PHOENIX – Currently, financial literacy courses are offered as elective courses in Arizona high schools, but state leaders are deciding if high schoolers should be required to learn about credit cards and savings accounts before they graduate.
“Our young adults, I don’t think, are prepared for adulthood, and that would help if we have a class like that,” said parent Morgan Farar.
“I wish schools incorporated more classes and topics like that to prepare kids for real life and life after school,”: said parent Idara Ekpo.
Currently, Arizona is one of 33 states that do not require financial literacy courses. During a Board of Education meeting at the Arizona State Capitol, State Treasurer Kimberley Yee and financial author Sharon Lechter presented the findings of the state Financial Literacy Task Force.
“Arizona is falling way behind,” said Lechter.
As mentioned above, financial literacy courses (also known as “personal finance” courses) are offered in Arizona high schools as an elective, but reports state just 1% of high schooners take it.
“We have to give these critical skills to these young students, because they will become adults who will need to know how to manage money,” said Yee.
Yee stated that the Board of Education has the legislative power to make financial literacy a graduation requirement for high schooners, and she believes it could happen as early as 2025.
“Our credit card debt nationwide went over $1 trillion in [August 2023], and even higher now,” said Lechter. “It’s not a good omen for the future of the economy, so we need to learn how to educate our selves as well as our students.”
Meanwhile, there are currently apps that offers help in financial literacy education, like Busykid, an app that was created by Gregg Murset.
“After you each your kid not to steal and beat people up, you should teach them how to make good money decisions,” said Murset.
With the app, parents can dish out allowance money and guide them to spend it, or even invest it.
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