CAPITAL REGION, NY (WRGB) — New York State Comptroller Tom DiNapoli says young people in New York may know a lot, but he also says, “they have much to learn about personal finance.”
In an amNewYork op-ed published this past weekend, DiNapoli points out twenty states, including Utah, Rhode Island and Ohio require students to take a personal finance class.
He says New York “should get with the program.”
A 2022 report found that 80% of those surveyed wished they’d been required to take a class.
Several members of the Board of Regents have also voiced support for making personal finance a requirement for a high school diploma.
Some local districts are already trying to do this.
Both the Burnt Hills-Ballston Lake and Shenendehowa Central school districts both have credit unions on-campus, where students learn finance by actually working there:
“We strongly believe that it would be a great thing if it was a graduation requirement because we know what credit card debt looks like right now. It’s over $1 trillion, I think, I just saw. We know what student loan debt looks like… Being able to take what we’re learning in the classrooms and apply it in a work setting,” said Christine Kelly, a business teacher and internship coordinator for Shenendehowa.
BH-BL partnered with First NY Federal Credit Union for their “spartan bank.” Shen’s branch is in partnership with Sunmark Credit Union.
We’re told student engagement is high, with more students interested than there are spots.
While these are just some of the local districts that have some form of finance education, it’s still not widespread enough. The National Financial Educators Council found financial literacy is an expensive epidemic.
“Financia literacy leads too greater stability. It leads to less stress, better overall health. It’s the cornerstone of generational wealth… Financial literacy is a wellness activity. It doesn’t just pertain to money,” said Stephanie Andrejcak, BH-BL’s Career and Technical Education Coordinator.
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