Last week, Champlain College’s Center for Financial Literacy released its National Report Card on State Efforts To Improve Financial Literacy in High Schools. This study evaluates the personal finance education efforts of each state based on their graduation requirements, academic standards, and regulations regarding how personal-finance courses are delivered in public high schools.
For a state to get an A, high school students must be required to take the equivalent of a half-year personal-finance course in order to graduate. Only 5 states — Alabama, Missouri, Tennessee, Virginia and Utah — earned that distinction. Twelve states received Fs on the national report card, while the majority of states received Bs and Cs.
This study underscores the critical need to make financial education a national priority and affirms that state-legislated financial education standards are an important part of the equation. But HOW states operationalize those standards to connect with students is also a huge part of producing measurable results. The study suggests that only state actors can help solve this challenge, but through EverFi’s work with more than 1000 private-sector partners, we are demonstrating that innovation from the both the public and private sectors can have real impact.
At a national level, EverFi’s high school students are making great strides in all 50 states. Last year alone, our students’ knowledge of savings rose 75%; understanding credit scores rose by an average of 39%; and the number of students who now feel prepared to apply for financial aid to help reach their dream of college increased by 79%.
In the “A” states that mandate a half-year personal-finance course, our work is highly scaled. For example in Virginia, since the 2011 legislation became active, 96% of public high schools are now partnering with EverFi to reach over 178,000 students. Alabama did not enact state standards until 2013 when they created a new required ninth-grade class, but EverFi is already working in 43% of those Alabama high schools with great results.
As the report shares and we can verify, even in “lower ranked” states we are seeing pockets of excellence led by courageous Superintendents and Principals in districts across the country, State Treasurers, and private-sector partners who are driving financial education innovation for millions of students nationwide. These leaders understand that work and life demand real critical skills, including financial education.
To the 90,000 teachers across 20,000 schools that help us deliver critical financial literacy education to students, thank you for continuing to be on the front lines of this important work with us.