The state of personal finance
Students are leaving high school without the finance skills and knowledge to support their postsecondary lives, particularly students of color and those living in low-income households. This lack of preparation comes while the racial wealth gap is greater today than it was at the start of the century, and economic mobility continues to be a challenge.
According to the 2021 State of Financial Education Report* from Next Gen Personal Finance, personal finance education is not made equally accessible, let alone guaranteed, for all students. Across the U.S., only a portion of today’s high school students are guaranteed, or required by state law, to take a personal finance course, and this figure drops dramatically for students from underrepresented or underserved communities.
While states are beginning to shift to formal finance education requirements, it has yet to take hold equally and equitably for all students as they enter the workforce and begin managing their financial lives.