Pennsylvania and Delaware are among nine states that received an F grade for teaching personal finance to high school students, according to a new national study.
The 2017 “transcript” was published by the Champlain (Vt.) College Center for Financial Literacy, which also awarded state-by-state grades in 2015 and 2013.
Delaware has also received an F in the previous two reports.
Pennsylvania earned an F in 2015 but received a D in 2013.
New Jersey scored a B every three years.
John Pelletier, the director of the center, said the failure grades received have little or no requirements for personal finance education.
“This newsletter is about student access to personal finance education,” said Pelletier.
“If a state’s policies make it impossible for students to learn this important subject in high school, then it deserves an F. And although some of those states have created programs that promote financial literacy education, they don’t make sure all students are exposed to the subject.
The study, titled “Is Your State Measuring Up?” The 2017 report on state efforts to improve financial literacy in high schools, ”notes each state and the District of Columbia, which also received an F. The others that failed were Alaska, California, Connecticut, Hawaii, Massachusetts, Rhode Island, South Dakota. and Wisconsin.
Five states received an A – Alabama, Missouri, Tennessee, Utah and Virginia.
The center is a partnership of several financial institutions, non-profit entities and government agencies that promotes and develops financial literacy skills among K-12 students, students, teachers and adults.
A state that scores an F, according to the study, “has virtually no personal finance requirements in high school. Students in these states can graduate without ever having the opportunity to take a course that includes financial literacy. “
While Delaware was at the bottom of the field in all three studies, it is listed as a state that has made “slow but steady progress.”
The report says Delaware and Pennsylvania have created programs that promote financial literacy education, but Pelletier said students are often still not exposed to the subject.
The report commended Delaware for forming a “Financial Literacy Task Force that Recommended Mandatory Financial Education Standards for K-12 Years.” The state’s education ministry will ask the state council to review and approve such a policy early next year, according to the report. If passed, “Delaware could see a grade change from an F grade to a C grade in the future,” the report said.
Delaware public education spokesperson Alison May said her office would bring the proposal to council on Thursday, earlier than expected in the central Vermont report.
If approved, “the new standards will meet the needs they identify,” May said.
Pennsylvania Department of Education officials did not respond to requests for comment.
Pelletier said studies show financial literacy is linked to positive outcomes such as wealth accumulation, stock market participation, retirement planning, and avoiding expensive alternative financial services like payday loans. and auto title lending.