States look to implement mandatory financial education classes

In the midst of the U.S. financial crisis, individual states and elected officials are taking the steps to mandate some form of financial education curriculum or credit in public schools. Oregon and Kansas both have bills in front of governing bodies to implement financial education. In Kansas, a bill is before the House that would add financial literacy as a part of state standardized testing.

“We cannot repeat what we’ve been going through, and part of it has been the credit crunch and lack of knowledge,” said Sen. Jean Schodorf, R-Wichita, who sponsored Senate Bill 84.

In Oregon, the education board is now considering the recommendations of a year-long study on financial education and civics in high schools across the state.

“You don’t have to look very far for relevancy to see the bad decisions consumers made with these subprime loans,” said Rep. Gene Whisnant, R-Sunriver, one of the leaders of the effort. “Financial literacy is very important in our society. The education system needs to find some way to provide that to our youth.”

Earlier this year, the President’s Council on Financial Literacy submitted their recommendations to increase financial education for Americans. One of those recommendations was mandated financial education curriculum for all students. These states’ efforts are advancing that goal, but much more needs to be done across the nation. To read the full articles go here: Kansas Senate sends financial literacy measure to House and State board to consider financial literacy requirements.