New York City should include a financial literacy course in its public high school curriculum. Many students would benefit from learning about credit cards, interest rates, loans, and other personal finance topics before they graduate from high school.
In today’s environment, financial literacy is essential for student success.
Currently, 21 states, including Ohio, have passed legislation requiring the personal class as an elective or math course.
Ohio’s new law requires that students cannot graduate without successfully completing a half-credit course or a minimum of 60 hours in financial literacy. Each school must have at least one teacher licensed to teach personal finance, and the cost of obtaining that license is covered by the Ohio Department of Education.
New York City is expected to model its mandate on this law, with adjustments for the city’s governance structure.
It may seem that adding another graduation requirement to the already arduous course load of New York high school students is counterproductive. However, given the economic recession triggered by the COVID-19 pandemic, more than ever graduate students need to be equipped with advanced knowledge of the financial world.
Given the economic inequalities that New York City faces, a financial literacy course will also help bridge the education gap that prevents low-income and working-class students from reaching their full potential. First generation pupils and immigrant pupils may particularly benefit as they may not learn this information from their parents.
In addition, the pandemic has radically transformed the market. Spikes in unemployment in March 2020 disproportionately affected low-income workers and blue-collar workers. For students, it is important to understand the market forces at play and how it affects their future.
Community leaders across America have set out to educate underserved communities.
Nick Teglas, professor of economics at North Rockland High School in Thiells, New York, is an example of a dedicated educator who teaches in a Title 1 school. He wants his students