According to the National Center for Education Statistics, one in five 15-year-olds doesn’t understand basic financial concepts. For those young people, too, some very important financial decisions lie only a few years ahead — how to save and invest, how to choose between college and work, how to borrow wisely, how to manage debit and credit cards, etc.
One response by states to the challenge of improving personal financial literacy: Require more of high schools and students in this subject area, with the hope that it lays the groundwork for long-term economic success. “Well-implemented state financial education mandates lead to a clear improvement in financial behaviors,” according to a 2019 report by the U.S. Consumer Financial Protection Bureau.
According to the Council for Economic Education’s “Survey of States,” which analyzes and compares laws across the nation, every state in the Midwest shares at least one policy — the inclusion of personal finance in its K-12 standards. But from there, the policies of states diverge, and they’ve also been changing in recent years due to the enactment of new laws.