The Secretary of Education Miguel Cardona says personal finance lessons should be mandatory in our schools, and we certainly agree. Learn4Life has been teaching financial literacy to its high school students for the past seven years. Currently only 21 states mandate financial classes in high schools and only a few more require them available as elective courses.
During Financial Literacy Month, it’s important to note that graduates of high schools with financial education are less likely to fall prey to high-cost predatory loans (such as payday loans) than their peers without guaranteed financial education. They are 21 percent less likely to carry a balance on a credit card while in college and apply for Federal aid and subsidized student loans more often.
“We definitely see the value in teaching financial literacy to all of our students,” said Joseph Scibana, director of career and experiential learning programs. “Students learn to prioritize spending based on needs vs. wants, how to read a paystub with withholdings and deductions, and they discover the beauty of compound interest when you are saving money, but the dark side of that when you are borrowing.”
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