This week, the price of gas hit $4 a gallon. The average price of a single-family home in Greater Boston is now more than a million dollars. Credit card balances are at a record high, and Massachusetts students carry an average of more than $35,000 in student loan debt. Affordability is the watchword of the moment. Yet Massachusetts still does not require high school students to study financial literacy before they graduate.Thirty other states require personal finance education in high school. Many Massachusetts districts offer financial literacy as an elective, and a small number make it mandatory. But in most districts, personal finance is still treated as a luxury, not a necessity. Financial literacy is essential to long-term stability and independence. In a recent survey, the Statewide Graduation Council appointed by Gov. Maura Healey found that students, employers, teachers, and others ranked personal finance higher than any other recommended coursework. The Massachusetts House has passed legislation requiring instruction in personal finance, though not as a standalone course. There is reasonable concern that requiring a standalone course will pose challenges for districts already struggling to fit every requirement into the school day. But research suggests students who study personal finance in high school are more likely to have higher credit scores, fewer credit card delinquencies, and less debt. This is an important issue to resolve, and the legislature ought to prioritize it in the current session. The payoff will be worth the investment.
This week, the price of gas hit $4 a gallon. The average price of a single-family home in Greater Boston is now more than a million dollars. Credit card balances are at a record high, and Massachusetts students carry an average of more than $35,000 in student loan debt.
Affordability is the watchword of the moment. Yet Massachusetts still does not require high school students to study financial literacy before they graduate.
Thirty other states require personal finance education in high school. Many Massachusetts districts offer financial literacy as an elective, and a small number make it mandatory. But in most districts, personal finance is still treated as a luxury, not a necessity.
Financial literacy is essential to long-term stability and independence. In a recent survey, the Statewide Graduation Council appointed by Gov. Maura Healey found that students, employers, teachers, and others ranked personal finance higher than any other recommended coursework.
The Massachusetts House has passed legislation requiring instruction in personal finance, though not as a standalone course. There is reasonable concern that requiring a standalone course will pose challenges for districts already struggling to fit every requirement into the school day.
But research suggests students who study personal finance in high school are more likely to have higher credit scores, fewer credit card delinquencies, and less debt.
This is an important issue to resolve, and the legislature ought to prioritize it in the current session. The payoff will be worth the investment.