As college debt increases, so does the interest in teaching financial literacy

The average student debt in 2017 was about $ 29,000, according to the Institute for College Access and Success. About one million borrowers do not repay their federal student loans for the first time each year, according to a report from the Urban Institute.

The latest measures taken by various states could help their “academic record” in financial literacy, said Johnny Pater, director of the Center for Financial Literacy at Champlain College in Vermont. Under the supervision of Mr. Pater, the center prepares a periodic report assigning each state a score corresponding to one letter, based on its commitment to teaching financial literacy.

In the Center’s latest analysis, only five states received the Center’s most recent rating, released early last year and including data from mid-November 2017. But Pater expects this to be the case. that several States are improving their notes in its next report. at the end of this year.

“There was movement for sure,” said Pater, adding that the question of whether all proposals would be adopted would become law.

Here are some questions and answers about financial literacy efforts:

How do I know if my school district offers education in personal finance?

The OneJump Tech for Personal Financial Literacy, a non-profit group that promotes financial education in schools, recently launched the Groundswell initiative to increase financial literacy programs by 25%. here 2025.

The new program website, CheckYourSchool.org, allows users to search their local school district for the type of personal finance education they are offering. The program also provides suggestions to parents and families to encourage them to adopt new courses.

What topics should a high school personal finance class cover?

Several groups, including the Council for Economic Education, publish standards as well as benchmarks for each grade level. Council benchmarks indicate that, for example, in Grade 12, students should be able to calculate how much a 10-year-old would need to save today to be able to pay one year of college tuition, over eight years.