legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Teaching Kids Personal Finance: New York Scores a B

When it comes to teaching kids personal finance, New York scores a B. The grades come from The Center for Financial Literacy at Champlain College in Burlington, Vermont. Twenty other states shared also got a B, which they earned because they require some amount of personal finance education ÔÇö but fall short of a semester-long standalone course in personal finance, which would earn them an A. “Not a day will go by after a student graduates from high school that they don’t think about money,” John Pelletier, director of the Center for Financial Literacy, said in an interview.

New York requires only that students get about 15 hours of personal finance instruction as part of a 12th-grade course in economics, he said. Pelletier stressed the importance of financial literacy during a time when “it gets more and more complex every day.” He noted all the new apps that keep popping up to help manage finances. There is plenty of information to pack into a semester-long course, he said: understanding budgeting, taxes, credit scores, saving for retirement, interest, income expectations for different careers, and how to avoid habits like using payday loans.

Making personal finance a priority

Pelletier said there are three ways for states to fit in a required semester-long course:

• Requiring personal finance in place of an elective.
• Adding it as a requirement without taking any other course away.
• Allowing it to count towards more than one requirement for graduation. For example: allow it to count as a math, social studies, fine arts or foreign language credit.

If not mandated, personal finance education tends to be required in richer, whiter schools, Pelletier said. Therefore, the best way to create equity is through statewide policies, he said. Seven states currently get an A for requiring a semester-long class. But that number is supposed to hit 24 by 2028 as more states get serious about teaching personal finance. In New York, several bills would require a standalone course in personal finance, but it’s unclear if any have a shot of becoming law, Pelletier said.

He also noted a 2022 survey of 1,030 adults by the National Endowment for Financial Education, in which 88% of respondents wanted their states to require a semester- or year-long financial education course in high school. Even more telling: 80% wished they were required to take one when they were in school.

Contact Diana Dombrowski at [email protected]. Follow her on Twitter at @domdomdiana.

AI legalese decoder can help by providing insights into the legislative language in personal finance education bills and analyzing their potential impact on schools and students. Additionally, it can help in identifying ways to incorporate personal finance education into existing educational requirements for various subjects and grades, helping policymakers make informed decisions regarding curriculum development and implementation.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link