Some people oppose school-based financial education because they believe teaching kids about money is the parents’ responsibility ― and frankly, it should be. However, what happens to the children whose parents and guardians lack the financial skills or experience necessary to teach their children the basics of personal finance? What can they do to get the fundamentals of personal finance taught?

We are increasingly focusing our efforts on improving financial inclusion and equity. School-based financial education can play an important part in leveling the playing fields for future generations of American consumers. This is especially true for students from historically underserved areas. This will help them make informed financial choices throughout their life.

It is common to receive public support. Eighty-eight percent of adultsAccording to a survey conducted by the National Endowment for Financial Education, 80% of respondents felt that their state needed to require a year or a semester-long financial education course for graduation.

Georgia is one of many states that have added requirements. becoming the latest to mandate a personal financeHigh school course. The March semester will be Florida became the largest state to require personal finance in high school.

Although financial education can be a valuable tool for those with lower incomes, it can also benefit all students. Teachers who are well-qualified and have access to current curriculum resources will often be best equipped to help students learn the various facets of personal finances. 

Jump$tart Coalition is a firm believer that every student deserves a solid financial education at school. Although we applaud many states’ efforts to make financial education mandatory at high school, we believe that it needs to be implemented sooner. Financial education in elementary school – starting even before kindergarten – is essential for young children as they are forming their behaviors and beliefs. Financial education is essential for middle-school students, particularly those most at risk of dropping out.

Financial literacy has not suggested education is the only solution for financial well-being. Instead, education should be considered a key component, when combined with access to suitable products and services, consumer protections, ethical financial professionals, and equitable access. For its part, the community works together ― often through the Jump$tart Coalition ― to provide quality resources and information, teacher training, educational standards, and more, to ensure that the financial education is effective in classrooms across the country.

The responsibility of parents is then to help their kids learn about finances. It’s a great time, especially since April is Financial Literacy Month.

—Laura Levine is President and CEO at Jump$tart Coalition for Personal Financial Literacy

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