NGPF’s 2022 State of Financial Education Report

NGPF's 2022 State of Financial Education Report

How guaranteed access to Personal Finance courses expanded to nearly 1 in 4 high school students in 2022

Today, 22.7% of high school students in the U.S. have guaranteed access to Personal Finance courses. This means that nearly 1 in 4 students are going to graduate in 2022 having received the education they need to be financially capable!

% of U.S. high school students who graduated having taken a standalone Personal Finance course

2018

16.4%

2019

16.9%

2020

18.3%

2021

2022

FUTURE**

20.6% 22.7% 39.7%

States guaranteeing standalone Personal Finance courses for all

high schoolers

5

STATES

5

STATES

6

STATES

7

STATES

8

STATES

15

STATES

NGPF's 2022 State of Financial Education Report

PERSONAL FINANCE CLASS

GOLD STANDARD (GUARANTEED ACCESS)

22.7%

of U.S. high school students were guaranteed to take a standalone Personal Finance course of at least one semester* prior to graduation

in 2022.

SILVER STANDARD (ELECTIVE OR CLUSTER ACCESS)

48.2%

of U.S. high school students had access to a standalone Personal

Finance course of at least one semester* either as an elective or as

one option to fulfill a graduation requirement (cluster) in 2022.

BRONZE STANDARD (EMBEDDED ACCESS)

24.3%

of U.S. high school students had access to some instruction in Personal Finance as part of another course in 2022.

NO FINANCIAL EDUCATION OFFERED

4.8%

of U.S. high school students had no access to financial education

in any of their courses in 2022.

*One semester = at least 60+ consecutive instructional hours

** 7 states (Florida, Georgia, Michigan, Nebraska, Ohio, Rhode Island, South Carolina) are currently implementing statewide guarantees that all

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students in the state will take Personal Finance prior to graduation

15 States

now guarantee, or have committed to guaranteeing all high school students will take a standalone Personal Finance course of at least one semester prior to graduation. Eight of the fifteen states have fully implemented their guarantees statewide while seven of the fifteen are currently in the beginning stages of working with schools and districts to execute their new guarantees.

FULLY-IMPLEMENTED GUARANTEED STATES

BEGINNING IMPLEMENTATION

ALABAMA MISSISSIPPI MISSOURI

IOWA

NORTH

TENNESSEE

CAROLINA

UTAH

VIRGINIA

FLORIDA GEORGIA MICHIGAN NEBRASKA OHIO

RHODE SOUTH ISLAND CAROLINA

NGPF's 2022 State of Financial Education Report

FLORIDA: A MOMENTOUS SHIFT IN THE SUNSHINE STATE

Momentum for financial education continued in state capitol buildings in 2022, with twenty-six legislatures introducing sixty different bills to expand access to Personal Finance instruction.

After unanimous votes in both chambers of the Florida legislature, the Dorothy Hukill Financial Literacy Act made Florida the largest state yet to guarantee a personal finance course for all high schoolers.

INTERPRETING THE DOROTHY HUKILL FINANCIAL LITERACY ACT The law is a fitting tribute to the late State Senator Dorothy Hukill, who had long championed this effort. In order to make room for the course in students' schedules, the law reduced the number of required electives from 8 credits to 7.5 credits. The 2023-2024 school year's entering ninth grade class will be the first to be guaranteed to take the course before graduation under the new law, giving districts several years until full-scale implementation.

An earlier Florida law required all districts to offer a personal finance course as an elective, but only about 5% of high schoolers took that elective. This year's landmark legislation closes the gap so that no matter a student's zip code, they'll take a one-semester course in personal finance. Yanely Espinal, Next Gen Personal Finance

THE WORK AHEAD

Before full-scale implementation begins, school districts throughout Florida will:

Await the Florida DOE's implementation guidance regarding teacher certifications & standards

Ensure personal finance teachers have access to high quality Personal Finance curriculum and professional development opportunities

Choose which grade levels (e.g. 9, 10, 11, 12, or a range) in which to place the course and adjust masterboard schedules for students and teachers

Share implementation best practices through local & national networks

PHILANTHROPIC PARTNERSHIP CREATES INCENTIVES FOR IN-DEPTH PROFESSIONAL DEVELOPMENT

Next Gen Personal Finance has teamed up with the Stiles-Nicholson Foundation to invest $1 million in teacher professional development in Florida in advance of full-scale implementation. This grant funding will provide Florida Personal Finance teachers stipends for participating in NGPF professional development including Certification Courses, OnDemand modules and Virtual PD sessions, all of which will be aligned to the new course and already offered at no cost.

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Outside the fully implemented guarantee states**

When looking at national numbers, nearly 1 in 4 students currently have guaranteed access to a Personal Finance course. However, when we remove the 8 states with fully implemented statewide guarantees, we find that fewer than 1 in 10 students in the remaining 42 states have guaranteed access. It is critical that educators, community advocates, and lawmakers prioritize Personal Finance courses to increase access nationwide.

GOLD STANDARD (GUARANTEED ACCESS)

SILVER STANDARD (ELECTIVE OR CLUSTER ACCESS)

9.3%

56.6%

of high school students were guaranteed to take a standalone Personal Finance course of at least one semester* prior to graduation in 2022.

of high school students had access to a standalone Personal Finance course of at least one semester* either as an elective or as one

option to fulfill a graduation requirement (cluster) in 2022.

BRONZE STANDARD (EMBEDDED ACCESS)

28.5%

NO FINANCIAL EDUCATION OFFERED

5.6%

of high school students had access to some instruction in Personal Finance as part of another course in 2022.

of high school students had no access to financial education

in any of their courses in 2022.

WHEN ALL 15 STATE GUARANTEES ARE IMPLEMENTED

Currently, only 8 of the 15 guarantee states have fully implemented their legislation statewide. 7 are in the beginning stages. When all 15 are finished with implementation, here's what guaranteed access to Personal Finance will look like nationwide.

Statewide guarantees have the power to dramatically affect student access. Soon, an additional 2M students in Florida, Georgia, Michigan, Nebraska, Ohio, Rhode Island, and South Carolina will gain guaranteed access to Personal Finance education thanks to legislation in those states.

39.7%

of high school students will have access when 15 states

are fully implemented.

NGPF's 2022 State of Financial Education Report

*One semester = at least 60+ consecutive instructional hours **Alabama, Missouri, Mississippi, Virginia, Tennessee, Utah, North Carolina, Iowa

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Access to Personal Finance education is still divided by locale, race, and socioeconomic status

While 1 in 10 students outside Guarantee States will take a standalone Personal Finance course prior to graduation, this number dips significantly among students in schools with higher percentages of Black or Brown students or students eligible for federal Free and Reduced Lunch programs. This inequity is also evident amongst schools by locale. Students across the country are not getting equitable access to Personal Finance education.

HIGH SCHOOLS OUTSIDE OF GUARANTEE STATES*

BLACK & BROWN STUDENTS

Access of Black & Brown Students who were guaranteed to take a standalone Personal Finance course prior to graduation

FREE AND REDUCED LUNCH

Access by Free and Reduced Price Lunch eligibility where students were guaranteed to take a standalone Personal Finance

course prior to graduation

In schools with >75% Black and Brown student population

1 IN 20

students were guaranteed access

In schools with >75% Free and Reduced Lunch eligibility

1 IN 20

students were guaranteed access

In schools with ................
................

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