also approved

national financial literacy standards with K to 8

standards, but such content is not required to

be taught.

PROJECTED GRADE

FOR CLASS OF 2027

Grade A for the Class of 2027. Kansas’s grade should

increase to a Grade A. This is dependent upon how

new graduation requirement rules are implemented

for the graduating Class of 2027. On April 11, 2023,

the State Board of Education updated the graduation

regulation (KAR 91-31-35). The new regulation requires

that prior to graduation high school students: (i)

complete one half-unit of financial literacy (a half-year

course) and (ii) file a Free Application for Federal

Student Aid (FAFSA) with the United States Department

of Education. (This requirement can be waived by

the parent or the student if 18 years old or legally

emancipated.) The new regulation notes that a unit

may only satisfy one graduation requirement at a time.

This language seems to imply that a half-unit financial

literacy course would not be allowed to also count

toward the required units for social studies

and mathematics.

Sources:

• New Graduation Requirements FAQ

• State Board Meeting Materials (pages 36–37)

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2023 NATIONAL REPORT CARD | 87

Kansas

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

State regulation requires each school board to adopt a

written policy specifying that students are eligible for

graduation only upon completion of “three units of history

and government, which shall include … concepts of

economics.” No specific course is identified for teaching

economics concepts. Local districts determine how to

deliver the content. But the social studies standards

approved by the board of education in 2022 indicate that

economics is an elective and not a course that is required

to be taken by students. The economics standards include

seven content topics, one of which is personal finance.

By leaving the course selection to the local districts, it is

impossible to know how high school students in Kansas

are taught these required concepts of economics and

whether they consistently include personal finance content.

Kansas’s approved financial literacy content standards

apply to grades K to 12. However, whether such education

occurs is left to local control. If a school district decides to

provide personal finance education, then the training must

align with these state approved standards. In 2022, they

updated these state standards to the most current 2021

version of the national standards.

Sources:

• Kansas History, Government and Social Studies

Standards (pages 195–208)

• Financial Literacy in Kansas

EXTRA CREDIT

By statute, the State Board of Education is required

to: (i) assist in the implementation of programs

that teach personal financial literacy; (ii) develop

a curriculum, materials, and guidelines that local

boards may use in implementing a financial literacy

program; (iii) develop state curriculum standards for

personal financial literacy for all grade levels; (iv)

encourage school districts when selecting textbooks

for mathematics, economics, family and consumer

sciences, accounting, or other appropriate courses

to select those textbooks which contain substantive

personal finance concepts; and (v) ensure that

questions are included that relate to personal financial

literacy in the statewide assessments for mathematics

or social studies. The state department of education

website provides financial literacy resources to local

school districts.

Sources:

• Financial Literacy in Kansas

• KS Stat § 72-3236

CAVEAT

It is not clear how Kansas measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

economics requirements and whether such instruction

contains personal finance content.

2023 NATIONAL REPORT CARD | 88

Kentucky

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, Kentucky does not require school districts to offer

a stand-alone personal finance course, nor are personal

finance topics embedded in another course required for

graduation.

Sources:

• Minimum High School Graduation Requirements

• 704 KAR 3:305

HIGH SCHOOL EDUCATION STANDARDS

The Kentucky high school academic standards contain

the minimum required standards that all students should

have the opportunity to learn before graduating from

high school. The standards address what is to be learned

but do not address how learning experiences are to be

designed or what resources should be used. That is left to

local school districts to decide. For classes that graduate

prior to 2024, Kentucky requires high school students

to obtain vocational studies instruction, which includes

personal finance concepts.

Sources:

• Kentucky Academic Standards for Career Studies

(pages 25–31)

PROJECTED GRADE

FOR CLASS OF 2024

Grade B for the Class of 2024. It is a graduation

requirement for students to successfully complete one

or more courses or programs in financial literacy,

beginning with students entering grade 9 in the

academic year 2020–2021 (the Class of 2024). Local

school districts determine how financial literacy will

be taught to students, consistent with the approved

academic standards. The Department of Education

(DOE) has indicated that students can meet the

requirement for financial literacy in a variety of ways:

(i) as a business or family and consumer sciences

pathway; (ii) as a math credit; (iii) districts may partner

with postsecondary institutions to offer a dual credit

or articulated credit course; (iv) schools may develop

a program or a combination of course offerings in a

variety of instructional formats (e.g., modules, online

learning); or (v) schools implement the standards

systematically by section through academic advising or

enrichment sessions.

Sources:

• Minimum High School Graduation Requirements

• KRS 158.1411

• 704 KAR 8:080

• Graduation Requirements FAQ 2023–2024

(page 23)

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2023 NATIONAL REPORT CARD | 89

Kentucky

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

Kentucky regulations require all local school systems

to provide financial literacy instruction in elementary

and middle school that is aligned to career studies

standards developed by the state. The standards are

divided into three grade bands: K to 3, 4 to 5, and 6

to 8. The academic standards for career studies outline

the minimum content standards that Kentucky students

shall learn within each respective grade band. The

standards are organized by three domains: essential

skills, careers, and financial literacy.

Sources:

• Kentucky Academic Standards for Career Studies

(pages 12–24)

EXTRA CREDIT

The DOE website includes financial literacy resources

for educators to use in their classrooms.

Sources:

• Financial Literacy Standards Resources

• Career Studies Standards Resources

CAVEAT

It is not clear how Kentucky measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

2023 NATIONAL REPORT CARD | 90

Louisiana

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, beginning with the graduating Class of 2023,

Louisiana law requires that all students receive personal

financial management instruction as a requirement for

high school graduation. A 2018 state law requires that

high school student be taught the following personal

finance topics prior to graduation: income, money

management, spending and credit, saving and investing,

and the process and responsibilities, including repayment

and default, of borrowing money to fund postsecondary

education opportunities. This law applies to students

entering into 9th grade on or after July 1, 2019 (the

Class of 2023). The classes of 2014 to 2017 were

required by law to take civics and free enterprise course

as a graduation requirement, and that course included

personal finance instruction. The classes of 2018 to 2022

were allowed to substitute the civics and free enterprise

course with three other courses that did not include

substantive financial literacy instruction. During this period

of time, Louisiana’s grade dropped to a D. From 2018 to

2022, students could graduate from high school with very

modest levels of financial literacy instruction. Instruction

hours cannot be estimated for the class of 2023 since

each local school district selects how it will meet the

personal finance education requirement.

Sources:

• §270. Personal Financial Management;

Required Instruction

• §274.1. Civics and Free Enterprise

PROJECTED GRADE

FOR CLASS OF 2027

Grade A for the Class of 2027. In June 2023, the

governor signed into law a bill that requires students

graduating in academic year 2026–2027 to complete

a 1-unit financial literacy course in order to graduate

from a public high school. Louisiana offers two

pathways to graduation: a career-focused diploma,

referred to as the TOPS Tech Diploma pathway, and

one for college-bound students, referred to as the

TOPS University Diploma pathway. Prior law required

a student to complete 4 mathematics credits to be

eligible for a TOPS Tech Diploma. The new law

requires that the financial literacy course be one of

the 4 math credits required for this diploma. Prior

law required a student to complete 19 units of high

school coursework to be eligible for a TOPS University

Diploma. The new law retains all existing requirements

and increases the total number of required units to

20, adding the new 1-unit financial literacy course

requirement. The new law specifies minimum content

components of the new financial literacy course.

Sources:

• HB 103

• Act No. 267

• Résumé Digest

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2023 NATIONAL REPORT CARD | 91

Louisiana

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

The Louisiana Department of Education (DOE) has created

academic standards that define what students should

know. Included in the high school social studies academic

standards are standards for a full-year civics course that

includes financial literacy concepts. As described above,

students are not required to take the civics course in order

to graduate from high school; there are other substitutes.

However, all students must receive personal finance

instruction according to state law prior to graduation. The

high school civics standards include 14 framing standards,

and two of these standards (14% of the total standards)

are personal finance concepts. Based on this information,

financial literacy content is estimated to be approximately

17 hours of instruction in this full-year course. The DOE

also provides a sample scope and sequence document

for the civics course. This document has 6 units of study

with 1 unit being personal finance. Each unit has a

recommended period of time that should be allocated to

that unit. The personal finance unit is for four to five weeks

out of a maximum of 35.5 weeks. If this sequence of study

is used, we estimate 17 hours of instruction time.

Sources:

• Graduation Requirements (page 23)

• K–12 Social Studies Standards (pages 42–46)

• Civics/Personal Finance Planning Resource

• Sample scope and sequence document

PRE-K TO GRADE 8

EDUCATION STANDARDS

Louisiana law requires that “each public elementary

or secondary school student shall receive age and

grade appropriate instruction in personal financial

management.” It is unclear how this requirement is

met in grades Pre-K to 8. Although personal finance

concepts are included in the high school civics and

social studies standards, personal finance concepts

are not included in the elementary social studies

standards; however, economic concepts are included.

How the required personal finance concepts are

taught is left to the local school districts.

Sources:

• §270. Personal financial management;

required instruction

EXTRA CREDIT

State law requires that the State Board of Elementary

and Secondary Education shall establish and maintain

a clearinghouse for instructional materials and

information regarding model financial education

programs and best practices.

Sources:

• Louisiana Financial Literacy Clearinghouse

CAVEAT

It is not clear how Louisiana measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

2023 NATIONAL REPORT CARD | 92

Maine

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, Maine requires students to take two years (or the

equivalent in standards of achievement) of social studies

and history, including American history, government,

civics, and personal finance. Students may demonstrate

achievement through multiple pathways, including

evidence documented by course and learning experiences

using multiple measures, such as examinations, quizzes,

portfolios, performances, exhibitions, projects, and

community service.

Sources:

• Maine Diploma Requirements

• PL 2019, Chapter 202

PRE-K TO GRADE 8

EDUCATION STANDARDS

Maine’s social studies standards require personal

finance and economics financial topics to be taught

each year in grades K to 8.

Sources:

• Maine Learning Results for Social Studies (Personal

Finance & Economics)

• Standards – Life and Career Ready

PROJECTED GRADE

FOR CLASS OF 2028

Although a bill has been introduced in the legislature

in 2023 that would require a stand-alone course

in financial literacy as a graduation requirement,

currently there is no policy change pending that

would change the Maine’s grade.

Sources:

• LD1284

HIGH SCHOOL EDUCATION STANDARDS

Maine’s social studies content standards include a

personal finance and economics strand. Local school

districts are required to teach students these topics.

Local school districts determine whether to teach

personal finance as a separate course or to integrate

the topic into other courses. Instruction hours cannot

be estimated since each school district selects how it

will meet the personal finance education requirement.

According to NGPF’s Got Finance website, nearly

two-thirds of Maine students attend high schools

that offer a stand-alone personal finance course as

a graduation requirement or elective. By law, school

districts are required to offer students life and career

readiness opportunities to help them successfully enter

the workforce, including creating and implementing

postsecondary school plans.

Sources:

• NGPF’s Got Finance website

• Maine Learning Results for Social Studies

(Personal Finance & Economics)

• Standards – Life and Career Ready

• Assisting Students in Preparing for Career Opportunities

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2023 NATIONAL REPORT CARD | 93

Maine

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

Maine’s Department of Education website has many

financial literacy resources for educators.

Sources:

• Financial Literacy Resources

• Social Studies Standards – Personal Finance &

Economics Strand

• Maine Financial Literacy Framework & Resource Guide

• Maine JumpStart Maine Financial Wellness Clearinghouse

CAVEAT

It is not clear how Maine measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

2023 NATIONAL REPORT CARD | 94

Maryland

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements regulations, either as a stand-alone course

or embedded in another course. To graduate from high

school a Maryland student must earn a minimum of 21

credits, and these credits do not specifically include

financial literacy.

Sources:

• Credit Requirements Regulation COMAR 13A.03.02.03

PRE-K TO GRADE 8

EDUCATION STANDARDS

Maryland regulations require all local school systems to

provide financial literacy instruction in elementary and

middle school that is aligned to standards developed

by the state. The standards are divided into three grade

bands: what a student will know by the end of grades

5, 8, and 12.

Sources:

• Maryland Financial Literacy Standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Maryland’s grade.

HIGH SCHOOL EDUCATION STANDARDS

The Maryland State Board of Education adopted

regulations requiring a personal financial literacy

education program, effective September 2011.

The personal financial literacy standards created

by the Department of Education (DOE) pursuant

to these regulations state: “The regulation requires

that each local school system shall provide in

public schools an instructional program in personal

financial literacy in the elementary, middle, and high

school learning years. It is up to each local school

systems’ instructional leaders to determine how it is

done. While there is not a stand-alone graduation

requirement, local leaders may decide to offer stand-

alone courses in financial literacy education or embed

the content in other courses. As with current practice,

local school boards may also include financial literacy

education as a local graduation requirement.” The

regulations require a certification, every five years,

from the State Superintendent of Schools that the

financial literacy program meets the regulatory

requirements. >>

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2023 NATIONAL REPORT CARD | 95

Maryland

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> As of the 2020–2021 academic year, of the state’s 24

county school systems, eight have made personal finance

a local graduation requirement (using a stand-alone

course), and the remaining 16 districts embed personal

finance concepts into a course or into multiple courses

required for local or state graduation.

Sources:

• Financial Literacy Requirements COMAR 13A.04.06

• Certification Procedures COMAR 13A.04.06.02

• Personal Financial Literacy 2022–2023 Report

• Standards for Personal Financial Literacy Education

EXTRA CREDIT

In 2008, lawmakers passed a bill to create a Task

Force to Study How to Improve Financial Literacy. The

Task Force made recommendations that resulted in the

2011 regulations requiring personal finance education

in the state’s schools. In October 2012, the Financial

Education and Capability Commission was formed by

the General Assembly (Chapter 520, Acts of 2012).

The Commission monitors public and private initiatives

to improve the financial education and capabilities

of Marylanders. The DOE measures the impact of

financial literacy education on high school students.

The DOE receives an annual report from EverFi

regarding the impact of financial literacy education for

every school system that uses the EverFi curriculum

resources. Statewide there was a 52% increase in

correct answers from the financial literacy pre- and

post-test results in the most recent results.

Sources:

• Chapter 520, Acts of 2012

• Personal Financial Literacy 2022–2023 Report

• Financial Literacy Resources

• Financial Education and Capability Commission

CAVEAT

It is not clear how Maryland measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement. Hours of

financial literacy instruction in high school cannot be

estimated since each school system determines how it

will deliver the required personal finance education,

and implementation methods vary greatly by local

school system.

2023 NATIONAL REPORT CARD | 96

Massachusetts

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, either as a stand-alone course or embedded

in another course, and schools are not required to offer

financial literacy courses. High school students must meet

both local and state requirements in order to earn a high

school diploma. The state does not specify that specific

courses be taken in high school in order to graduate;

this is done at the local level. The state requires that

all students meet the Competency Determination (CD)

standard, which is usually done by earning a passing

score on MCAS, a state assessment exam in English,

mathematics and science.

Sources:

• Competency Determination (CD) standard

• Massachusetts Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

Massachusetts does not require that personal finance

concepts be taught to students in grades K to 8. The state’s

mathematics and social studies standards include modest

levels of personal finance concepts in the economics

strand and in a few grades (grades K to 2). Local school

districts may integrate financial literacy from grades K to 8

in a variety of subjects, such as mathematics, history, and

social science, but there is no requirement to do so.

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Massachusetts’s grade.

HIGH SCHOOL EDUCATION STANDARDS

The Massachusetts Board of Elementary and

Secondary Education (BESE) sets statewide education

goals, including the creation of education standards.

State law allows but does not require BESE to include

the teaching of financial literacy in public schools.

In 2019, a law was approved that: (i) requires the

creation of financial literacy education standards; (ii)

allows schools to incorporated these standards into

existing curriculum (e.g., mathematics, history and

social sciences, technology, or business); and (iii)

requires the state’s Department of Education to assist

schools in the selection of materials and curriculum

on personal financial literacy and to identify and offer

information on resources for professional development

activities and instruction on personal financial literacy

to educators. Standards for Personal Financial Literacy

for high schools are included in the 2018 History

and Social Science Curriculum Framework. These

standards may be used as a stand-alone course or

incorporated into a variety of subjects. >>

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2023 NATIONAL REPORT CARD | 97

Massachusetts

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Further information regarding financial literacy can

be found via the search function on the Massachusetts

Department of Elementary and Secondary Education’s

website (DESE). Search the following titles to access the

following downloadable Word documents: Curricular

Materials at a Glance: Personal Financial Literacy

and Personal Financial Literacy in the Massachusetts

Curriculum Framework. The DESE website also contains a

high school model curriculum unit in mathematics. Click

on the Model Curriculum Units link below and download

the Word document entitled Financial Applications of

Inverse Functions.

Sources:

• Mass. Gen. Laws Ch. 69, § 1D

• Mass. Gen. Laws Ch. 69, § 1R

• 2018 History and Social Science Curriculum

Framework (page 173)

• Massachusetts Department of Elementary and Secondary

Education’s website

• Model Curriculum Units

• Current Frameworks (download the Word document

entitled Supplement to the 2018 Massachusetts History

and Social Science Curriculum Framework)

EXTRA CREDIT

Massachusetts has an Economic Empowerment

Trust Fund to encourage and facilitate economic

empowerment. Its funds may be used to establish

financial literacy programs in schools. In fiscal year

2023, financial literacy planning and implementation

grants were available to local schools, up to $15,000,

to support curriculum development, curriculum

selection, professional development, and experiential

learning. In 2021, the State Treasurer’s office issued

the following report: Personal Financial Literacy

Education in the Massachusetts Public School System.

The data in this report indicates that a majority of

students attend high schools that offer a stand-alone

personal finance elective in the state but that very

few attend a high school that requires a stand-

alone personal finance course as a local graduation

requirement. The DESE website contains a list of

personal finance resources for educators.

Sources:

• Financial Literacy Grants

• Personal Financial Literacy Education in the

Massachusetts Public School System

CAVEAT

Not applicable.

2023 NATIONAL REPORT CARD | 98

Michigan

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, Michigan requires that high school students take a

half-year economics course for graduation.

Sources:

• MLC 380.1278a

• MLC 380.1278b

• Michigan Merit Curriculum/Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

The state’s academic standards outline learning

expectations for Michigan’s students and are to be used

as frameworks by local school districts when developing

curriculum. There are four high-level economics standard

categories consisting of 33 unique education expectations

or sub-standards that apply to the required economics

course. Personal finance is one of these economics

standards and contains six specific sub-standards. Based

on this information, we estimate that students receive

approximately 11 hours of instruction in personal finance

as part of the required economics course.

Sources:

• Michigan K–12 Standard for Social Studies

(pages 136–144)

PROJECTED GRADE

FOR CLASS OF 2028

Grade A for the Class of 2028. In June 2022, a law

was enacted that applies to students entering 8th

grade in 2023 (the Class of 2028), adding a personal

finance half-credit (a half-year course) to the diploma

requirements but keeping the required graduation

credits at 18 credits. Students earn a half-credit once

they have demonstrated learning of the personal

finance standards approved by the Department of

Education (DOE). The current half-credit economics

requirement cannot fulfill the new personal finance

course. If an economics class is used to meet this

new requirement, then the economics class must be

expanded from a half-year to a full-year one-credit

course. If schools choose to offer the personal finance

standards in a class separated from economics, then

students will earn a half-credit in economics and a

half-credit in personal finance. The personal finance

credit can be used as a substitute for a graduation

credit requirement in mathematics; visual arts,

performing arts, or applied art; or world language.

Local school districts determine the content, structure,

and delivery of the personal finance course as well as

the proficiency measures. Students may also test out

of a personal finance course. The personal finance

credit requirement may also be fulfilled through

certain DOE-approved career and technical education

programs or curriculum. To assist local districts with

the implementation of this new requirement, the DOE

has created a personal finance course Guidance

Document. >>

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2023 NATIONAL REPORT CARD | 99

Michigan

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

PROJECTED GRADE

FOR CLASS OF 2028

>> The DOE has also indicated that it will be working

closely with partners through June 2025 to develop more

professional learning and curriculum supports for districts

and educators. The personal finance course must be

taught by an appropriately prepared educator. Depending

upon the personal finance course content focus (e.g.,

mathematics; family planning and life skills; accounting,

budgeting, and business planning; or economics), the

course can be taught by educators with a mathematics,

family and consumer sciences, business education, social

studies, and social sciences endorsements. The DOE

Guidance Document indicates that the personal finance

course/credit is not required to be delivered in a semester-

long course. Credit will be granted for successfully

meeting the content standards, not on seat time. The

personal finance standards may also be built into other

courses, projects, or experiences, regardless of length.

The DOE has indicated that the personal finance credit

could be taken in middle school and is not required to be

taken exclusively in high school. A middle school course

would count as a half-credit toward the required 18 high

school graduation credits.

Sources:

• Personal Finance Course/Credit Requirement

• MLC 380.1278a

• Personal Finance

• Teacher Placement Considerations

• Content Expectations

PRE-K TO GRADE 8

EDUCATION STANDARDS

Michigan’s social studies academic standards include

a modest level of financial literacy topics in grades K

to 4 and 6.

Sources:

• Michigan K–12 Standard for Social Studies

EXTRA CREDIT

The Department of Education’s website includes

personal finance resources for educators.

Sources:

• Personal Finance

CAVEAT

It is not clear how Michigan measures student

achievement in financial literacy. Allowing the new

personal finance course requirement (beginning with

the Class of 2028) to be fulfilled when students are

taught these topics in middle school is not optimal,

since knowledge obtained will fade over time. The

middle school students will not use much of what

they learn until many years after the instruction is

completed. It is not clear how the state will monitor

how the local districts will meet the new personal

finance requirement.

2023 NATIONAL REPORT CARD | 100

Minnesota

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, Minnesota requires that high school students take a

half-year course in economics. A half-credit of economics

taught in a school’s agriculture education or business

department may fulfill a half-credit social studies or

economics course requirement if the content satisfies all of

the academic standards in economics.

Sources:

• Minnesota High School Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

The 2011 Minnesota K–12 Academic Standards for Social

Studies has five sub-strands for economics, and one of

the sub-strands is related to personal finance topics. The

personal finance sub-strand is required to be taught in

grades 3, 5, and 6. The proposed new standard for social

studies (the 2021 Minnesota K–12 Academic Standards in

Social Studies—Commissioner Approved Draft) is currently

going through the rulemaking process. If finalized in a

manner consistent with the current draft, the personal

finance sub-strand of economics would be required to be

taught in grades K, 2, 3, 5, 6, and 7.

Sources:

• Social Studies Academic Standards

PROJECTED GRADE

FOR CLASS OF 2028

Grade A for the Class of 2028. In May 2023, a law

was enacted applying to students in grade 9 in the

2024–2025 academic year (Class of 2028). The law

creates a new high school graduation requirement.

Students will need to successfully complete a half-year

personal finance course for credit in grades 10, 11,

or 12 in order to graduate. Teachers of this course

are required to have a field license or out-of-field

permission in agricultural education, business, family

and consumer sciences, social studies, or math.

Sources:

• HF 2497

• Engrossed Bill (go to line 35.26)

HIGH SCHOOL EDUCATION STANDARDS

Minnesota implemented new social studies standards

in 2013–2014. Personal finance is embedded in an

economics course required for graduation. There

are 34 economics education benchmarks, five of

which are personal finance in nature. Based on

this information, we estimate that students receive

approximately nine hours of instruction in personal

finance. The proposed new standards for social

studies are currently in the rulemaking process. If the

commissioner-approved draft is implemented, we

estimate that future students will receive approximately

10 hours of personal finance instruction in the

required economics course (there are 30 economics

education benchmarks, five of which are personal

finance in nature). >>

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2023 NATIONAL REPORT CARD | 101

Minnesota

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Minnesota requires that beginning no later than 9th

grade all students have a Personal Learning Plan. The plan

should include content related to academic scheduling,

career exploration, career and employment-related skills,

community partnerships, college access, all forms of

postsecondary training, and experiential

learning opportunities.

Sources:

• Social Studies Academic Standards

(click on Minnesota K–12 Academic Standards in Social

Studies 2011, pages 12, 108–117; and click on 2021

Minnesota K–12 Academic Standards in Social Studies—

Commissioner Approved Draft, pages 76–88)

• Personal Learning Plan

EXTRA CREDIT

The Minnesota Department of Health has a web page

with resources that educators can use in the classroom.

Sources:

• Personal Responsibility Education Program–

Financial Literacy

CAVEAT

It is not clear how Minnesota measures student

achievement in financial literacy.

2023 NATIONAL REPORT CARD | 102

Mississippi

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, beginning with the Class of 2022, students are

required to take a full-year course in College and Career

Readiness (CCR). The required CCR course has a financial

literacy component that is equal to one semester of personal

finance instruction. Since academic year 1999–2000,

Mississippi has required that financial literacy education be

taught in high schools, but students were not required to

take this specified course until the Class of 2022.

Sources:

• Diploma with Endorsements Options

• Mississippi Accountability Standards 2022

(Appendix A–6 to A–9)

• Miss. Code Ann. § 37-16-7

• Miss. Code Ann. § 37-1-3

• College and Career Readiness

HIGH SCHOOL EDUCATION STANDARDS

The Mississippi CCR course curriculum has been

designed to give students the equivalent of a half-year

course in personal finance instruction. The CCR course

may be taught in one of the following sequences: (i)

senior year only; (ii) junior year only; (iii) one semester

in either freshman, sophomore, or junior year with the

remaining semester taught in either junior or senior year;

or (iv) a quarter Carnegie unit per year beginning with

the freshman year. Any teacher with a valid grade 7 to 12

license may teach the CCR course.

Sources:

• College and Career Readiness (go to Resources section

of the web page for the CCR Course Curriculum)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Mississippi’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

Mississippi does not require that personal finance

concepts be taught to students during primary

education (grades Pre-K to 8). The state’s social studies

standards have modest levels of personal finance

concepts in the economics strand in a few grades.

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2023 NATIONAL REPORT CARD | 103

Mississippi

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The DOE notes that the “Mississippi Council on Economic

Education developed a Master Teacher of College and

Career Readiness (MTCCR) course that hundreds of

teachers have gone through in the past year and hundreds

more will go through” in the future.

Sources:

• DOE Financial Literacy Report

CAVEAT

The Mississippi Department of Education (DOE) notes

that certain courses can substitute for the required

CCR course, including: (i) career and technical work-

based learning, (ii) a dual credit SmartStart course;

(iii) identified Junior Reserve Officers’ Training Corps

(JROTC) instruction: and (iv) Advanced Placement

Capstone (completion of both AP Seminar and AP

Research or equivalent International Baccalaureate

and Cambridge International Courses). The AP

Capstone was never designed or intended to be a

financial literacy course substitute. Students taking this

substitution route may receive little or no instruction

in personal finance concepts. It is not clear how

Mississippi monitors school district implementation

of these personal finance education requirements

to ensure all students have equal access to personal

finance concepts prior to graduation or how it

measures student achievement in financial literacy.

Personal finance concepts are most relevant right after

students graduate from high school, when they are

thrust into a situation where they must manage their

daily living expenses. Allowing students take personal

finance concepts in freshman and sophomore years

is not optimal, since knowledge obtained will fade

over time. The 9th and 10th grade students will not

use much of what they learn until many years after the

instruction is completed.

2023 NATIONAL REPORT CARD | 104

Missouri

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, commencing with the Class of 2010, high school

students in Missouri are required to take one half-unit of

personal finance, the equivalent of a half-year course. The

half-unit of credit for personal finance may be earned in

social studies, practical arts, or as an elective. The half-unit

may also be delivered as an embedded credit. This occurs

when a high school chooses to embed competencies from

one subject (e.g., personal finance) into another class (e.g.,

economics or mathematics) and award credit to students for

both the embedded content and the other subject.

Sources:

• Graduation Requirements

• 2023 Graduation Handbook

PRE-K TO GRADE 8

EDUCATION STANDARDS

The state’s social studies standards include very modest

levels of personal finance concepts referenced in the

economics strand for grades K to 5.

Sources:

• MLS Social Studies Standards Grades K–5 (pages 9–10)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Missouri’s grade.

HIGH SCHOOL EDUCATION STANDARDS

The 2006 personal finance standards were updated in

September 2017 by the State Board for implementation

during the 2019–2020 academic year. Missouri has

created an assessment on financial literacy at no cost

to its school districts. Students who take their personal

finance from embedded coursework are required to take

the assessments, and the local district determines the pass

rate. The assessment is optional for students who choose

to take personal finance as a stand-alone elective. Students

are also given the option of “testing out” of the personal

finance course requirement if they obtain a score of 90%

or higher on the assessment exam. However, we are

unable to determine if the assessment provides Missouri

with an accurate and meaningful measurement of the

quality and quantity of the personal finance education

being delivered to students.

Sources:

• Missouri Personal Finance Course Level Expectations

• BMIT – Personal Finance

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2023 NATIONAL REPORT CARD | 105

Missouri

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

Personal finance resources for educators are available on

the Department of Elementary and Secondary Education’s

website, including tools created by the Federal Reserve

Bank of St. Louis to help educators teach the state’s

personal finance competencies.

Sources:

• Social Studies Resources (click on Personal Finance)

CAVEAT

It is not clear how Missouri monitors school district

implementation of these personal finance

education requirements.

2023 NATIONAL REPORT CARD | 106

Montana

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, personal finance is not included in the graduation

requirements, and schools are not required to offer

financial literacy courses.

Sources:

• Montana High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

Montana content standards indicate what all students

should know when they graduate. Montana requires

students to take two years of social studies but does not

identify specific social studies courses to be taken. The

social studies standards consist of four content standards

that are made up of 43 skill standards. The economics

content standards consist of nine skill standards. One

of these skills (or 2% of all social studies skill standards)

includes modest personal finance concepts. Montana

requires students to take one year of career and technical

education. The career and technical education standards

consist of 12 content standards. One of these skills (or

8% of the standards) includes instruction on preparing for

postsecondary education and career paths.

Sources:

• Social Studies Content Standards

• Career and Technical Education Content Standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Montana’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

The K to 8 social studies and career and technical

education standards include modest levels of personal

finance concepts.

EXTRA CREDIT

In 2023, HB 535 became law in Montana. This

bill is aspirational in nature. It added the following

to an existing statute: “Legislative goals for public

elementary and secondary schools. It is the goal of

the legislature that Montana’s public elementary and

secondary school system, in cooperation with parents

or guardians, create a learning environment for each

student that: (9) supports instruction of financial

literacy, where students obtain the knowledge and

skills required to succeed financially.” (The words in

bold were added to the existing law.) The law does not

require that any action be taken by any state board or

agency or local school districts.

Sources:

• HB 535

CAVEAT

It is not clear how Montana measures student

achievement in financial literacy or how the state

monitors local school district implementation of these

very modest financial literacy education requirements.

2023 NATIONAL REPORT CARD | 107

Nebraska

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, for the Class of 2023 a specifically identified course

with personal finance concepts is not a graduation

requirement. Each high school student must complete

a minimum of 200 high school credit hours prior to

graduation (10 credit hours are equal to a one-year

course), and at least 80% of these credit hours are

required to be from the core curriculum prescribed by the

State Board of Education. As part of that core curriculum,

Nebraska regulations require students to take 30 credit

hours “of social studies/history with course content that

includes civics/government, geography, United States and

world history, and economic concepts.” Local districts

determine how they deliver this social studies content. In

addition, the state requires that high schools offer at least

80 credit hours in career education but taking such courses

is not a graduation requirement. This includes business,

marketing, and management courses, which can include

personal finance and consumer economics content.

Sources:

• Rule 10 (pages 5–6 and 13–16)

• Nebraska Revised Statute 79-729

PROJECTED GRADE

FOR CLASS OF 2024

Grade A for the Class of 2024. The Financial Literacy

Act went into effect on August 28, 2021. Beginning

with the high school graduating Class of 2024, this

new law requires each student to complete at least

one 5-credit course (equal to a half-year course) in

personal finance or financial literacy. This act defines

financial literacy as including but not limited to

“knowledge and skills regarding budget and financial

record keeping; banking; taxes; establishing, building,

maintaining, and monitoring credit; debt; savings; risk

management; insurance; and investment strategies.”

Beginning in 2024 and thereafter “each school

district shall provide an annual financial literacy status

report to its school board, including, but not limited

to, student progress in financial literacy courses and

other district determined measures of financial literacy

progress from the previous school year.”

Sources:

• Financial Literacy Act Guidance

• Nebraska Revised Statute 79-3002

• Nebraska Revised Statute 79-3004

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2023 NATIONAL REPORT CARD | 108

Nebraska

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

HIGH SCHOOL EDUCATION STANDARDS

Nebraska has adopted social studies standards that

include economic concepts. Approximately one-third of

the economics standards are personal finance in nature.

The economics standards that are taught at the local

district level must include these personal finance concepts.

Local districts are required to have standards that are the

same as, equal to, or more rigorous than the state social

studies standards.

Sources:

• Rule 10 (pages 7–8 and pages 41–44 of Appendix D)

PRE-K TO GRADE 8

EDUCATION STANDARDS

Nebraska’s social studies standards require financial

literacy topics to be taught each year in grades K to 8. In

2021, the Financial Literacy Act required elementary and

middle school instructional programs to include financial

literacy instruction, as appropriate.

• Rule 10 (Appendix D – Social Studies Standards

pages 161–199)

• Nebraska Revised Statute 79-3003

EXTRA CREDIT

The Nebraska Department of Education provides an

extensive list of free financial literacy professional

development and curriculum resources. Nebraska’s

Career Ready Practice Alignment document includes

suggestions on how mathematics can incorporate

financial well-being topics.

Sources:

• Financial Literacy Act Guidance

• Career Ready Standards

CAVEAT

It is not clear how Nebraska measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

2023 NATIONAL REPORT CARD | 109

Nevada

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, as a result of a law passed in 2017, students are

required to take a half-credit course (a half-year course)

in economics and personal finance as a graduation

requirement. The law requires the financial literacy

instruction to include the skills necessary to develop

financial responsibility; manage finances; understand the

use of credit and the incurrence of debt; understand the

basic principles of saving and investing; prevent and limit

the consequences of identity theft and fraud; understand

the basic assessment of taxes, including, without limitation,

understanding the matter in which taxes are computed by

local, state, and federal governmental entities; understand

the basic principles of insurance; and plan for higher

education and career choices.

Sources:

• Nevada Graduation Requirements

• NRS 389.074 Instruction in financial literacy

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Nevada’s grade.

HIGH SCHOOL EDUCATION STANDARDS

Nevada’s Civics & Economics grades 9 to 12 social

studies standards include financial literacy content.

There are 11 economics content standards and

13 financial literacy content standards included in

the state’s social studies standards. Based on this

information, we estimate that approximately 32 hours

of financial literacy content is delivered to students in

the half-year economics and personal finance course

that is required for high school graduation. Nevada

has a State Seal program that recognizes public high

school graduates who have attained a high level of

proficiency in a variety of subjects, including financial

literacy. Students who are eligible to receive a seal

have a notation placed on their high school diploma

and high school transcript indicating that they have

earned the seal.

Sources:

• Nevada Social Studies Standards (pages 42–47)

• Nevada Seal Programs

• NRS 388.596 & NRS 388.5962

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2023 NATIONAL REPORT CARD | 110

Nevada

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

Nevada requires age-appropriate financial literacy

instruction in public schools for all students in grades 3

to 12. This content can be included in a course of study

in economics, mathematics, or social studies. State law

requires local school districts to encourage persons

to volunteer time, expertise, and resources, as well as

create partnerships with persons, businesses, or entities

in which those persons, businesses, or entities provide

the resources necessary to offer instruction in financial

literacy. The state’s social studies standards requires

financial literacy content to be taught in grades 3 to 8.

Sources:

• NRS 389.074 Instruction in Financial Literacy

• Nevada Social Studies Standards

EXTRA CREDIT

Nevada’s Department of Education has a website that

includes financial literacy information and resources

for educators. In 2019, Nevada passed a law that

created the State Financial Literacy Advisory Council.

The Council’s website describes its duties as follows:

“The Council works to develop a strategic plan for

the development of education resources in financial

literacy, which will serve as a foundation for the

professional development of students. This includes

identifying learning activities targeted toward the

standards and criteria for a curriculum in financial

literacy and developing the criteria a pupil must meet

to be awarded the State Seal of Financial Literacy.

In coordination with the Nevada Department of

Education, the Council also develops and facilitates

Financial Literacy Month, Student Smart Week, Money

Week, the Parent and Family Engagement Summit,

and the Annual Summit for Educators. A written

report, which includes recommendations concerning

the instruction and curriculum in financial literacy and

a summary of the activities of the council, is produced

each even-numbered year.” Council reports for 2020

and 2022 were not available on the Council’s website.

Sources:

• Council’s Website (see resources tab)

• NRS 388.5966 & NRS 388.5968 State Financial

Literacy Advisory Council

CAVEAT

It is not clear how Nevada measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

2023 NATIONAL REPORT CARD | 111

New

Hampshire

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, New Hampshire requires that all high school students

take a half-year course in economics that includes financial

literacy concepts in order to graduate.

Sources:

• New Hampshire High School Graduation Requirements

(Ed 306.27 (v))

HIGH SCHOOL EDUCATION STANDARDS

New Hampshire has adopted education standards to

help educators understand what students should know

and be able to demonstrate and that include clear goals

for student learning. Curriculum consistent with these

standards is chosen by local school districts. There are six

standards of economics for grades 9 through 12, and one

of those standards covers personal finance topics. Based

on this information, we estimate that students receive

approximately 10 hours of instruction in personal finance.

The social studies standards applicable to the Class of

2023 have not been revised since 2006, 17 years ago.

These standards are in the process of being updated, and

revised standards could be approved by the State Board of

Education (BOE) as early as January 2024.

Sources:

• 2006 New Hampshire Social Studies Standards

(pages 81–86)

• College and Career Ready Standards

PROJECTED GRADE

FOR CLASS OF 2027

Grade A for the Class of 2027 (final grade

dependent on how the BOE implements the new legal

requirements). In 2022, HB 1263 was passed into law.

The new law requires local school boards to ensure

that personal financial literacy instruction is taught

as part of the curriculum. The law allows personal

financial literacy instruction to be embedded in an

existing course or grade level program of studies.

This new law applied to academic year 2022–2023.

In 2022, HB 1671 was also passed into law. This

new law takes effect in academic year 2023–2024.

The new law requires schools to specify criteria and

a substantive educational program that delivers the

opportunity for an adequate education in personal

financial literacy for students. Each school must define

and identify approved personal financial education

standards. These standards are required and cover K

through 12th grade and clearly set forth the financial

literacy skills to be obtain in each relevant grade,

including whether there is a credit/course in personal

financial literacy that is required in order to obtain a

high school diploma. HB 1671 requires each school

to demonstrate that it provides the opportunity for an

adequate education for the school-approved personal

financial literacy standards set forth in rules to be

adopted by the BOE and also requires schools to

periodically submit a narrative explanation detailing

how the school has complied with the personal

financial literacy standards adopted by the school. >>

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2023 NATIONAL REPORT CARD | 112

New

Hampshire

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

PROJECTED GRADE

FOR CLASS OF 2027

>> It is unclear if a stand-alone personal financial

literacy class (a half-credit) will be required as a high

school graduation requirement when HB 1671 is fully

implemented by the BOE. New education regulations are

needed to implement these new laws. Once finalized it

will be possible to determine whether New Hampshire’s

future grade will be a Grade A or B. In September 2022,

the Department of Education (DOE) issued a technical

advisory on the implementation of these two new laws

that noted that the DOE “will be undertaking rulemaking

to amend Ed 306—Minimum Standards—to reflect all

the changes that HB 1671 implements. That rulemaking

process will provide more detail on what personal finance

literacy should encompass as a course of instruction.” In

addition, the rules regarding teacher licensing as it relates

to who may teach financial literacy may be updated as a

result of these new laws.

Sources:

• RSA 189:10 Studies

• RSA 193-E:2-a

• DOE Technical Advisory

• Ed 306 Minimum Standards

• Ed 505 How to Obtain a New Hampshire

Educator License

PRE-K TO GRADE 8

EDUCATION STANDARDS

In 2022, two laws, HB 1263 and HB 1671, were passed.

The laws require financial literacy content to be taught in

grades K to 12 consistent with standards and regulations

to be approved in the future by the BOE. The laws allow

personal financial literacy instruction to be embedded in

an existing course or grade level program of studies.

It is expected that future rulemaking by the BOE could

require financial literacy topics to be taught to students

in grades Pre-K to 8. Currently, there is some personal

finance content required in the social studies standards

for grades 7 and 8.

• RSA 189:10

• RSA 193-E:2-a

• 2006 New Hampshire Social Studies Standards

(page 54)

EXTRA CREDIT

Not applicable.

CAVEAT

It is not clear how New Hampshire currently measures

student achievement in financial literacy or how the

state monitors local school district implementation of

the financial literacy education requirement. Recently

approved laws will require the DOE to survey school

districts biennially to receive reports on compliance

with the personal financial literacy education legal

requirements and further requires this report to be

delivered to the legislature.

Sources:

• RSA 189:10 Studies

2023 NATIONAL REPORT CARD | 113

New Jersey

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, New Jersey requires students to complete at least

2.5 credits in financial, economic, business, and

entrepreneurial literacy. This requirement took effect with

the grade 9 class in academic year 2010–2011 (the Class

of 2014). Ten credits equal a full-year academic course,

and 2.5 credits equals a course length of a quarter of an

academic year or 30 hours of instruction. The New Jersey

Department of Education (DOE) notes on its website that

“The goal of this requirement … is to ensure that students

demonstrate understanding about how the economy works

and their own role in the economy, and also develop the

necessary skills to effectively manage personal finances by

the time they graduate.”

Sources:

• N.J.A.C. 6A:8-5.1 Graduation Requirements

• Minimum Graduation Requirements PDF

EXTRA CREDIT

The DOE makes financial literacy resources available

online for educators to use.

Sources:

• Personal Financial Literacy Instructional Resources

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change New

Jersey’s grade.

HIGH SCHOOL EDUCATION STANDARDS

The New Jersey Student Learning Standards specify

expectations in nine content areas. One of those

content areas is 21st-century life and careers, and

this standard includes personal finance concepts. For

traditional high school students, the Career Readiness,

Life Literacies Standards (CLKS) include 55 financial

literacy, 23 career, and 29 life literacy performance

expectations. We estimate that approximately 73%

of the 107 performance expectations are financial

literacy concepts (which include career topics) and

that approximately 22 of the 30 instruction hours

(the 2.5 credits required) should be allocated to

personal finance content. CTE high school students

also receive additional career-specific instruction as

part of the 2.5-credit requirement. The DOE indicates

that the 2.5-credit legal requirement may be met in the

following ways: (i) by completing a stand-alone, half-

year course; (ii) through other approved educational

experiences that are meaningful and relevant and

that meet the needs of all students (this option may

include, but is not limited to, one or more of the

following: independent study, online learning, study-

abroad programs, student exchange programs, and

structured learning experiences); >>

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2023 NATIONAL REPORT CARD | 114

New Jersey

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> or (iii) by completing one or more elective courses that

integrate the content and skills required by the regulation

that are taught by staff holding a Social Studies; Business:

Finance, Economics, and Law; Comprehensive Business;

Comprehensive Family and Consumer Sciences; General

Business certificate; or Math certificate. Given the many

ways allowed to meet this requirement, it is impossible to

estimate the hours of instruction for each school district.

The level of instruction is likely to vary greatly between

school districts and could even be vastly different by

student within a single high school.

Sources:

• N.J.A.C. 6A:8-1.1 to 6A: 8-1.3

• Career Readiness, Life Literacies & Key Skills Standards

(CLKS Standards)

• DOE CLKS Standards web page

• 9.1 Personal Financial Literacy

PRE-K TO GRADE 8

EDUCATION STANDARDS

New Jersey requires personal finance instruction in

elementary school. In 2019, legislation was enacted that

requires school districts to incorporate financial literacy

instruction in each of the grades 6 through 8 to pupils

enrolled in those grades, beginning in the 2019–2020

academic year. The purpose of the instruction is to provide

middle school students with the basic financial literacy

necessary for sound financial decision-making. The law

states that the instruction must: (i) be appropriate to,

and reflect the age and comprehension of, the students

enrolled in the particular grade level and (ii) include

content on budgeting, savings, credit, debt, insurance,

investment, and other issues associated with personal

financial responsibility as determined by the State

Board of Education. The Learning Standard 9.1

outlines clear and specific benchmarks for student

achievement in personal financial literacy in grades

6 to 8 and also includes financial literacy concepts

that should be understood by students by the end of

grade 2 and grade 5. The law also requires that the

DOE provides school districts with sample instructional

materials and resources that may be used to support

the implementation of the grade 6 to 8 financial

literacy instruction requirement.

Sources:

• N.J.S.A. 18A:35-4.34 (click on Title 18A Education)

• Learning Standard 9.1

CAVEAT

New Jersey regulations hold school districts

accountable for “assessing and publicly reporting

on the progress of all students in developing the

knowledge and skills specified by the NJSLS [Student

Learning Standards], including civics, financial

literacy, and all content areas not currently included

in the Statewide assessment program.” Districts are

responsible for assessing and publicly reporting

on the progress of all students in developing the

financial literacy knowledge and skills specified in

approved education standards, no matter how it is

learned. It is not clear how each district meets this

regulatory requirement or how the state monitors local

school district implementation of the financial literacy

education and assessment requirement.

Sources:

• N.J.A.C. 6A:8-3.1(a)3

2023 NATIONAL REPORT CARD | 115

New Mexico

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, a specifically identified course with personal finance

concepts is not a graduation requirement for the Class

of 2023. In February 2022, new social studies standards

were finalized that include required personal finance

content for an economics course that is required to be

taken for graduation. The implementation phase for

these standards began with professional development in

the spring of 2022 and continued into the 2022–2023

academic year. By the 2023–2024 academic year,

instructional material adoption and full implementation

of the new standards should be complete. New Mexico

requires students to complete 3.5 units in social studies

that includes a half-unit (a half-year course) in economics.

The graduation requirement law also requires that personal

finance be offered as an elective (this is the reason New

Mexico received a grade C for the Class of 2023).

Sources:

• NM Stat § 22-13-1.1

• Graduation Requirements

• Social Studies Standards FAQ

PRE-K TO GRADE 8

EDUCATION STANDARDS

New Mexico requires financial literacy instruction as part of

its approved social studies standards in grades K to 8.

Sources:

• New Mexico Social Studies Standards

PROJECTED GRADE

FOR CLASS OF 2027

Grade B for the Class of 2027. The new social

studies standards (approved in 2022) should be

fully implemented in all school districts in academic

year 2023–2024. Therefore, all 9th grade students

entering high school in 2023–2024 will have taken the

economics course with the financial literacy content by

the time they complete high school in 2027.

HIGH SCHOOL EDUCATION STANDARDS

The social studies standards, prior to the February

2022 adoption, included a very modest level of

personal finance concepts in the economics strand of

these standards. The new social studies standards have

anchor standards and performance standards and are

mandated for students in grades K to 12. The new

social studies standards include economics/personal

financial literacy standards for the economics course.

Local school district curriculum must be aligned

with these approved social studies standards. These

standards include 46 economics and personal finance

content topic performance standards. >>

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2023 NATIONAL REPORT CARD | 116

New Mexico

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Thirteen of these 46 standards are financial literacy

in nature. We estimate that in a half-year economics/

personal financial literacy class students would receive

approximately 17 hours of financial literacy instruction.

State law requires that final examinations be administered

to all students in all classes offered for credit, including

the economics half-unit course.

Sources:

• New Mexico Public Education Department End of Course

Exam Assessment Exam Blue Prints for

Economics and Financial Literacy

(both are dated 2017–2018 and may not reflect the

updated social studies standards)

• New Mexico Social Studies Standards

EXTRA CREDIT

New Mexico requires that personal finance be offered

as an elective, which guarantees that all students have

access to these topics. The financial literacy elective

may be offered in high schools as one of the following

approved courses: Business, Marketing and Finance

II, Personal and Business Finance, Consumer/Business

Math, Financial Spreadsheets, or Financial

Literacy-Math.

CAVEAT

Specific personal finance standards for the financial

literacy elective course that high schools must offer

are not available on the New Mexico Public Education

Department’s website. It is not clear how New Mexico

measures student achievement in financial literacy

or how the state will monitor the local school district

implementation of the new financial literacy

education requirement.

2023 NATIONAL REPORT CARD | 117

New York

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, New York state requires students to take a half-year

course in economics to graduate.

Sources:

• 8 NYCRR §100.5

• New York State High School Graduation Requirements

• Diploma and Graduation Resources

HIGH SCHOOL EDUCATION STANDARDS

To graduate from high school, New York high school

students must take 4 credits in social studies, including

a half-credit in economics. The standards for this course

are set forth in the New York State K–12 Social Studies

Framework. These standards serve as a set of expectations

for what students should learn and be able to do. Schools

are encouraged to administer the economics requirement

through a course titled Economics, the Enterprise

System and Finance in grade 12. This course has four

key ideas and 16 conceptual understandings, and a

quarter of these include personal finance content. Based

on this information, we estimate that students receive

approximately 15 hours of personal finance instruction.

According to the Office of Curriculum and Instruction

at the Department of Public Instruction, educators are

required to use the social studies framework standards

when teaching the economics course required for high

school graduation.

Sources:

• New York State K–12 Social Studies Framework

• New York State Grades 9–12 Social Studies Framework

(pages 48–50)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change New

York’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

New York state requires fairly modest personal finance

content in grades K to 3 social studies standards

(see economics standards) and none in grade 4.

In September 2017, the Board of Regents revised

education regulations requiring that students in grades

5 to 8 be provided with 1.75-units of career and

technical education (216 hours of instruction). The

Education Department provides a curricular guidance

framework to assist school districts in developing

local curricula for middle-level CTE. The have created

six middle-level theme modules, two of which have

financial literacy concepts: Career and Community

Opportunities and Financial and Consumer Literacy.

The Education Department also has a Career and

Financial Management Curricular Framework that

is designed for middle-level CTE instruction that is

primarily financial literacy-related content.

Sources:

• New York State K–8 Social Studies Framework

• Middle Level CTE Requirement

• Career and Financial Management Curricular

Framework

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2023 NATIONAL REPORT CARD | 118

New York

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

In 2023, 11 financial literacy education bills were

introduced in the New York State Legislature. Some of

these bills, if passed, would require a stand-alone course

(or its equivalent) in personal finance as a

graduation requirement.

Sources:

• New York Bills

CAVEAT

It is not clear how New York measures student

achievement in financial literacy or how the state will

monitor the local school district implementation of the

new financial literacy education requirement.

2023 NATIONAL REPORT CARD | 119

North

Carolina

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, in 2017, North Carolina passed a law requiring high

school students to receive financial literacy instruction. The

State Board of Education (BOE) determined that the course

used to implement the required instruction is the full

academic year course titled Founding Principles, Civics

and Economics.

Sources:

• Session Law 2017–126

(see: § 115C-81.65. Financial literacy)

• High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

There are 10 standards for the Founding Principles, Civics

and Economics course. Two of the standards pertain to

personal finance. Based on this information, we estimate

that students receive approximately 24 hours of personal

finance instruction in a full-year course based on a

Carnegie Unit (120 hours of instruction).

Sources:

• Founding Principals, Civics and Economics Standards

(pages 33–39)

PROJECTED GRADE

FOR CLASS OF 2024

Grade A for the Class of 2024. In 2019, a law was

passed requiring students entering grade 9 in the

2020–2021 academic year (Class of 2024) to take

a full-credit course (full-year course) focused solely

on Economics and Personal Finance (EPF) as a

high school graduation requirement. The BOE was

required to adopt standards for this course that are

at a minimum as rigorous as national standards in

economics and financial literacy that were developed

by the Council for Economic Education. Students

taking this full-year course will receive the equivalent

of a half-year course in personal finance. The law also

requires educators to complete an EPF professional

development course in order to teach this course.

Sources:

• Session Law 2019-82

• N.C. Gen. Stat. § 115C-81.65. Financial literacy

• High School Graduation Requirements

• Economics and Personal Finance Standards

PRE-K TO GRADE 8

EDUCATION STANDARDS

North Carolina requires fairly modest personal finance

content the social studies standards for grades K, 4

and 5 (in the economics standards strands).

Sources:

• Social Studies Standard

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2023 NATIONAL REPORT CARD | 120

North

Carolina

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

EXTRA CREDIT

The Department of Public Instruction has created a website

that provides financial literacy resources.

Sources:

• North Carolina Financial Literacy Resource Website

CAVEAT

It is not clear how North Carolina measures student

achievement in financial literacy. The 2019 law

requires students to take an Economics and Personal

Finance course as a graduation requirement. The

law gives the training role for educators teaching

this course exclusively to a nonprofit organization in

the state—the North Carolina Council of Economic

Education (NCCEE). It is not clear that the best

professional development training for EPF educators is

exclusively offered by the NCCEE.

Sources:

• N.C. Gen. Stat. § 115C-81.65. Financial literacy

2023 NATIONAL REPORT CARD | 121

North

Dakota

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, each student is required to take a half-year economics

course (plus a half-year U.S. government course) or a

full-year problems of democracy course. Since July 1,

2010, each school district has been required to ensure

that its curriculum for either the economics or problems

of democracy course includes the following concepts of

personal finance: (i) checkbook mechanics, including

writing checks, balancing, and statement reconciliation;

(ii) saving for larger purchases; (iii) credit, including

credit card usage, interest, and fees; (iv) earning power,

including jobs for teenagers; (v) taxation and paycheck

withholdings; (vi) college costs; (vii) making and living

within a budget; and (viii) mortgages, retirement savings,

and investments. The Choice Ready Guidance indicates

that this financial literacy education requirement may

also be met by incorporating the concepts listed above

into the curriculum for any of these courses: Economics,

AP Macroeconomics, AP Microeconomics, Problems of

Democracy, or Financial Literacy. Upon written request,

the superintendent of public instruction may allow a

school district to select courses other than economics or

problems of democracy for purposes of exposing students

to the concepts of personal finance.

Sources:

• 15.1-21-02.2. High school graduation - Minimum

requirements

• North Dakota Choice Ready chart

• Academic and Career Planning

• Choice Ready Guidance (see page 3)

• 15.1-21-21. Concepts of personal finance

- Inclusion in curriculum

PROJECTED GRADE

FOR CLASS OF 2024

No policy change is pending that would change North

Dakota’s grade.

HIGH SCHOOL EDUCATION STANDARDS

North Dakota social studies standards has grades

6 to 12 economics standards that include financial

literacy concepts. One of the seven standards is

personal finance content. The economics standards

consist of a total of 17 benchmarks, and five of them

are personal finance in nature. We estimate that a

half-year economics course would consist of about

18 hours of instruction. Since the personal finance

high school education requirement in North Dakota

can be delivered in multiple ways, it is impossible to

estimate the number of instructional hours all students

receive. In addition, state law requires each school

to administer to students during their enrollment in

grades 9 or 10 a career interest inventory.

Sources:

• North Dakota 2019 Grades K – 12 Social Studies

Content Standards (pages 23–25)

• 15.1-21-18. Career interest inventory - Educational

and career planning - Consultation

• RUReadyND

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2023 NATIONAL REPORT CARD | 122

North

Dakota

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

North Dakota’s social studies standards include modest

personal finance content to be taught in grades K to

5 as well as in the grades 6 to 8 standards. State law

requires each school to administer to students during their

enrollment in grades 7 or 8 a career interest inventory. In

grades 7 or 8 the state also requires students to complete

a nine-week course on exploring career decisions or

individual counseling with each student to: (i) discuss

the results of the student’s career interest inventory; (ii)

select high school courses appropriate to their educational

pursuits and career interests; and (iii) develop individual

high school education plans.

Sources:

• North Dakota 2019 Grades K – 12 Social Studies

Content Standards (pages 12–13 and 23–25)

• 15.1-21-18. Career interest inventory - Educational and

career planning - Consultation

• RUReadyND

• Grade 7-8 Course Code 20005 Exploring Career

Decisions

EXTRA CREDIT

North Dakota’s Department of Financial Institutions

has a clearinghouse of financial literacy resources that

educators may use.

Sources:

• Financial Literacy Resources

CAVEAT

It is not clear how North Dakota measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirement.

2023 NATIONAL REPORT CARD | 123

Ohio

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2026 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, Ohio requires that students who entered 9th grade

before July 1, 2022 (until the Class of 2025) receive

instruction in financial literacy as a high school

graduation requirement.

Sources:

• Ohio’s Graduation Requirements

• Complete Courses and Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

Ohio’s Learning Standards require districts to teach

financial literacy in three grade spans: grades K to 3, 4

to 6, and middle school (grades 7 and 8). The standards

for financial literacy can be incorporated into existing

standards for social studies and mathematics when

teaching financial literacy concepts. These standards

provide connections between these content areas and

provide examples of how the personal finance content

can be incorporated into existing social studies and

mathematics courses. Schools can teach the middle school

financial literacy standards as stand-alone courses or

integrate them into other appropriate courses. Ohio also

has a model curriculum that can be used by districts in

grades K to 8. State law does not mandate school districts

use these guides.

Sources:

• Ohio’s Learning Standards for Financial Literacy

• Ohio Financial Literacy Model Curriculum

PROJECTED GRADE

FOR CLASS OF 2026

Grade A for the Class of 2026. Starting with students

who begin 9th grade after July 1, 2022 (Class of

2026), students will be required to receive a half-

credit of financial literacy to graduate from high

school. This is equal to a half-year course of 60

hours of instruction under Ohio law. The financial

literacy course can substitute for a half-credit elective

or for certain half-credit math courses required for

graduation. The financial literacy course cannot count

toward social studies graduation credit. A law passed

in 2021 mandates that beginning with the 2024–

2025 academic year, districts require financial literacy

licensure for educators teaching financial literacy. The

law indicates that social studies, family and consumer

sciences, and business education teachers will be

able to teach financial literacy without the need for the

additional validation contemplated by the law.

Sources:

• Financial Literacy in High School

• Financial Literacy Requirements Frequently

Asked Questions

• RC 3319.238

• Senate Bill 1

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2023 NATIONAL REPORT CARD | 124

Ohio

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2026 GRADE

HIGH SCHOOL EDUCATION STANDARDS

Ohio’s Learning Standards for Financial Literacy were

adopted by the State Board of Education in February

2018. The standards list the following topics: financial

responsibility and decision-making, planning and money

management, the informed consumer, investing, credit

and debt, and risk management and insurance. It is up

to local districts to determine how to best meet the needs

of their students when implementing this graduation

requirement. For example, the financial literacy content

may be incorporated into another course, or some districts

may require students to take a stand-alone financial literacy

course for a half-credit that can meet either a graduation

requirement for social studies or an elective. Hours of

instruction cannot be estimated for all students, since

each local school district determines how it will deliver the

required personal finance education and implementation

methods vary by local school districts. The Department

of Education has created an Ohio Financial Literacy

Model Curriculum. This curriculum gives guidance to

educators as they teach the standards and create aligned

assessments. State law does not mandate that school

districts use these guidelines.

Sources:

• Learning Standards for Financial Literacy

• Ohio Financial Literacy Model Curriculum

• Complete Course Requirements

EXTRA CREDIT

The Ohio Department of Education’s website includes

a robust list of financial literacy resources. In 2021,

Senate Bill 1 created a high school financial literacy

fund to help pay for educator training in this area.

Sources:

• Resources for Financial Literacy

• Senate Bill 1

CAVEAT

It is not clear how Ohio measures student achievement

in financial literacy or how the state monitors local

school district implementation of the financial literacy

education requirement.

2023 NATIONAL REPORT CARD | 125

Oklahoma

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, a specifically identified course with personal finance

concepts is not a graduation requirement. In 2007, the

Passport to Financial Literacy Act of 2007 became law.

Under this law, Oklahoma requires students to demonstrate

competency in 14 areas of personal finance in order to

graduate from high school. The requirement first applied

to the Class of 2014. The law allows students to meet this

graduation requirement anytime between grades 7 to 12,

depending on the local district’s scope and sequence for

personal financial literacy. In addition, students may test

out of personal financial literacy through a district-created

assessment or the State Department of Education’s (DOE)

online assessment.

Sources:

• Oklahoma High School Graduation Requirements for

Class of 2023

• Program of Studies and Graduation Requirements

regulation

• 70 O.S. § 11-103.6

• Personal Financial Literacy FAQ

• Personal Financial Literacy Passport Cumulative

Record Form

• 70 O.S. § 11-103.6h

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Oklahoma’s grade.

HIGH SCHOOL EDUCATION STANDARDS

The passport method allows school districts to

determine in which grades and courses they will

embed the personal finance standards. They could

be embedded in a variety of courses from grades 7

to 12, or this requirement could be met by taking a

stand-alone personal finance course in high school.

The personal finance instruction must be consistent

with the state’s personal finance education standards.

Although there are mandated academic standards

for personal financial literacy, there is no mandated

curriculum for this instruction. An optional online

curriculum is available on the DOE’s website. A

student cannot take the personal financial literacy

instruction on a pass/fail basis. The student’s

competency on this instruction must be recorded as a

letter grade or percent.

Sources:

• Oklahoma Personal Financial Literacy Academic

Standards

• Personal Financial Literacy Teacher and Student

Materials

• Oklahoma Personal Financial Literacy Frameworks

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2023 NATIONAL REPORT CARD | 126

Oklahoma

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

Personal finance instruction is not required in grades Pre-K

to 6. Personal finance instruction may occur in grades

7 and 8, but it is not required for the financial literacy

passport law to be complied with. For example, a Pre-K

to 8 district is expected, by the law, to provide instruction

in personal financial literacy to students in grades 7

and 8 unless the district enters into a vertical articulated

agreement with a Pre-K to 12 district for facilitating and

sharing of the personal financial literacy curriculum. Such

an agreement could include terms requiring all personal

financial literacy instruction to be done at the upper

secondary level (grades 9 to 12) of the Pre-K to 12 district,

and thus none would need to be done in grades 7 and 8.

Sources:

• Personal Financial Literacy FAQ

EXTRA CREDIT

Beginning with the 2020–2021 academic year, all

teachers who are assigned the responsibility for teaching

personal financial literacy are required to complete

ongoing professional development training in the areas of

personal financial literacy instruction in accordance with

guidelines established by the DOE. It is not clear what the

DOE personal finance training guidelines for educators

are. The DOE’s website provides professional development

and other education resources online for districts and

teachers to refer to. The Passport Financial Literacy Act

also included the creation of a Personal Financial Literacy

Education Revolving Fund. Any such funds may be used

for developing and providing guidelines, materials, and

resources for personal financial literacy for students

and teachers, including online curricula, training, and

professional development for teachers.

Sources:

• 70 O.S. § 11-103.6h

• Personal Financial Literacy Page

• 70 O.S. § 11-103.6h-1

CAVEAT

Since the passport requirements apply to grades 7

to 12, local districts could include personal finance

concepts in middle school and/or the early years

of high school. Personal finance concepts are most

relevant near graduation from high school when

students are thrust into situations in which they

must manage their daily living expenses and are

considering student debt. It would not be optimal

for students to receive all of this training in grades 7

to 9 since knowledge obtained will fade over time.

Additionally, it is not clear how the state monitors local

school district compliance with the financial literacy

education requirement. A district could offer personal

financial literacy during alternative instructional

times (i.e., before/after school, night classes, and/

or summer classes). Since there is no specified seat

time for instruction in personal financial literacy, it is

likely that the quality and quantity of instructions varies

greatly from school district to school district.

2023 NATIONAL REPORT CARD | 127

Oregon

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, a specifically identified course with personal finance

concepts is not a graduation requirement. Oregon requires

3 credits of social sciences for graduation but does not

identify required courses. For the Class of 2023, state

regulations indicate that the 3 credits of social sciences

must include “history, civics, geography and economics

(including personal finance).” For grade 9 students enrolled

in the 2022–2023 academic year (Class of 2026), state

regulations indicate that the 3 credits in social sciences

“shall include 0.5 unit of U.S. civics credit in addition to

at least 2.5 units of credit aligned to the Oregon State

Board adopted standards for U.S. history, world history,

geography, economics, and financial literacy.”

Sources:

• Oregon High School Graduation Credit Requirements

• OAR 581-022-2000 (download chapter 518 Oregon

Department of Education)

PRE-K TO GRADE 8

EDUCATION STANDARDS

Personal finance standards are embedded for grades K

through 8 in the social sciences standards.

Sources:

• Social Sciences Standards

PROJECTED GRADE

FOR CLASS OF 2027

Grade A for the Class of 2027. On July 31, 2023,

the governor signed a bill that requires, beginning

with the class that graduates in 2027, that students

complete, while in grades 9 through 12, one half-

credit of higher education and career path skills and

one half-credit of personal financial education in order

to receive a high school diploma. The law authorizes

the State Board of Education (BOE) to adopt rules with

requirements for these two new courses. The BOE is

also authorized to establish rules regarding who can

teach these courses and rules that would allow these

new courses to satisfy multiple credit requirements for

a high school diploma, including a mathematics credit.

The bill allocated $426,367 for the development of

academic content standards in higher education and

career path skills and in personal financial education.

Allowing a financial literacy course to be taken in

grades 9 and 10 is not optimal, since knowledge

obtained will fade over time. The 9th and 10th grade

students will not use much of what they learn until

years after the instruction is completed.

Sources:

• SB 3

• Enrolled SB 3

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2023 NATIONAL REPORT CARD | 128

Oregon

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

Instruction in Oregon schools must meet the academic

standards adopted by the BOE. In addition, state law

indicates that all schools “are encouraged to offer students

courses or other educational opportunities in civics

and financial literacy to allow every student who wants

to receive instruction in civics and financial literacy to

be able to receive the instruction.” The social sciences

standards approved by the BOE include financial literacy

standards. Each local school district’s instructional program

must include and be consistent with the approved social

sciences standards. While there are no specific courses

with this content required for high school graduation for

the Class of 2023, there is an expectation that students are

taught these financial literacy topics prior to graduation.

There are currently two sets of social sciences standards:

(i) 2018 standards that can be used by school districts

through the 2025 academic year and (ii) 2021 standards

that integrate ethnic studies into each of the social

sciences domains (and include additional financial literacy

standards) that must be implemented by the 2026–2027

academic year.

Sources:

• ORS 30 ch. 329.045(4)

• OAR 581-022-2030

• Social Sciences Standards

EXTRA CREDIT

Not applicable.

CAVEAT

It is not clear how Oregon measures student

achievement in financial literacy, since the social

sciences assessment is optional, or how the state

monitors local school district implementation of the

financial literacy education requirement.

Sources:

• Social Sciences Assessment

2023 NATIONAL REPORT CARD | 129

Pennsylvania

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, Pennsylvania does not require a specific course for

graduation that includes these concepts.

Sources:

• 22 Pa. Code § 4.24. High school graduation

requirements

• High School Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

Financial literacy concepts are included in state-approved

education standards for grades K to 8. Intermediate level

students (by age 11) are required to receive instruction in

social studies (including economics). Intermediate level

students (ages 11–14) are required to receive instruction

in social studies (including economics), career education,

(including exposure to various career options and the

educational preparation necessary to achieve those options),

and family and consumer sciences (including principles of

consumer behavior). Financial literacy concepts are included

in: (i) grades K to 8 economic standards; (ii) grades 3 and

6 family and consumer sciences standards (financial &

resource management); and (iii) grades 3, 5, and 8 career

education and work standards (career acquisition and career

awareness & preparation).

Sources:

• 22 Pa. Code § 4.21. Elementary education: primary and

intermediate levels

• Standards Aligned System website

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Pennsylvania’s grade.

HIGH SCHOOL EDUCATION STANDARDS

State regulations require that local school district

instruction be aligned with academic standards

approved by the State Board of Education (BOE) and

that the following subject areas be provided to every

student in high school: (i) social studies, including

economics and (ii) family and consumer sciences,

including principles of consumer behavior. Planned

instruction by local school districts may be provided

as a separate course or as an instructional unit within

a course or other interdisciplinary instructional activity.

Under Pennsylvania regulations, academic standards

refer to what a student should know and be able to do

at a specified grade level and describes the knowledge

and skills that students will be expected to demonstrate

before graduation. Local school curriculum is required

to be designed to achieve the academic standards

approved by the BOE. Pennsylvania does not have

stand-alone standards for personal finance. Instead,

personal finance concepts are found in multiple

academic areas, including economics and family and

consumer sciences. >>

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2023 NATIONAL REPORT CARD | 130

Pennsylvania

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Economics has 27 separate standards and five are

personal finance in nature. Family and consumer sciences

standards have seven financial and resource management

standards. How these standards are implemented is left to

the local control of each school district.

Sources:

• 22 Pa. Code § 4.3. Definitions

• 22 Pa. Code § 4.4. General policies

• 22 Pa. Code § 4.11. Purpose of public education

• 22 Pa. Code § 4.23. High school education

• Economic Education/Financial Literacy website

EXTRA CREDIT

Although these subjects are not required to be taught

to all students, financial literacy concepts can also

be found in the academic standards approved for

the following topics: career education and work; and

business, computer, and information technology. The

Department of Education provides some personal

finance education resources on its website.

Sources:

• Economic Education/Financial Literacy website

CAVEAT

Since there is no specified delivery method for local

school district instruction in financial literacy topics,

it is likely that the quality and quantity of instruction

varies greatly from school district to school district.

It is not clear how Pennsylvania measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

financial literacy education requirements provided

through other content areas. According to a 2016

report, 75 school districts (nearly 15% of all school

districts) require students to take a stand-alone course

in personal finance before graduation.

Sources:

• Pennsylvania 2016 Report to the Governor on

Personal Finance Education

2023 NATIONAL REPORT CARD | 131

Rhode Island

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, for the Class of 2023 Rhode Island did not specify

required courses with this content for graduation.

However, beginning in academic year 2022–2023,

state law required all high schools to make available a

stand-alone course in personal finance consistent with

academic standards that were required to be approved by

the Council on Elementary and Secondary Education (the

“Council”) in 2021. Therefore, the Class of 2023 had, for

a single academic year, guaranteed access to a personal

finance course in high school that could have been take in

grade 12 as an elective. High school students are expected

to demonstrate proficiency in specified areas, but for the

Class of 2023 this did not include financial literacy.

Sources:

• 2021 Financial Literacy Education Law

• Rhode Island Diploma System Regulation (200-RICR-20-10-2)

PRE-K TO GRADE 8

EDUCATION STANDARDS

The Council has approved grades K to 12 national financial

literacy standards. The law does not require that Pre-K

to 8 schools teach personal finance to student, but the

law appears to encourage this result. The law requires

the Department of Education (DOE) to issue a report to

the public by August 1st each year (beginning in 2024)

that includes a list of the middle schools and elementary

schools that have incorporated financial literacy into their

curricula.

PROJECTED GRADE

FOR CLASS OF 2024

Grade A for the Class of 2024. The state could

receive a Grade A depending upon how new legal

and regulatory requirements are implemented by

local school districts. Under the 2021 law, data on

the number of high school students at each grade

level who have completed the stand-alone financial

literacy course is required to be reported to the public

by August 1st each year beginning in 2024. This

report would be a critical tool used by our Center to

determine the grade for Rhode Island in 2024 and

beyond.

HIGH SCHOOL EDUCATION STANDARDS

The Council in 2021 adopted K to 12 National Personal

Finance Education Standards. These standards apply

to the financial literacy course that was made available

in each high school in academic year 2022–2023.

State law and regulations require: (i) each high school

to offer a stand-alone financial literacy course and (ii)

that all students successfully demonstrate proficiency

in financial literacy prior to graduating high school

beginning with the Class of 2024. A high school

must offer a stand-alone financial literacy course,

but all students are not required to take the course

prior to graduation. The law indicates that there are

multiple pathways for each high school student to

demonstrate proficiency in financial literacy including:

(i) completion of a stand-alone financial literacy course;

(ii) completion of a project; (iii) passing of a Council-

approved assessment; or (iv) some other demonstration

of proficiency approved by the Council. >>

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Rhode Island

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2024 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> State regulation recommends that local school districts

explore the use of flex credits to meet the financial literacy

requirement. Flex credits are academic credits that

incorporate multiple subject areas into a single graduation

credit. A financial literacy FAQ document issued by the

DOE indicates that high schools could offer multiple

courses that collectively cover the required financial

literacy standards. The FAQ notes: “For example, if a

school divides the standards amongst three courses, such

as math, economics, and business, the student would

need to pass each of the three courses in order to meet

the proficiency requirement for graduation.”

Sources:

• National Personal Finance Education Standards

• Financial Literacy Education Law

• Rhode Island Diploma System Regulation

(200-RICR-20-10-2)

• Financial Literacy Implementation Guide

• Financial Literacy FAQ

• Financial Literacy Implementation Guide: Proficiency

EXTRA CREDIT

State regulation requires the DOE to provide school

districts with financial literacy standards, assessments,

and resources to support effective implementation

of this new requirement. State law also requires the

Council to review the financial literacy standards

every five years beginning in 2026. The Council, in

consultation with the DOE, is required to compile and

publish the following: a list of micro-credentialing

programs that train educators on how to teach

financial literacy, and resources and instructional

materials, including lesson plans, assessments, and

activities, that align with the financial literacy standards

adopted by the Council. This list of financial literacy

resources is also required to be updated every five

years beginning in 2026.

Sources:

• DOE Financial Literacy Resources

CAVEAT

Since the state allows many different pathways for

delivering the financial literacy instruction in high

schools, it is likely that the quality and quantity of

instruction will vary greatly from school district to

school district. It is not clear how Rhode Island will

measure student proficiency in financial literacy for

this new graduation requirement and ensure it is

equitably taught to all high school students.

2023 NATIONAL REPORT CARD | 133

South

Carolina

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, for the Class of 2023, South Carolina requires

students to take a half-year course in economics that

includes personal finance concepts. In 2003, a law was

passed that required instruction in the area of personal

finance for all students attending a high school. The law

required the Department of Education (DOE) to assist

the school districts in identifying suitable materials for

instruction. State law and regulations also require that

all high schools offer financial literacy as a part of the

instructional program.

Sources:

• S.C. Code Ann. § 59-29-165

• S.C. Code Ann. Regs. 43-234 Defined Program Grades

9–12 and Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

The social studies standards required to be taught for

a half-year economics and personal finance course

include personal finance concepts. There are four themes

and 16 indicators for this course. One theme and four

of the indicators are personal finance topics. Based

on this information, we estimate that students receive

approximately 15 hours of instruction in personal finance.

Sources:

• South Carolina Social Studies College- and Career-Ready

Standards (pages 128–133)

PROJECTED GRADE

FOR CLASS OF 2027

Grade A for the Class of 2027. Once legislative

approval is granted to amend Regulation No. 43-234

Defined Program, Grades 9–12 and Graduation

Requirements, South Carolina will have a grade A.

The graduation requirements beginning with the

entering freshman class of 2023–2024 will include a

stand-alone, half-year course in personal finance. The

first class to graduate with this new requirement will

be the Class of 2027. The appropriations bill passed

by the South Carolina legislature in 2022 included

language that instructed the DOE through the State

Board of Education (BOE) “to promulgate regulations

to update the current graduation requirements to

include within the existing credits a required half-

credit in personal finance.” Full implementation of

the stand-alone half-year personal finance course

is scheduled for the 2023–2024 academic year.

As part of this process, the DOE will identify a full-

year course that will also meet this new graduation

requirement.

Sources:

• DOE Personal Finance Memorandum

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2023 NATIONAL REPORT CARD | 134

South

Carolina

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2027 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

A law was passed in 2005 requiring the BOE to incorporate

elements of financial literacy into the academic standards

for grades K to 12. Grades K to 2 include some personal

finance concepts in the economics theme of the social

studies standards. Grades 3 to 8 do not include personal

finance content in the social studies standards.

Sources:

• South Carolina Social Studies College- and Career

Ready Standards

• S.C. Code Ann. § 59-29-430

EXTRA CREDIT

In a 2006 law, South Carolina created the following:

(i) South Carolina Financial Literacy Initiative; (ii)

South Carolina Financial Literacy Board of Trustees;

and (iii) the Office of South Carolina Financial Literacy

within the DOE. The DOE’s website provides online

resources for teachers of economics and financial

literacy. The DOE also has existing standards available

for financial literacy stand-alone courses as part of the

finance career cluster. The state’s 529 Plan offers a

Financial Literacy Master Teachers Program.

Sources:

• S.C. Code Ann. § 59-29-460 to 570

• Financial Literacy Resources

• Finance Cluster Course Standards

• Professional Development Program

CAVEAT

It is not clear how South Carolina measures high

school student achievement in financial literacy or how

the state monitors local school district implementation

of the financial literacy education requirements in high

school. It is unclear how the statutory requirement

for financial literacy education is currently being met

in grades 3 to 8. The DOE’s website indicates that

financial literacy education will be provided as part

of the social studies standards. It is not clear how

South Carolina measures student achievement in

financial literacy or ensures that all students are getting

equitable access to personal finance instruction in

grades K to 8.

Sources:

• Social Studies web page

2023 NATIONAL REPORT CARD | 135

South

Dakota

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, South Dakota requires high school students to take a

half-year course in either personal finance or economics,

but it does not require students to take or require schools

to offer a personal finance course.

Sources:

• Graduation Requirements

• Handbook

• Regulations (24:43:11:02)

HIGH SCHOOL EDUCATION STANDARDS

South Dakota does have personal finance standards

applicable to the high school personal finance course,

if offered or required by a school district. The standards

(2015 and 2023 versions) for the high school economics

course do not include substantive personal finance

concepts. If offered or required, the personal finance

course may be taught by mathematics, social studies,

business, and family and consumer sciences educators.

Sources:

• Personal Finance Standards

• 2015 Economics Standards applicable to the Class of

2023 (pages 36–38)

• 2023 Economic Standards approved on April 17, 2023

(pages 114–121)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

South Dakota’s grade. South Dakota’s grade could be

improved to a Grade B if the graduation regulation

required each student to take a half-year course

that included both economics and personal finance

concepts, as is currently done in many other states.

South Dakota’s grade could increase to a Grade C if

every high school was required to offer a stand-alone

personal finance course elective. According to NGPF’s

Got Finance Research, approximately 57% of high

schools require a stand-alone course in financial literacy

as a graduation requirement and another 40% of high

schools offer students a financial literacy elective.

Sources:

• NGPF’s Got Finance Research

PRE-K TO GRADE 8

EDUCATION STANDARDS

The social studies standards (2015 and 2023 versions)

do not require that substantive personal finance

concepts be taught to students in grades Pre-K to 8.

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2023 NATIONAL REPORT CARD | 136

South

Dakota

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

Not applicable.

CAVEAT

A school district can require students to take an

economics course as a graduation requirement

and not offer a personal finance course at all. The

economics course is not required to contain any

substantive personal finance content. It is possible for

South Dakota students to graduate from high school

without any financial literacy instruction. It is not clear

how South Dakota measures student knowledge in

financial literacy and ensures that all students have

equitable access to this content.

2023 NATIONAL REPORT CARD | 137

Tennessee

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, beginning with the high school graduating Class of

2013, Tennessee students have had to complete a half-

semester class (a half-year course) on personal financial

education as a graduation requirement. Three years of

JROTC may be substituted for a half-credit of Personal

Finance if the JROTC instructor attends the Personal

Finance training conducted by the Department of

Education (DOE).

Sources:

• Graduation Requirements

• Chapter 0520-01-03-.06 State Board of Education Rules

• Financial Education

HIGH SCHOOL EDUCATION STANDARDS

The DOE’s website includes standards for the personal

finance course. The state has identified a list of teacher

endorsements that automatically allow educators with

these endorsements to teach the high school course. Only

educators without these endorsements are required to

attend state-approved training in personal finance prior to

teaching the course. The personal finance course may also

be offered as a dual enrollment course with a local college.

Sources:

• Personal Finance Standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Tennessee’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

Tennessee has a modest amount of personal finance

concepts embedded in the economics strand of the

social studies academic standards for grades K to 2.

There is no substantive personal finance content for

grades 3 to 8 in the social studies academic standards.

Sources:

• Tennessee Social Studies Standards

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2023 NATIONAL REPORT CARD | 138

Tennessee

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The Tennessee Treasurer’s website includes free resources

and training information for educators. The University of

Tennessee offers a 14-hour asynchronous, on-demand

course for educators on how to teach personal finance.

The state has created the Tennessee Financial Literacy

Commission, a tax-exempt, nonprofit corporation that

operates primarily through donations from businesses and

individuals dedicated to improving the financial culture

in Tennessee. In April 2023, the governor signed into

law a bill that requires local districts to offer information

about financial literacy education provided to public

elementary and middle school students during the school

year to the Commission, upon its request. The Department

of Education’s website includes work-based learning

resources that can be used by educators when teaching

personal finance.

Sources:

• Treasurer’s Resources

• PFTT

• Financial Literacy Commission

• WBL Toolbox

• Tenn. Code Ann. 49-6-1701 (click on Title 49 Education,

Chapter 6 Elementary and Secondary Education, Part 17

Financial Literacy Program Act of 2010)

CAVEAT

It is not clear how Tennessee measures student

achievement in financial literacy.

2023 NATIONAL REPORT CARD | 139

Texas

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, Texas requires students to take a half-year course in

economics for graduation.

Sources:

• Texas High School Graduation Requirements

• 2014–2015 Graduation Programs Side-by-Side

PRE-K TO GRADE 8

EDUCATION STANDARDS

Texas requires personal finance topics to be taught in

mathematics for grades K to 8. Modest levels of personal

finance concepts are also embedded in the economics

strand of the social studies standards in grades K to 4.

Sources:

• Grades K to 5 (mathematics)

• Grades 6 to 8 (mathematics)

• Grades K to 5 (social studies)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Texas’s grade.

HIGH SCHOOL EDUCATION STANDARDS

Texas requires students to demonstrate proficiency in 3

credits of social studies that includes a half-credit that

must be selected from the following: (i) Economics

with Emphasis on the Free Enterprise System and

Its Benefits or (ii) Personal Financial Literacy and

Economics. There are 17 essential knowledge and

skills identified for the Economics with Emphasis on

the Free Enterprise System and Its Benefits course;

14 are economic concepts and three are personal

financial literacy concepts. Based on this information,

we estimate that students taking this course receive

approximately 11 hours of instruction in personal

finance. There are eight essential knowledge and

skills identified in the Personal Financial Literacy

and Economics course (PFLE), two with economics

concepts and six with personal financial literacy

concepts. The PFLE course was added as an option in

response to a law that was passed in 2021. >>

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2023 NATIONAL REPORT CARD | 140

Texas

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> The law required that high schools offer an additional

economics course with 75% of the course content

dedicated to personal financial literacy topics. Based on

this information, we estimate that students taking the PFLE

course receive approximately 45 hours of instruction in

personal finance. Starting with the 2016–2017 academic

year, each high school must offer students a Personal

Financial Literacy course as a half-credit social studies

elective course.

Sources:

• 19 Tex. Admin. Code §74.12

• Economics with Emphasis on the Free Enterprise System

and Its Benefits

• Personal Financial Literacy and Economics course

• Personal Financial Literacy and Economics High School

Course FAQ

• SB 1063

• Tex. EDUC § 28.021

• Tex. EDUC § 28.025(b-1)(4) & (b-22)

• Personal Financial Literacy

EXTRA CREDIT

Beginning with students enrolled in 12th grade during

the 2021–2022 academic year, each student must do

one of the following in order to graduate: (i) complete

and submit a Free Application for Federal Student Aid

(FAFSA), (ii) complete and submit a Texas Application

for State Financial Aid (TASFA), or (iii) submit a

signed opt-out form (by the student if 18 years of age

or older or if younger by the student’s guardian; the

school counselor may also authorized the student to

decline for good cause). School districts are required

to report the financial aid application graduation

requirement for each student to the Texas Education

Agency. The Texas Department of Education provides

a list of approved resources for teachers of personal

finance. Since 2012, Texas schools have also offered

a Mathematical Models with Applications elective

course, which includes personal finance concepts.

Sources:

• Financial Aid Requirement

• Texas Resources for Educators

• Mathematical Models with Applications

CAVEAT

It is not clear how Texas measures student achievement

in financial literacy.

2023 NATIONAL REPORT CARD | 141

Utah

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, since 2008, Utah requires all high school students

to take a half-year General Financial Literacy course as a

graduation requirement.

Sources:

• Utah Board of Education Graduation Requirements

• Utah Code Section 53E-3-505-Financial and Economic

Literacy Education

• Rule R277-704: Financial and Economic Literacy

HIGH SCHOOL EDUCATION STANDARDS

Utah has very robust education standards that are

applicable to the mandated course. The General Financial

Literacy Course is designed to be taken by students

in their junior or senior year of high school. Utah law

requires students to take an online standardized end-of-

course personal finance exam that is administered by the

state. Student can pass a financial literacy assessment

exam as an alternative to taking this course.

Sources:

• Strands and Standards General Financial Literacy

• Utah Code Section 53E-4-204-Standards and graduation

requirements

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Utah’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

State law requires the State Board of Education to

integrate financial and economic literacy education

into instruction in grades K to 8. The law suggests

that such concepts can be integrated into existing

instructional areas of the core standards, such as

mathematics and social studies. It is not clear how Utah

measures student competency in financial literacy or

ensures that all students are getting equitable access to

personal finance instruction in grades K to 8.

Sources:

• Utah Code Section 53E-3-505-Financial and

Economic Literacy Education

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2023 NATIONAL REPORT CARD | 142

Utah

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The State Board of Education makes available on its

website a list of financial literacy resources. The State

Board of Education requires a teacher endorsement with

multiple ways for an educator to prove that they have

demonstrable expertise in the subject matter before they

are allowed to teach the General Financial Literacy course.

State law also created a Financial and Economic Literacy

Task Force that can make recommendations on how to

improve financial and economic literacy education in the

public school system, and every three years, it meets to

review and recommend adjustments to the standards and

objectives of the General Financial Literacy course. In

2018, the State Auditor issued a report of the efficacy of

the decade-old General Financial Literacy (GFL) education

graduation requirement in Utah. The Auditor’s findings

included: (i) students who take GFL courses appear to

have greater financial knowledge and better financial

behaviors, (ii) GFL assessment indicates students are

increasingly proficient, and (iii) educators generally

believe GFL is an important class that teaches students vital

life skills.

Sources:

• Resources

• Educator Endorsements (scroll down to Other and click

on General Financial Literacy)

• State Auditor Report

CAVEAT

Not applicable.

2023 NATIONAL REPORT CARD | 143

Vermont

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, taking a course with personal finance concepts is

not a graduation requirement. High school graduation

requirements are determined by each local school

district. The Education Quality Standards (EQS) are state

regulations. The EQS indicates that the requirements for

graduation are met when a student demonstrates evidence

of proficiency in the required curriculum content areas.

Sources:

• Education Quality Standards (2120.5 Curriculum Content

and 2120.7 Graduation Requirements)

PRE-K TO GRADE 8

EDUCATION STANDARDS

Vermont’s financial literacy content standards apply

to grades K to 8. How such education is delivered is

determined by each local school district. It is expected

that the method, quality, and quantity of this curriculum

instruction varies greatly from school district to

school district.

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Vermont’s grade. If bill H. 228 became law, Vermont

could receive a grade A. This bill would require a

stand-alone course in financial literacy as a graduation

requirement. In April 2023, the Agency of Education

(AOE) testified to the Senate Education Committee and

indicated that it opposed this bill, noting that passage

of the bill would be “highly disruptive, divergent from

current education regulation, responsibilities, and

delivery systems, and thus incredibly destabilizing to

the public education system.”

Sources:

• H. 228

• AOE Testimony

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2023 NATIONAL REPORT CARD | 144

Vermont

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

The EQS requires that districts deliver curriculum in global

citizenship, which includes economics concepts (including

personal economics). In January of 2018, the State Board

of Education (BOE) adopted the Jump$tart National

Standards in K–12 Personal Finance Education. The

BOE determined that financial literacy curriculum could

be taught in a multidisciplinary manner as part of social

studies, math, business, family and consumer sciences, as

well as through flexible pathways and career and technical

education. The AOE indicates that local school districts are

expected to instruct and assess financial literacy concepts

based on these standards, but how that is accomplished is

locally determined.

Sources:

• January 2018 BOE Memorandum

• Jump$tart National Standards in K–12 Personal

Finance Education

• Financial Literacy Standards and Resources

EXTRA CREDIT

In 2015, the legislature created the Vermont Financial

Literacy Commission that existed for three years. The

Commission recommended in 2017 that the BOE

adopt national financial literacy education standards.

The AOE has a variety of financial literacy resources

and tools on its website for educators.

Sources:

• Financial Literacy Commission

• Tools and Resources

CAVEAT

In high school, local districts may offer personal

finance content either on a stand-alone basis or

embedded into another course offering. It is not

clear how Vermont measures student achievement

in financial literacy or how the state monitors local

school district implementation of the multidisciplinary

financial literacy education requirements to ensure

equitable access to this content knowledge.

2023 NATIONAL REPORT CARD | 145

Virginia

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, effective with the entering 9th grade class of 2011–

2012 (Class of 2015), an Economics and Personal Finance

course is a required course for high school graduation.

There are a variety of options that exist to satisfy this

requirement: (i) taking a full academic-year (36-week)

Economics and Personal Finance course; (ii) taking the

following two single-semester (18-week) courses: Finance

course along with an Economics course; or (iii) taking

other courses that are aligned with the Economics and

Personal Finance Standards of Learning. This graduation

requirement indicates that a standard unit of credit be

awarded, which generally is the successful completion of

140 hours of instruction.

Sources:

• Standard Diploma (download the Approved Courses

document, pages 15—16)

• Advanced Studies Diploma

• Credits for Graduation

HIGH SCHOOL EDUCATION STANDARDS

Nine of the 18 standards for the Economics and Personal

Finance course are personal finance concepts. Based

on this information, we estimate that students receive

approximately 70 hours of instruction in personal finance in

Virginia, which is the equivalent of a one-semester course.

Sources:

• Virginia Economics and Personal Finance

• Virginia Financial Literacy Eligible Teachers

(For information on professional requirements for

instructors teaching financial literacy)

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Virginia’s grade.

PRE-K TO GRADE 8

EDUCATION STANDARDS

Virginia’s Standards of Learning for History & Social

Science include modest personal finance content that

is taught in grades K to 3 and 7. On April 26, 2006,

the State Board of Education adopted Economics

Education and Financial Literacy: Objectives and

Correlations to Mathematics and History and Social

Science Standards of Learning and Career and

Technical Education Competencies. This document

indicates how personal finance topics can be

incorporated into a variety of middle school courses.

State law requires personal finance education, as part

of economics, to be taught in middle school.

Sources:

• Standards of Learning for History & Social Science

• Economics Education and Financial Literacy:

Objectives and Correlations to Mathematics and

History and Social Science Standards of Learning

and Career and Technical Education Competencies

• § 22.1-200.03 Code of Virginia

CONTINUED ON NEXT PAGE

2023 NATIONAL REPORT CARD | 146

Virginia

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

The Virginia Department of Education’s website has

a list of financial literacy resources and professional

development opportunities for educators.

Sources:

• Virginia Economics and Personal Finance

CAVEAT

It is not clear how Virginia measures student

achievement in financial literacy.

2023 NATIONAL REPORT CARD | 147

Washington

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, taking a course with personal finance concepts is

not a graduation requirement. The Class of 2023 has a

noncredit graduation requirement called the High School

and Beyond Plan (HSBP). The HSBP is a personalized

learning plan that begins in 8th grade and is updated

throughout high school. The HSBP requires students

to identify career goals (with a skills assessment) and

education goals. The HSBP requires that local school

districts have evidence that each student has received

information on the FAFSA (Free Application for Federal

Student Aid) and the state’s financial aid program that

helps pay for postsecondary programs. The HSBP also

requires that students be informed about the deadlines

for applying for financial aid and postsecondary school

admission. The HSBP covers some financial literacy topics.

Sources:

• Washington High School Graduation Requirements

• High School and Beyond Plan

• HSBP FAQ

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Washington’s grade.

HIGH SCHOOL EDUCATION STANDARDS

In 2015, the state passed a law requiring that financial

education, skills, and content knowledge be integrated

into the state’s learning standards. In 2016, the state

adopted financial education learning standards and

guidelines. State law requires Washington school

districts to provide all students in grades 9 to 12

access to financial education, but it does not require

that students take such education. Washington allows

each school district to determine how it will offer

personal finance instruction.

Sources:

• RCW 28A.300.468 • Financial Education Learning

Standards • Financial Education Standards FAQs

• Financial Education web page

PRE-K TO GRADE 8

EDUCATION STANDARDS

Washington has approved financial education standards

for grades K to 8. Teachers of K to 5 students may

incorporate the financial education standards into their

classes but are not required to. Teachers of grades

6 to 12 students may be required by local districts to

incorporate the standards. If personal finance is part

of the course curriculum, teachers must use the state-

approved standards.

Sources:

• Financial Education Learning Standards

• Financial Education Standards FAQs

2023 NATIONAL REPORT CARD | 148

Washington

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

In 2009, state law created the Financial Education

Public-Private Partnership (FEPPP). The committee brings

together individuals from both the public and private

sector in an effort to provide quality financial education

for students in the public school system. The FEPPP helps

educators find professional development opportunities,

classroom resources, and curriculum. In 2022, a new law

was passed that requires each school district, by March 1,

2023, to adopt one or more goals for expanding financial

education instruction to students in their district. The

law includes the following examples of goals that school

districts may adopt: “(a) Increasing the number of financial

education courses available to students in grades nine

through 12; (b) Increasing the number of grades, schools,

or both that provide students with instruction in, or access

to instruction in, financial education; and (c) Expanding

the amount financial education professional development

training available to certificated staff.” This law gives

Washington school districts the opportunity to qualify for

grants, disbursed through FEPPP, to increase integration

of financial education courses into their districts and for

professional development trainings for educators. FEPPP

developed a menu of model goals that school districts may

consider when complying with this new law.

Sources:

• Professional Development Opportunities

• Classroom Resources

• FEPPP Website

• SB 5720

• Final Bill Report

• FEPPP Model Goals

CAVEAT

While Washington requires all school districts to provide

access to personal finance instruction, many delivery

mechanisms are allowed to meet this requirement.

Districts may provide instruction through “a regularly

scheduled class period, before or after school, during

lunch periods, at library and study time, at home, via

online learning opportunities, through career and

technical education course equivalencies, or other

opportunities.” Districts must provide access to this

instruction but are not required to make students

participate in the instruction. Any voluntary programming

that requires a high school student to come to school

early or stay late, adds additional homework (like an

online program), or skip lunch or study time will likely

result in far fewer students taking the instruction than

if it is offered as a stand-alone elective. The Center

for Financial Literacy is treating the state requirement

to provide access to personal finance instruction as

similar to requiring a high school to offer a stand-alone

personal finance elective to all students. For this reason,

Washington earns a grade of C. However, unlike a

semester-long elective course, which requires 60 hours

of instruction, the Washington requirement does not

specify the number of instruction hours required to meet

the access rule. The delivery mechanisms identified could

be very short in duration and could greatly discourage

attendance by being inconvenient for students. There is

a large risk that some high schools and school districts

will meet the access requirement in a manner that is so

inconvenient that only a small percentage of students

will take advantage of the personal finance instruction

offering. It is not clear how Washington will measure

student achievement in financial literacy or how the

state monitors local school district implementation of

the financial literacy education access requirement or

measures what percent of high school students in the

state participate in such offered education.

Sources:

• 28A.300.468

2023 NATIONAL REPORT CARD | 149

West Virginia

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

Yes, West Virginia requires students to take 1 credit (a full-

year course) of civics, which includes personal finance

content, or AP

Government and Politics. Students who

take the AP

Government and Politics (or Dual-Credit

Civics) must be provided instruction in the personal

finance standards applicable to the civics course. In 2005,

a law was passed requiring the State Board of Education to

develop a high school program of instruction on personal

finance. The law allows the program to be integrated into

the curriculum of an existing course or courses.

Sources:

• West Virginia Board of Education Graduation

Requirements (page 3)

• WVBE Policy 2510

• HB 2387

HIGH SCHOOL EDUCATION STANDARDS

There are 45 civics, economics, personal finance, and

geography standards in the civics course, 10 of which

relate to personal finance. Based on this information,

we estimate that students receive approximately 27

hours of instruction in personal finance (or 22% of a

120-hour full-year course).

Sources:

• Grades 6 to 12 Social Studies College & Career

Readiness Standards (pages 33–39)

PROJECTED GRADE

FOR CLASS OF 2028

Grade A for the Class of 2028. In March 2023,

West Virginia passed a law that requires, beginning

with the class of students entering 9th grade in the

2024–2025 academic year, that each high school

student shall complete a half-credit course of study in

personal finance during their 11th or 12th grade year

as a requirement for high school graduation. The law

requires the State Board of Education to develop and

issue implementation guidance to local school districts

as to curriculum, content matter standards, eligible

teacher certification(s), and graduation requirements

the course may fulfill before July 1, 2024. The Class of

2028 would be the first class to graduate with the

new requirement.

Sources:

• W. Va. Code §18-2-7c

• HB 3113

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2023 NATIONAL REPORT CARD | 150

West Virginia

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

PRE-K TO GRADE 8

EDUCATION STANDARDS

The 8th grade economics and social studies standards

include instruction on financial aid planning opportunities

and programs to help students and families make sound

college savings decisions. The state requires career

development and life planning instruction in grades K to

8 with more substantive coverage of this personal finance-

related topic in grades 6 to 8. In accordance with state law,

middle schools must provide a comprehensive curriculum

with embedded career exploration and project-based career

activities; career development and counseling; and learning

and life connection experiences for all students. Students in

the state receive structured, ongoing experiences for career

awareness, exploration, decision-making, instructional

Career and Technical Education (CTE) practices, and career

preparation, exposing students to 16 career clusters. Career

development includes career exploration, entrepreneurial

experiences, and/or simulated workplace learning for all

students in grades 6, 7, and 8. Students must document

a personalized career portfolio that is transportable

throughout their middle and high school career.

Sources:

• W. Va. Code §18-9D-19a

• WVBE Policy 2510 Guidance (Grade K to 5)

• Policy 2510 Foundations for High-Quality Middle School

Programming Best Practices (Grades 6–8) (page 10)

EXTRA CREDIT

The Department of Education website provides

educators with resources on general career exploration.

Sources:

• Career Exploration Resources

CAVEAT

It is not clear how West Virginia measures student

achievement in financial literacy.

2023 NATIONAL REPORT CARD | 151

Wisconsin

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, Wisconsin does not require any specific courses

for graduation.

Sources:

• Wisconsin Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

In 2017, Wisconsin passed a law requiring each local

school board to adopt academic standards for financial

literacy and incorporate instruction in financial literacy

into the curriculum in grades K to 12. Implementation of

this requirement is left to local school districts with modest

oversight by the state. The law does not specify a delivery

mechanism for the required financial literacy instruction.

Most, but not all, local schools in Wisconsin offer a stand-

alone course in personal finance. NGPF research indicates

that about 35% of student attend a high school where

taking a stand-alone personal finance course is a local

graduation requirement. Another 61% of students attend

a high school that offers a stand-alone personal finance

course as an elective.

Sources:

• WI Act 94

• NGPF Got Finance

• Personal Financial Literacy

• Wisconsin Personal Finance Standards

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Wisconsin’s grade. The state’s grade could change

to a grade A if bills in the legislature requiring a

stand-alone personal finance course as a graduation

requirement became law.

Sources:

• AB 109

• SB 115

PRE-K TO GRADE 8

EDUCATION STANDARDS

Wisconsin has education standards that apply to

grades K to 8, and local school districts are required

to incorporate personal finance instruction into the

curriculum of these grades.

Sources:

• Wisconsin Personal Finance Standards

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2023 NATIONAL REPORT CARD | 152

Wisconsin

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

EXTRA CREDIT

In 2010, a Governor’s Council on Financial Literacy &

Capability was created. The Wisconsin Department of

Public Instruction’s website includes a list of financial

literacy resources for educators to use in

their classrooms.

Sources:

• Wisconsin Governor’s Council

• Personal Financial Literacy

CAVEAT

It is not clear how Wisconsin measures student

achievement in financial literacy or how the state

monitors local school district implementation of the

personal financial literacy education requirements to

ensure equitable access to this content knowledge to

all high school students.

2023 NATIONAL REPORT CARD | 153

Wyoming

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

GRADUATION REQUIREMENTS

Is a high school course with personal finance concepts

required to be taken as a graduation requirement?

No, Wyoming does not require any specific courses for

graduation. Wyoming requires three years of instruction

in social studies, including economic systems and

institutions.

Sources:

• Wyoming Current Administrative Rules

(scroll down to

Education, Dept. of

and click on drop

down; click on

General Agency, Board or Commission

Rules

; then click on

Chapter 31

for Graduation

Requirements)

• Graduation Requirements

PRE-K TO GRADE 8

EDUCATION STANDARDS

There are very modest amounts of financial literacy

concepts included in the state’s social studies, career

and vocational education, and mathematics standards for

grades K to 8.

PROJECTED GRADE

FOR CLASS OF 2028

No policy change is pending that would change

Wyoming’s grade.

HIGH SCHOOL EDUCATION STANDARDS

Wyoming’s statutes and regulations require each

school district to provide educational programs

sufficient to meet uniform student content and

performance standards at the level established by

the State Board of Education in specified areas

of knowledge and skills. These are broken down

into “common core of knowledge” and “common

core skills.” The skills include “personal financial

management skills.” While Wyoming’s laws and

regulations require personal finance training to

be made available to students, there are very few

substantive financial literacy education standards,

resources, or tools found on the Department of

Education’s (DOE) website. Economics must be taught

as part of the social studies credits for graduation, but

minimal personal finance concepts are included in

those standards. >>

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2023 NATIONAL REPORT CARD | 154

Wyoming

CLASS OF

2023 GRADE

PROJECTED CLASS

OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

>> Wyoming’s Career and Vocational Education Content

and Performance Standards also include modest personal

finance concepts. Wyoming Mathematics Content and

Performance Standards identify only nine math standards

in all mathematics high school courses that have a

potential cross- curricular connection to financial literacy.

Sources:

• Wyoming Statutes Title 21. Education § 21-9-101

• Chapter 10: Wyoming Content and Performance

Standards

• Wyoming Social Studies Content and Performance

Standards

• Wyoming’s Career and Vocational Education Content

and Performance Standards

• Wyoming Mathematics Content and Performance

Standards

EXTRA CREDIT

Pre-COVID, the DOE did partner with the University

of Wyoming and Ramsey Education to provide some

financial literacy curriculum and educational materials

to high schools across the state.

Sources:

• The University of Wyoming and Ramsey Education

CAVEAT

Although personal financial management is required

to be taught, the DOE does not have a financial

literacy web page for administrators and educators

with guidance, educational standards, resources,

tools, and professional development training to help

this successfully occur. It is not clear how Wyoming

measures student achievement in financial literacy

or how the state monitors local school district

implementation of the financial literacy education

requirement. It is very likely that the quality and

quantity of personal finance education in the state

varies greatly from school district to school district.

2023 NATIONAL REPORT CARD | 155

Additional References and Resources

Referred to in the Report

The following list excludes sources cited in the State Fact Sheets and the citations in the two

stand-alone articles included in this report because each of these articles includes endnotes.

The citations are listed by order of appearance under the section heading of the report.

ACKNOWLEDGMENTS

Law Firm Antiracism Alliance (n.d.).

Law Firm Antiracism Alliance LFAA Homepage

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ABOUT CHAMPLAIN COLLEGE AND

THE CENTER FOR FINANCIAL LITERACY

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Champlain College (n.d.).

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Pelletier, J. (2016).

2016 National Report Card on Adult Financial Literacy

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adult-financial-literacy/.

2023 REPORT CARD INTRODUCTION

Pelletier, J. (2013).

2013 National Report Card on State Efforts to Improve Financial Literacy in High Schools

™

Champlain College’s Center for Financial Literacy. Retrieved October 18, 2023, from https://www.champlain.edu/

about-champlain/center-for-financial-literacy/research-and-advocacy/archived-reports.

Pelletier, J. (2015).

2015 National Report Card on State Efforts to Improve Financial Literacy in High Schools

™

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about-champlain/center-for-financial-literacy/research-and-advocacy/archived-reports.

Pelletier, J. (2017).

2017 National Report Card on State Efforts to Improve Financial Literacy in High Schools

™

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champlain.edu/research-advocacy/archived-reports/.

2023 NATIONAL REPORT CARD | 156

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WHY EQUITABLE ACCESS TO HIGH SCHOOL

PERSONAL FINANCE EDUCATION IS NEEDED IN AMERICA

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WHY HIGH SCHOOL

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2023 NATIONAL REPORT CARD | 157

U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics (2020).

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Nearly 4 in 10 Americans say they ‘have no idea’ how credit scores work

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Prepped for Success

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2023 NATIONAL REPORT CARD | 158

FINANCIAL LITERACY EDUCATION SHOULD BE

A HIGH SCHOOL GRADUATION REQUIREMENT

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EDUCATORS NEED ACCESS TO FREE CURRICULUM AND TOOLS

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TEACHER TRAINING IS CRITICAL

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2022

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programs/digest/d22/tables/dt22_203.30.asp.

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