Research

This research was not conducted by us but by respected institutions.

The Council for Economic Education (CEE) 2022 Survey of the States

Summary:

  • 25 states require students to take a course in economics to graduate

  • 23 states require financial education in high school

    • 11 states require a standalone class

  • Ohio has continued to be a leader in financial education

    • Requires a semester-long personal finance class

    • State support for $martPath, a program dedicated to training teachers on K-8 financial education

  • Florida became the largest state to mandate a standalone personal finance class for graduation

  • Beginning in 2023-2024, Nebraska will require a full semester of personal finance in order to graduate

Current obstacles:

  • Stagnant growth in economic education, which encourages logical, analytical decision-making

  • States including Georgia and South Carolina have proposed legislation to remove economics requirements

Tips

  • Financial education needs to be well-defined, tailored to students, and provided by educators who are competent in the field

  • Continuous review of financial education is necessary to meet the needs of a diverse population

  • Intentional statewide approaches are essential to combat the inequality arising from funding differences between districts, which leads to differences in educational quality

  • Community-based and state-level action need to coexist

T. Rowe Price's 13th Annual Parents, Kids & Money Survey (2021)

Summary:

  • Survey sampled 2,023 parents of 8 to 14 year-olds and their children

  • 67% of families reported a negative financial impact from the pandemic

  • When asked, "Why parents don't like to talk with kids about finances?"

    • 58% of parents said their kids are too young to understand

    • 41% said there is too much else to worry about at the moment

    • 28% are embarrassed about the state of their finances

    • 27% said they should learn it in school

  • 36% of parents are extremely or very reluctant to discuss financial matters with their children

  • 70% of children indicated that it is important to discuss budget maintenance, money management, and college saving with their parents

  • Children were asked, "How often are your parents discussing the following with you?" Compared to children in 2020, the 2021 survey indicated that:

    • 64% discussed the topic of earning money (62% in 2020)

    • 57% discussed setting financial goals (45% in 2020)

    • 56% discussed maintaining a budget (47% in 2020)

    • 54% discussed saving for college (44% in 2020)

  • 33% of children wished their parents would talk more about credit, budgeting, and creating a checking/saving account