A new report card that ranks states on how well they teach students personal finance skills gives schools in Washington, D.C., a failing grade.
A new report card that ranks states on how well they teach personal finance skills gives schools in Washington, D.C., a failing grade.
Nation's Report Card of Financial Literacy ratings are based on money courses that teach students how to earn money, invest cash, save for retirement, and donate to charity. School districts that require a separate financial literacy class for high school graduation receive higher scores.
This report card scores each U.S. state, Washington DC, and Puerto Rico on K-12 financial education. These grades are based on current statewide requirements, standards, and curriculum for personal finance.
D.C. public schools that do not offer personal finance courses received an “F” in the rankings.
“They don't provide any financial literacy instruction at all,” said Greg Marcet, CEO of Busy Kids, an pocket money app that teaches kids how to use, save and share cash. There's no need to do that.” “They just turn a blind eye to it.”
Maryland received a “B” score on the report card compiled by the nonprofit American Foundation for Public Education. Maryland requires students to receive financial literacy instruction but does not offer a standalone personal finance course.
Virginia leads the class in the financial literacy challenge, earning an “A” grade, and students are required to complete an independent money class to graduate.
In November 2023, the D.C. School District announced a personal finance curriculum that includes course topics such as credit, risk management, and investing, but it has not yet been approved.
WTOP reached out to D.C. school leaders for comment on their report cards and their scores. They have not responded to the request.
“Personal finance is something we literally use in our lives, so why don't we require it in class? Teaching supply and demand curves in class isn't very helpful. have to teach them the basics, like how to make money,” said Marcet, who is also a certified financial planner.
Most parents want these courses, according to a 2022 poll by the National Endowment for Financial Education.
In the survey, around 80% of adults said they wish they had been required to take a financial course when attending school.
Marcet urged parents in the district to take up the task of teaching their children about money.
“What you have to do is not rely on other people to teach your kids this stuff,” he told WTOP. “Even if it stinks, you have to be that person. Say, 'I want you to be better at this than I am.'”
Sign up here to get the latest news and daily headlines delivered to your email inbox.
© 2024 WTOP. All rights reserved. This website is not directed to users within the European Economic Area.
