on Wednesday, a detailed state-by-state look at the economics and personal finance standards and requirements in K-12 state education systems.
Florida, the third most-populous state in the U.S., dropped the requirement that personal finance be taught as part of its economics curriculum in the past two years, but it did add a separate personal finance course, though it is not required to graduate and has not been allotted state funding. The Montana State University professors find in their research that mandating financial literacy education is more important than the specific format in which it is taught. Improvements in college financing decisions do not results from personal finance being taught as a stand-alone course, they found, but from the critical decision to enact a state-level, top-down mandate.
"It's a social justice issue," Morrison said. "Better education equips kids with the tools to make better decisions, to understand their first paycheck and take better care of themselves and their families." Five states do not have a personal finance standard in their education systems, according to the survey's criteria: Alaska, California, Montana, New Mexico and Wyoming.
"Legislators need to realize even a small amount for teachers and professional education here makes a big difference. It costs us less than $150 per teacher for professional development. It's not a big expense," Morrison said.That was the case in Virginia, which began requiring high school students to have a full year's credit in economics and personal finance before graduation in 2011.