The Council for Economic Education (CEE) conducts a biennial Survey of the States to monitor the inclusion of economics and personal finance in K–12 education. The 2024 survey reveals significant developments in the adoption of financial literacy courses across the United States.
Expansion of Personal Finance Education
As of 2024, 35 states mandate that high school students complete a course in personal finance to graduate. This marks an increase from 23 states in 2022. The new regulations are expected to provide over 10 million additional K–12 students with access to financial education. States that have recently implemented these requirements include Connecticut, Indiana, Louisiana, Minnesota, Montana, Oregon, Pennsylvania, West Virginia, Wisconsin, Florida, Michigan, and South Carolina.
Stability in Economics Course Requirements
The number of states requiring high school students to take an economics course remains at 25, showing no change from previous years. This indicates a continued emphasis on personal finance education over traditional economics instruction.
International Assessment of Financial Literacy
The Programme for International Student Assessment (PISA) evaluates 15-year-old students’ understanding of financial concepts. In the 2022 assessment, U.S. students ranked ninth out of 18 participating countries, with a mean score of 492, slightly above the international average of 489. The results highlight the importance of financial education in preparing students for real-life financial decisions.
Impact of Financial Education on Student Behavior
Research indicates that comprehensive financial education in high school positively influences students’ financial behaviors. For example, states that have implemented mandatory personal finance courses have observed improvements in students’ credit scores and financial decision-making. These findings underscore the benefits of integrating financial literacy into the high school curriculum.