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The state comptroller’s office on Monday urged the Board of Regents to make personal finance instruction a requirement for New York’s high school diploma. This is the latest effort to mandate instruction to improve students’ financial literacy.
The board, which sets education policy, listened to representatives from state Auditor Thomas DiNapoli, who supported the concept of a required course on personal finance in a November op-ed.
Additionally, the State Advisory Committee on Graduation Requirements recommended in November that regents include personal finance instruction as part of the diploma credit requirements.
The board took no formal action at Monday’s meeting as it continued its consideration. It remains unclear what form this requirement will take if adopted, including whether it will be a separate course or last one or two semesters.
Representatives from the Board of Auditors pointed to research showing that high school students who learned personal finance (also known as financial literacy) had less debt, better mortgage terms, and more money in the bank.
Currently, high schools across New York state do not require students to take financial literacy courses, although a growing number of states are requiring them. A total of 17 states require students to take a standalone class on the subject to graduate, according to Next Gen Personal Finance, a national nonprofit that tracks state laws. Maria Smith, director of financial literacy and educational support for the Comptroller’s Office, said the nonprofit found only 23 schools in New York state that require personal finance classes for graduation. .
“We’ve found that a lot of young people don’t have these skills. That needs to change,” Smith said.
Smith noted that a separate Champlain College study last year gave New York state a B grade for its existing guidance on financial planning. He added that although the state requires such instruction in high school economics, many teachers only spend one or two weeks on the subject.
“We still have room for improvement,” she said.
Smith defined financial literacy in terms of several principles of money management: earning, saving and investing, protecting, spending, and borrowing. She said it could be covered in one semester of classes.
During Monday’s discussion, Joseph Galante, assistant comptroller for strategic planning, praised the Westbury School District’s efforts to teach personal finance to students. He said the district worked with nonprofit organizations to obtain free curriculum, free teacher training and a $10,000 grant.
Several board members expressed support for adding personal funds to the requirements for obtaining a high school diploma.
Long Island board president Roger Tills said he’s glad the board is moving in that direction and expects formal action to be taken in the coming months.
“We need to do that in schools,” Tills said. “I believe it should be mandatory for school districts to require it at graduation.”
In an op-ed in New York this morning, DiNapoli emphasized the importance of young people learning about personal finance.
“The stress that comes with financial hardship can have a negative impact on your physical or mental health and can even hurt your family,” he said. “Financial literacy education can be an important step toward landing a better job, improving quality of life, and providing peace of mind.”
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