Personal finance

Texas students should take personal finance course before graduation, nonprofit says

AUSTIN (KXAN) — A new study found that nine in 10 Americans think states should require students to take a semester or year-long personal finance course before graduating from high school. .

Fifteen states already have such a requirement, according to the group that conducted the study, the National Endowment for Financial Education.

“Unfortunately, Texas is not among the states that require a financial education course[s] to graduate,” said the nonprofit foundation’s Dr. Billy Hensley.

Inflation, loan debt, and credit card debt are just a few of the reasons Dr. Hensley said now is the best time for every state to require personal finance courses at school. ‘school.

“We funded a research study that shows that when you take a course in high school, an effective, carefully designed course, you graduate from college with less debt. You make better borrowing decisions. You take more subsidized loans than private loans. You graduated from college with less credit card debt. Your credit score is higher. These are very harsh numbers. It’s something that’s a no-brainer,” Hensley said.

The study also found that 80% of Americans wish they’d taken the course, Hensley said.

When asked if another term would overwhelm Texas teachers, Hensley said teachers need resources.

“I think teachers wouldn’t feel overburdened if we staffed them appropriately,” Hensley said.

The group said teachers would be trained with organizations, resources, professional development and a turnkey curriculum to teach personal finance in the classroom.

“If they understand the real benefits of this, higher credit scores for those taking courses, reduced revolving debt, better borrowing decisions when you go to college. When we clarify those things, we tie them all together, and then teachers become the ally and want to cover that because they see the essentials,” Hensley said.

The nonprofit urges parents to speak to headteachers and lawmakers if they want to see the requirement added to schools.