The pandemic exposed America’s financial literacy gap — now lawmakers want $$ management to start in the classroom

Taxes 101… a class we wish we'd taken. The pandemic + soaring prices have stressed American wallets, highlighting the importance of financial literacy (think: saving, budgeting, investing). Layoffs left millions struggling to afford childcare and rent, and 1 in 10 families had difficulty stocking fridges. Meanwhile, stimmy payouts padded savings and sparked a surge in young retail investors. Now:

• Money is the second-most discussed topic for parents and teens (after Covid) as high food and gas prices eat into family budgets.
• 93% of teens believe financial knowledge is crucial to achieving their life goals, yet most 15-to-18-year-olds fail basic fin lit tests.
• The financial literacy deficit cost Americans $350B last year (think: overdraft fees, high-interest loans).

Whiteboards & wallets... High school often marks a transition from summers scooping ice cream to financial independence — but more than half of teens feel unprepared. For college students, poor money management skills can lead to maxed-out credit cards, late bills, and dropped degrees. Now lawmakers are stepping in:

• Last year: Half of states proposed bills requiring personal finance courses in high school — a trend accelerated by Covid and record student loan debt.
• Last month: Florida became the largest state to mandate that all high school students take a personal finance class to graduate.
• This year: A record 25% of US high schoolers are expected to take a personal finance course before graduation, up from 20% last school year.