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Support Financial Literacy Programs In Schools

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Sponsor: The Literacy Site

Our students need financial literacy programs no later than high school. Help us take action!


Financial literacy is important, and it needs to begin early, but the U.S. falling behind.

An estimated 44% of Americans can't cover a $400 emergency without going into debt. And 56% of Americans have less than $10,000 in savings for their retirement1.

Moreover, close to 69% of parents are reluctant to discuss financial matters with their kids2.

The basics of personal financial planning, including teaching young people about money, its value, how to save, invest and spend, and how not to waste it, meed to start early at both home and school3. Personal finance concepts should be taught in elementary, middle and high school, and should continue into college.

Currently, a personal finance education course is a high school requirement in 21 states. In 24 states, high schools must offer personal finance education, but they do not require students to take it4.

Young people often do not understand all the details of healthy financial activity, including debit and credit cards, mortgages, banking, investment and insurance5. However, the number of financial decisions an individual must make continues to increase, and the variety and complexity of financial products continues to grow6.

One of the most important financial decisions a student will make in their lives are choosing whether they should go to college after high school and what field to specialize in7. When they have an opportunity to go to college, most students borrow to finance their education. But they don't always understand how much debt is appropriate, let alone financial aid, loans and their effect on credit scores.

Financial literacy leads to better personal finance behavior. There are a variety of studies that indicate that individuals with higher levels of financial literacy make better personal finance decisions8. Those who are financially illiterate are less likely to have a checking account, rainy day emergency fund or retirement plan, or to own stocks. They are also more likely to fall into bad habits like using payday loans, pay only the minimum amount owed on their credit cards, have high-cost mortgages, and have higher debt and credit delinquency levels9.

Sign the petition and help us push for more financial literacy programs in schools!

More on this issue:

  1. Stuart Draper, Forbes (16 December 2019), "Why Financial Literacy In Schools Matters Today For the Workforce Of Tomorrow."
  2. T. Rowe Price (16 March 2017), "T. Rowe Price Parents, Kids & Money Survey."
  3. Michele Abramovich, Finance Digest (21 August 2022), "Why Personal Finance Should Be Taught In High School?"
  4. Axios, Herb Scribner (8 June 2022), "These states require personal finance education before graduation."
  5. Valerie Strauss, The Washington Post (19 December 2017), "Grading U.S. states on teaching financial literacy: Some earn A's, while others flunk."
  6. Consumer Financial Protection Bureau, "Financial knowledge and decision-making skills."
  7. Consumer.gov, Federal Trade Commission, "Your Education After High School."
  8. Business Review at Berkeley (29 April 2019), "The Importance of Financial Literacy."
  9. Michelle Fox, CNBC (1 April 2022), "From saving money to paying down debt, here's why financial literacy is so important."
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The Petition:

To the United States Secretary of Education and educators of our nation,

By the time they have an opportunity to go to college, most students borrow to finance their education. But they don't always understand how much debt is appropriate, let alone financial aid, loans and their effect on credit scores.

We know our students aren't getting lessons in financial literacy at home, as close to 69% of parents are reluctant to discuss financial matters with their kids.

Many aren't learning about healthy financial habits in school either. A personal finance education course is a high school requirement in just 21 states. Only in 24 states must high schools offer personal finance education, but it is still not required.

The basics of personal financial planning-teaching young people about money, its value, how to save, invest and spend, and how not to waste it should start early at both home and school.

Individuals with higher levels of financial literacy make better personal finance decisions. Those who are financially illiterate are less likely to have a checking account, rainy day emergency fund or retirement plan, or to own stocks. They are also more likely to fall into bad habits like using payday loans, pay only the minimum amount owed on their credit cards, have high-cost mortgages, and have higher debt and credit delinquency levels.

One of the most important financial decisions a student will make in their lives are choosing whether they should go to college after high school and what field to specialize in. Our students need to be prepared to make these decisions.

I implore you to support financial literacy programs in our schools that prepare students for life after graduation. The future of our country depends on them, and we must prepare them to lead the way.

Sincerely,

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Signatures: