A strong majority of Americans believe high schools should require personal finance education, according to new polling from the National Endowment for Financial Education (NEFE).
The nationwide survey found 83% of U.S. adults say their state should mandate a semester- or year-long personal finance course as a high school graduation requirement. Additionally, 82% of those who attended high school wish they had been required to complete such a course.
These findings align with similar NEFE polling conducted three years ago, as state legislatures nationwide continue to debate bills on financial education requirements.
“For several years, NEFE has examined the demand, need and benefits of requiring financial education in high schools from multiple perspectives,” said Billy Hensley, Ph.D., president and CEO of NEFE. “Hearing from people who missed out on this education has helped spark action that is paving the way toward meaningful change.”
The poll, conducted with SurveyUSA, revealed 61% of respondents said their high school did not offer a personal finance class. Among those whose schools offered such courses as electives but did not take them, 79% now wish the courses had been mandatory.
Respondents varied widely on which financial topics they considered most important, with no single area selected by more than 65%. Spending and budgeting topped the list at 65%, with 79% of retirees choosing this option.
The survey also found Americans are more likely to seek financial advice from family members (45%) than from financial professionals (27%). Other findings showed 91% of high school graduates earning $100,000 or more wish they had been required to take a personal finance course, while 14% of respondents reported owning cryptocurrency.
Age disparities were evident, with 44% of 18-to-34-year-olds reporting their schools lacked personal finance classes, compared to 77% of those 65 and older.
“We should commend states that have passed K-12 financial education requirements for their vision and effort, but passing legislation is just the start,” Hensley said. “The real challenge lies in implementing and overcoming the many barriers to effective and inclusive delivery.”
