Bill Aims to Boost High School Financial Literacy

High schools could get a boost in teaching financial literacy thanks to a new bill in Congress. The "Promoting Financial Literacy in Secondary Schools Act" (H.R. 8126) targets the gap in financial knowledge many high school graduates face. Introduced in the House of Representatives, the legislation proposes expanding the reach of the Department of Treasury's Financial Literacy and Education Commission (FLEC).

Currently, the FLEC offers best practices for teaching financial literacy, but only for colleges and universities. This bill proposes to include high schools, providing guidance for educators on topics like budgeting, credit, financial products, and student loan management. Adopting these guidelines would be voluntary for schools.

State Rankings

A recent study by WalletHub ranked all 50 U.S. states and the District of Columbia based on their financial literacy. They considered financial education programs, consumer spending habits, and their own WalletLiteracy Test to determine the ranking.

Minnesota took the top spot as the most financially literate state in the nation. How did our region fare?

• Virginia: 3rd
• Maryland: 12th
• Delaware: 19th
• District of Columbia: 42nd