On Requiring Education in Financial Literacy

"Do Americans know how to manage money? Some of the statistics aren't encouraging. About 63 percent of the nation’s residents could not pass a basic financial literacy quiz. According to the Federal Reserve Board, 40 percent of U.S. adults don't have enough savings to cover a $400 emergency.

"This reality has prompted some to wonder whether students are learning enough about how to manage money. According to the Center for Financial Literacy at Champlain College, they're not.

"In 2017, the center gave 27 states a grade of C, D or F on 'their efforts to produce financially literate high school graduates.' . . ."

(Editor's Note: In New England, Maine and New Hampshire each received a grade of B; Vermont received a grade of D; and Connecticut, Massachusetts, and Rhode Island received a grade of F.)

"Recently, several states have made financial literacy lessons more of a priority for students even before they’re old enough to get a job."

A recent Governing Magazine article reported on the challenges of increasing financial literacy on various levels.

To access the complete Governing article, please visit:

Governing: As States Require Financial Literacy, How Early Should Schools Teach It? (23 JAN 18)

Background information:

Center for Financial Literacy: National High School Financial Literacy Report: Making the Grade 2017

Brookings: Are states providing adequate financial literacy education?