- Only 9.8% of the states earned an “A”: Alabama, Missouri, Tennessee, Utah and Virginia; and,
- Almost one quarter (23.5%) failed the measures of basic financial literacy: Alaska, California, Connecticut, Delaware, Hawaii, Massachusetts, Pennsylvania, Rhode Island, South Dakota, Washington, Wisconsin, and the District of Columbia.
In the 5 states earning an A, students are required to take a semester-long course dedicated to personal finance. Of the states that failed, none requires a course in financial literacy of its high schoolers.
The Director of the Center for Financial Literacy and the report’s author, told Marketwatch that he's walked into high school classrooms where many students believe their chosen career will make them at least $100k/year. He noted:
You can see how people, based on that flawed analysis, think that they can afford $70,000, $80,000 or $90,000 in debt. What needs to be taught is more career exploration, more understanding about income.
Let the discussion begin…
To read the 2015 Financial Literacy Report, click on the following link:
To read athe Marketwatch.com article, click on the following link: