Measles is on the rise and fewer people are getting vaccinated in U.S. Should we have students take one less science class and instead mandate a course on vaccination literacy?
Artificial intelligence (AI) is beginning to disrupt our economy and social environment. Should we have students take one less math course and instead mandate an AI education class?
Cell phones and other screens are negatively impacting literacy rates. Should we have students take one less English language arts class and instead mandate a screen time management course?
These solutions may sound absurd for their respective problems. Not every problem can be solved by a student taking a course, especially when the cause is mostly systemic rather than individual. The solution is instead actually fixing the underlying problem.
Yet, some people and groups are proposing this: Since many Americans have accrued significant debt and struggle to manage their household expenses, we should have all students take one less social studies course and instead mandate a financial literacy class.
While this suggestion may seem like common sense, the problem is much more complicated and mandating some types of financial literacy courses may actually make matters worse.
In this post, I will explain why financial literacy lessons can be helpful, but only if they are critical, and show how most financial literacy graduation requirements are being pushed by individuals and groups without appropriate expertise and often with ulterior motives, and argue that mandates of financial literacy courses are deeply problematic.
Above: A map of state requirements related to financial literacy/personal finance courses (National Association of State Boards of Education).
Financial literacy (sometimes also called personal finance) courses are increasingly taught in many school districts. Currently, over 30 states require financial literacy courses for graduation (my home state of Massachusetts is not one of them, but there has long been a push here and several districts already require the courses). Why is that problematic?
First, these courses typically have a heavy emphasis on individual economic responsibility, which is then positioned as being able to save individuals from unfair economic systems. I will not spend much time here explaining this point, as Hyung Nam has an excellent piece in Rethinking Schools that everyone should read. He argued:
These curricula rest on the neoclassical economic paradigm that centers individual choices in the market, which is supposed to be minimally regulated — to be free and efficient. The problem is that many financial literacy curricula ultimately blame individuals for systemic problems, reinforcing an assumption that our capitalist political economy is a meritocracy, and that people exploited and oppressed must have a deficit of knowledge, intelligence, morality, or discipline — as if people become millionaires by skipping lattes to invest in stocks.
Hyung Nam also highlighted that these courses gained much of their popularity after the 2008 global financial meltdown, which was a convenient time to avoid critically examining financial institutions (no major corporate leader has ever been charged for the many financial institution crimes that occurred during that period) while also blaming consumer choices for the collapse of mortgage markets. Certainly, no course could ever substitute for either the prosecution of financial crimes or the legislation of banking-related consumer protections. He also argued that most financial literacy programs seem to target lower income students and students of color. Yet, there are structural reasons why those students tend to have more financial issues in life. Children with wealthier parents have more protection from bad economic decisions. Wealthier people often hire accountants and financial advisors to help them plan (maybe we should instead give every low-income person free fiduciary financial planning services?). In fact, one compelling study even showed that financial literacy courses had almost no impact on students' future savings or investment decisions.
Instead of having students ask, "How can I make financial decisions that best benefit me?" This question does not acknowledge that most economic benefits are beyond an individual's control. A more helpful financial education curriculum would ask: "How do we advocate for a fairer economic system that benefits everyone?" Other questions to consider: Who is hoarding wealth, how does the system protect them, and how do we stop it? Critical financial literacy can teach about managing individual financial risk, but only alongside more structural understandings of the economy and economic inequality. It has students "question the role of finance in society, and that underscores the importance of representing civil society interests in financial regulation." Moves away from student as consumer to student as caring fellow citizen. It adds an important layer of criticality to economic understanding.
Second, while school is an excellent place for students to learn about budgeting, credit and interest, tax forms, and savings (perhaps college loans could be featured, as many students will need those to fund their university education), there are better ways to teach this than standalone financial literacy courses. This is already being done in many mathematics and social studies courses at the high school level. For example, when I was a teacher at Framingham High School in Massachusetts, we re-wrote a portion of our U.S. history curriculum's Great Depression unit to cover these key concepts (as well as basic micro and macroeconomics concepts). An entire year or half year course is not needed to teach some pretty basic financial concepts like those above.
Plus, we have a more comprehensive course called economics, which examines both micro and macroeconomics, which generally includes personal finance, but go much deeper into these concepts (I want to also be clear that economics courses are not a silver bullet either). Moreover, I would argue that these economics courses should be taught with critical lenses on capitalism and free markets. There is significant research that shows that economic courses often problematic include uncritical and pro-free market ideological lenses. Students should certainly learn about conservative and neoliberal economic arguments, but those should not be treated as gospel or not be presented alongside progressive or social democratic economic alternatives.
Above: Financial literacy courses have become such a fad that you can even find first grade lessons on Teachers Pay Teachers. I suppose have students start thinking early that they and their family's economic conditions are solely based on their individual economic choices.
Brad Maguth recently published this article, which nicely outlines what a course that would truly prepare students for financial decisions based on a healthy skepticism would include. He writes that they should include:
1. Conducting critical structural analysis of financial systems
2. Leveraging learning through informed action
He goes on to outline a potential course that would be where:
Learners consider how race, ethnicity, class, gender, zip code, and status intersect with earnings, earning potential, spending, and overall financial mobility and wellness. Moving beyond engaging in a critical analysis of existing socio-economic disparities, learners are also asked to consider and take informed action by proposing new local or federal policies or reforms to challenge existing systemic injustices and to promote financial empowerment.
Essentially, this would be an "action economics" course (much like how action civics courses have students learn civics by doing civics).
Above: A March 2026 Wall Street Journal article that explains how more states are dropping economics class requirements as they add financial literacy course mandates.
If financial literacy education was critical, relevant, and involved hands-on learning, I would probably be its biggest supporter. I am not alone. In fact, the National Endowment for Financial Education and the Council for Economic Education have long advocated for better alternatives to the standalone financial literacy course. I encourage you to read their position paper here. And, here is one more good read from Moritz Hütten and Matthias Thiemann on how current K-12 financial literacy programs are deeply problematic (and how to change that).
Above: As a middle school student in Junior Achievement, I learned about how Smith & Wesson targeted their marketing toward women to sell more weapons.
Finally, I write this post as someone who has experienced a financial literacy course as a student. When I was a middle school student back in the early 1990s, I was required to participate in Junior Achievement. Frankly, I do not remember much of the course other than we spent too much time on balancing check books (something that is now easily done online) and made a plan to start a business. What was never covered was why some people were more and less wealthy. In fact, it was essentially free advertising for a local corporation I grew up in Western Massachusetts, where the gun manufacturer Smith & Wesson was a major employer. Each week, we had a representative teach us about the greatness of free markets. It also included him telling us all about the new plan to produce and sell a new lightweight plastic gun "for women," which my classmates heavily questioned as a bad idea ("Won't that pass through metal detectors?", he asked).
This anecdote leads to my final point. Who has been pushing financial literacy graduation requirements and course mandates? Two of the most powerful players influencing policy have been the Jump$tart Coalition (founded by financial service sector leaders in 1995 including William E. Odom, then-Chairman and CEO of the Ford Motor Credit Corporation and H. Randy Lively of the American Financial Services Association) and Next Gen Personal Finance (founded in 2014 and funded primarily by wealthy individuals, financial services and tech companies), as well as the trade group, the American Bankers Association (who actively lobbies for fewer banking regulations and consumer protections). This is a bit like the wolf teaching a class on hen house safety.
Above: Many corporations have created financial literacy courses to meet the demand of state mandates, including some of the most predatory and lawbreaking financial institutions, such as Wells Fargo and Fifth Third Bank.Then there are the big banks, who also put out their own financial literacy curricula. What could be possibly wrong with a say Wells Fargo (who has their "Hands on Banking" curriculum) or Fifth Third (who has their Finance Academy curriculum) choosing what and how your children learn about personal finance? Fifth Third has engaged in numerous "predatory lending" practices related to car loans. Wells Fargo was making "fake accounts" for customers without their knowledge to increase profit.
Above: Two images from PragerU's financial literacy course for high school students.
At the same time, a number of rightwing political groups and organizations have also gotten into the financial literacy education game. For instance, PragerU (which is not a university or educational institution, but instead a conservative media content creation organization) has created their "Financial Literacy Cash Course" financial literacy program. This has become a state education agency-approved by several conservative learning states, including the state to my north, New Hampshire. New Hampshire Republicans claimed that PragerU videos were non-partisan. However, that is patently false. It only take a few minutes of viewing their videos to see that it is ideological conservative economic ideas discguised as financial literacy content (teaching students about conservative or liberal economic ideas would have a positive outcome; however, when partisan curriculum portrays opinions, often not supported by much evidence, it becomes merely propaganda).
I watched PragerU's financial literacy videos (so you don't have to-you're welcome!). What they focus on is teaching students that unregulated free markets make our economy great. Consumerism makes communities better. People's wealth is solely due to their personal choices (and strangely, it is an inidivudal's fault if they are fininacially scammed-so you better watch out!). And, of course, taxes are bad. They even have a video on student loans that frankly potrays college students as lacking intelligence (and implies most just use their loans to buy expensive clothes). Apparently, financial literacy is just being born into wealthier families, so you do not need to go into debt. PragerU doesn't teach financial literacy (which should have students critically examine the many individual and systematic factors that impact them). Rather, it reduces citizens to the role of consumers operating in what they portray as perfect free markets where good economic decisions will make them rich.
Above: Images from PragerU's "Financial Literacy Crash Course."
In closing, beware of anyone, including politicians, non-profit organizations, or even educators, who claim that financial literacy courses are the solution to individual economic struggles or a pancea for solving economic inequality. Of course, students should learn about personal finance, but as a part of a more comprehensive and critical economic education. This is being done in some places and certainly can be replicated by others. Yet, financial literacy course mandates will likely not address these issues, waste important resources and perhaps reduce more meaningful social studies courses, and allow the real causes of economic inequality to not be held accountable (especially when they may be writing some of these curricula).






































