2026 National HS Report Card by NEFE_Marketing25

IS YOUR STATE MAKING THE GRADE? 2026 NATIONAL REPORT CARD ON STATE EFFORTS TO IMPROVE FINANCIAL LITERACY IN HIGH SCHOOLS ™ BY JOHN PELLETIER Senior Fellow National Endowment for Financial Education (NEFE) October 1, 2026

Includes Articles by Carly Urban, Ph.D. and Beth Bean, Ph.D. See Table of Contents

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TABLE OF CONTENTS Letter from NEFE President and CEO.................................................................................................................. 4 About the National Report Card and NEFE...................................................................................................... 4 Acknowledgments.................................................................................................................................................... 5 2026 Report Card Introduction............................................................................................................................ 6 Why High School....................................................................................................................................................... 9 The Factual Case for Financial Literacy.............................................................................................................. 9 Why Equitable Access to High School Personal Finance Is Needed in America......................11 ARTICLE:

How to Implement High School Financial Literacy Education Mandates Carly Urban, Ph.D.......................................................................................................................13

The 2026 Report Overview..................................................................................................................................16 Grade Changes from the Class of 2023 to the Class of 2026...................................................................22 Grade Changes from the Class of 2026 to the Projected Class of 2031...............................................23 State Grade Changes Over Time........................................................................................................................24 Methodology............................................................................................................................................................27 A Quick Guide to the Grading System.............................................................................................................28 Class of 2026 Final Grade......................................................................................................................................29 Class of 2031 Projected Final Grade.................................................................................................................30 State Assessments by Grade...............................................................................................................................31 Class of 2026 Grade A States...............................................................................................................................31 Projected Grade A States: By or Before the Class of 2031................................................................32 The Risks of Reverse Regulatory Alchemy.............................................................................................33

Class of 2026 Grade B States......................................................................................................................34 Projected Grade B States: By or Before the Class of 2031................................................................37 Class of 2026 Grade C States......................................................................................................................37 Projected Grade C States: By or Before the Class of 2031................................................................37 Class of 2026 Grade D States......................................................................................................................38 Projected Grade D States: By or Before the Class of 2031................................................................38 Class of 2026 Grade F States.......................................................................................................................38 Projected Grade F States: By or Before the Class of 2031.................................................................38 Percent of High School Population by Grade...............................................................................................39 Size Matters...............................................................................................................................................................42 Financial Literacy is a Purple Issue....................................................................................................................45 How Can My State Flunk When My Child’s School Has a Personal Finance Class?..........................45 When Should Personal Finance Be Taught in High School?....................................................................46 ARTICLE:

Five Key Factors for Effective Financial Education Beth Bean, Ph.D..........................................................................................................................47

Many Trained Teachers Are Needed.................................................................................................................49 2026 National Report Card State Fact Sheets...............................................................................................51 Additional References and Resources Referred to in the Report........................................................ 163

Links contained within the report are subject to change without notice. All links are accurate as of August 14, 2026.

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Letter from the President and CEO of NEFE Policymakers and education leaders across the country are recognizing the importance of ensuring that students complete high school with at least a foundational understanding of personal finance concepts. Since its launch in 2013, the National Report Card on State Efforts to Improve Financial Literacy in High Schools™ has served as a trusted benchmark for evaluating state-level K-12 policy and has helped drive substantial progress in expanding personal finance education nationwide. This year marks the beginning of a new chapter for the National Report Card under the stewardship of the National Endowment for Financial Education (NEFE). With this edition and moving forward, NEFE will administer the Report Card’s continued publication and evolution. We are honored to continue this important work and remain committed to preserving the report’s rigor, objectivity and credibility while expanding its value and reach for educators, policymakers, advocates and researchers. This transition reflects a commitment to supporting this valuable resource, which has been instrumental in the field’s progress.

The progress across our field is encouraging, and the work ahead requires continued collaboration, evidence building and investment in the systems that support learners and educators. We invite you to engage with NEFE—whether by reviewing our new strategic plan, sharing your perspective or partnering on initiatives—to help shape the future of financial education. We are grateful for your partnership and leadership and look forward to working together. Sincerely,

Billy Hensley, Ph.D. President and CEO National Endowment for Financial Education

I am especially pleased that John Pelletier will continue his involvement with the National Report Card, serving as a senior fellow with NEFE. His expertise will ensure continuity in the report’s methodology, quality and impact. I also want to express my gratitude to President Alex Hernandez and the team at Champlain College for their incredible support of this effort, as the Center for Financial Literacy has been housed there for over 16 years. Champlain has been, and will continue to be, a leader in the financial education space through its work with students, partners and researchers alike.

ABOUT THE NATIONAL ENDOWMENT FOR FINANCIAL EDUCATION The National Endowment for Financial Education (NEFE) is the independent, centralizing voice providing leadership, research and collaboration to champion effective financial education and advance financial well-being. NEFE has received national recognition for strengthening action-oriented research agendas, mobilizing intermediaries, and creating better solutions for researchers, educators, practitioners and policymakers. Beginning with the 2026 edition, NEFE assumes the administration of the National Report Card on State Efforts to Improve Financial Literacy in High Schools™. For more, visit www.nefe.org.

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Acknowledgments The 2026 National Report Card on State Efforts to Improve Financial Literacy in High Schools™ would not have been possible without the efforts of many individuals who helped our Center complete this research and turn it into the final report that you have before you. This report is intended to be an update to our 2023 report, with a focus on the states that our Center projects to be Grade A states by 2031, meaning states that will require students to take a personal finance standalone course, or its equivalent, to graduate. We would like to recognize the following organizations and individuals who have been particularly supportive of this project. I would like to extend my sincere thanks to: •

The National Endowment for Financial Education (NEFE) for providing the financial support for this important update to our Center’s 2023 research.

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Carly Urban, Ph.D., professor of economics at Montana State University, for authoring the article How to Implement High School Financial Literacy Education Mandates for inclusion in this report.

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Beth Bean, Ph.D., Senior Vice President, Research and Policy at NEFE, for authoring the article Five Key Factors for Effective Financial Education.

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Bill Johnson, whose edits, comments, and friendship over the past 16 years have made all of our National Report Cards so much better due to his expert advice.

The grades given to the states and the District of Columbia in this report and any other statements, interpretations, or conclusions included in this report (excluding the Carly Urban, Ph.D. and Beth Bean, Ph.D. articles previously mentioned) are exclusively the author’s and do not necessarily represent the views of the NEFE, Carly Urban, Ph.D., Beth Bean, Ph.D.

John Pelletier Senior Fellow, National Endowment for Financial Education (NEFE), Formerly the Director of the Champlain College Center of Financial Literacy from 2010 to 2026

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2026 Report Card Introduction The Center for Financial Literacy at Champlain College was established in 2010 (please note that as previously described on page 4, recently NEFE acquired certain Center assets including its public policy research capability). At that time, the Center staff was trying to understand the requirements for personal finance education in public high schools in each state and the District of Columbia. As the Center gathered this information on each state, it decided to share it with the public and issued its inaugural National Report Card on State Efforts to Improve Financial Literacy in High Schools™ (“Report Card”) in the summer of 2013. This report is the sixth Report Card issued on this topic over the past thirteen years (prior Report Cards were issued in 2013, 2015, 2017, 2023 and an interim report in 2025). On this 13th anniversary of the first Report Card, we hope that continuing to grade each state on how well it teaches high school personal finance will play a part in moving America closer to guaranteeing access to financial literacy education for all high school students. When the first Report Card was issued in 2013, only three states earned an A grade for the class of 2013, and only 5% of public high school students nationwide lived in a state that guaranteed equitable access to this critical course prior to graduating from high school. Six years later, only five states representing 9% of public high school students nationwide resided in a state with a personal finance standalone course graduation requirement. Change was happening slowly in this area from 2013 to 2019. Then COVID-19 arrived in March 2020. This event was a catalyst for change in statewide public policy regarding personal finance education in public high schools. Our current projection is that when the Class of 2031 graduates there will be 29 states that will require high school students take a standalone course in personal finance prior to graduation. We estimate that 73% of public high school students who graduate in 2031 will have taken a substantive personal finance course prior to graduation.

State public policy responded to two major events which led to this rapid growth. The first was the Great Recession and its aftermath. This recessionary period in the U.S. was only exceeded in scope by the Great Depression. The unemployment rate went from 5% in December 2007 to 10% in October 2010, nearly as high as the unemployment levels last seen in 1983 during a previous severe recession. The stock market crashed with the S&P 500 dropping by about 57%. As a Federal Reserve Bank of Philadelphia article noted: “The bursting of the U.S. housing bubble and the Great Recession that followed (2007–2009) resulted in a sharp decline in overall economic activity. Home prices dropped on average by about 20% between December 2006 and December 2009, but it wasn’t just housing that was affected. Household consumption, business investment, and employment also declined dramatically. A wave of mortgage defaults followed.” After the Great Recession, many bills were introduced in state legislatures that would require personal finance education as a high school graduation requirement, and some were successfully passed. The sponsors of these bills believed that giving young people financial tools would help them become more resilient in future recessions. A dozen years later came the second event, the COVID-19 pandemic that began in March of 2020. Unemployment skyrocketed from 3.5% in January 2020 to 14.7% in April 2020—levels not seen since the Great Depression. The stock market crashed quickly with the S&P 500 dropping by about 34% in only 33 days, the fastest bear market in history. It became clear to policymakers in many states during the pandemic how financially fragile many U.S. citizens were. In 2018, less than half of adults surveyed indicated that they had a rainy-day fund that would cover three months of expenses in the FINRA Financial Capability Study.

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The 2008 financial crisis underscored how vulnerable individuals and families are when they lack a basic understanding of saving, budgeting, and managing credit. The 2020 COVID-19 recession highlighted how financially fragile nearly half of adults in the nation were. During the early days of the pandemic, individuals who had lost their jobs and were without emergency savings struggled to pay for life’s necessities. They had trouble buying food, paying the rent, mortgage or utilities. Many were skipping payments on auto, mortgage, student loan and credit card debt. Over the past quarter century, studies have shown that financial education in high school leads to better money habits and decision-making. State policymakers realized that teaching personal finance gives students critical life skills. This is particularly important because young adults will be making important decisions in their lives, like how to pay for college and how to fund their retirement. Young adults need the tools to understand and manage the constantly evolving and complex financial products they are offered in our unpredictable economy. Legislators’ receptivity to the need for personal finance education in our schools is demonstrated by how personal finance education was voted into law by wide margins in state after state. This has been all the more remarkable because it happened during a time of intense political division in our nation. Finally, there is a topic in state and national public policy that is a purple issue, not a red or blue one. Lawmakers also are responding to public sentiment. A March 2025 poll of adults released by the National Endowment for Financial Education (NEFE) offer these findings: •

More than eight in 10 (83%) of all respondents say their state should require a semester- or year-long course focused on personal finance education for high school graduation.

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82% of adults sampled say they wish they were required to complete a semester- or year-long course focused on personal finance education during high school.

Not only is this an incredibly popular public policy initiative with the voting public, but the rapid adoption of personal finance education laws also stems from a desire to help our youth succeed financially in life. Financial illiteracy leads to young adults defaulting on student and auto loans, paying only the minimum on credit cards, having low savings and/or no rainy-day fund, not saving for retirement, very poor credit scores and, sadly, even filing for bankruptcy. This year, 2.8 million students attended public high schools that received a grade A for the Class of 2026. We project that when the Class of 2031 graduates, there will be 11.3 million students attending high schools in grade A states. Thus, in five short years, more than seven out of ten U.S. high school students will be enrolled in high schools where a standalone, fullsemester course, or its equivalent, in personal finance is required before graduation. That’s a 303% increase from the Class of 2026 to the Class of 2031! The personal finance education momentum has also been building because of the availability of free, high-quality, online curricular resources offered by state departments of education and by many other organizations, often nonprofits. However, as this momentum continues, we must pay attention to the critical importance of teacher training. For example, we project that there will be a need for at least 28,000 highly trained personal finance educators in just the grade A states by 2031. Highly trained educators matter. Many high school administrators believe that teachers from various disciplines can teach personal finance. They are correct, existing educators in their schools can teach this subject, but they need training. The reality is that untrained teachers often lack the confidence and knowledge to teach this complex subject well. Taxpayers and parents rightfully expect teachers to be trained in personal finance, just as they are required to be trained to teach language arts, history, civics, math, or a foreign language. So a high school mandate for personal finance as a graduation requirement must be paired with an educator training initiative prior to the launch of this new mandate.

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Studies indicate that giving educators the training that they need to successfully teach personal finance topics in their classroom works: •

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Educators Who Learn to Teach Personal Finance in a Graduate-Level Course Are Dramatically More Confident and Effective. Students who learn personal finance from these trained teachers showed significant knowledge gains in all test topics, while a control group of students who did not receive personal finance education dropped slightly in knowledge in all but one area. Also, students who received formal education by trained teachers reported some improvement in most personal finance behaviors measured. Indeed, students who received personal finance education by trained teachers had “high financial literacy” on par with the literacy levels of Generation X (ages 35 to 49) and higher than that of older Millennials (ages 18 to 34) (See our Prepped for Success study.) In addition, the trained educators also reported improvement in their own personal finance behaviors after taking the graduate course. High School Educators Who Already Teach Personal Finance Substantially Improve Student Results After Receiving Substantive Personal Finance Training. An April 2021 Game Changer study, shows the importance of training educators on financial literacy topics. This study looked at educators who were already teaching personal finance and looked at whether substantive educator training improved student outcomes. It did—after receiving the training, teachers increased their student knowledge impact threefold from the previous academic year prior to the training. The training greatly increased the positive effect on student knowledge of the course when student results before and after the training were compared. These effects were even more pronounced for Black students—in fact the improvement in knowledge for this group of students was significantly higher than their white counterparts. The knowledge improvement was significantly greater for students from households with parents having just a high school degree than for those

students with college educated parents. Unbanked students improved their scores more than their banked peers. The training helps educators with less teaching experience come closer to the student outcomes obtained by their much more experienced peers. This suggests that substantive education is particularly important to educators who are new to teaching the topic of financial literacy. This study also suggests that all educators teaching personal finance should be required to take substantive training as a prerequisite to being able to teach a standalone course in financial literacy. Financial literacy educational standards have been available for states to use since the late 1990s, thanks to the Jump$tart Coalition for Personal Financial Literacy (Jump$tart). Collectively, nonprofit organizations like the NEFE, Jump$tart and Next Gen Personal Finance (NGPF) have advocated strongly for this change, providing education standards, curriculum resources, research and lobbying for legislation. Media coverage of financial challenges facing young adults has also raised public awareness and support. What began as a few state pilot programs and local high school electives at the beginning of the 21st Century has grown into a nationwide grassroots movement. Each year, more students will be graduating with practical financial tools to make wise decisions throughout their lives. It’s important to note that personal finance education is a cumulative process. Although this report focuses on high schools, we encourage the teaching of personal finance topics in grades Pre-K through eight. However, high school--particularly grades 11 and 12—is a critically important time for students to develop advanced financial knowledge and skills. High school students are poised to enter college, the workforce, or the military, and thus will quickly face a host of complicated financial decisions. Learning personal finance at this juncture in a young person’s life prepares them as they navigate a world of college loans, leases, credit cards, savings, investing, and much more.

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Included in this Report Card is an article written by Dr. Carly Urban of Montana State University. This article highlights recent research regarding the costs to a state of implementing a standalone course personal finance mandate; comparing the benefits of a standalone

personal finance course versus embedding this content in another required course (e.g., economics course); and identifies when in high school is the best time to teach a standalone personal finance course to students.

Why High School According to the National Center for Education Statistics (NCES) in 2023, about 61% of students enrolled in college in the fall immediately following high school completion. That means nearly 39% of students are likely entering the workforce after high school. For those graduates who choose to go on to higher education, personal finance education in college is often scant and scattered, with some colleges offering a personal finance elective and even fewer requiring personal finance instruction as a graduation requirement. Regardless of when a young person’s formal education ends, they will be thrust into situations where they need to know how to manage daily living expenses. So, high school seems like the best and most logical place to deliver personal finance education to America’s youth. Admittedly, a high school focus could omit some of the students who have dropped out of high school. NCES indicates that the high school dropout rate (percentage of high school dropouts among persons 16 to 24 years old) was 5% in 2022. As stated earlier, we believe that personal finance education should start early at both home and in school. Ideally, personal finance concepts should be taught

in elementary, middle and high school, and should continue into college. In mathematics, you start with counting, move on to addition and subtraction, and then move on to division and multiplication. You need to learn letters and phonics before you can read. Personal finance education should be a cumulative process, with age-appropriate topics taught each school year. The reality is that many states and school districts do not provide any substantive personal finance education until high school, if at all. The basics of personal financial planning—teaching young people about money, its value, how to save, invest and spend, and how not to waste it—should be taught in school as early as elementary school. But too many school districts teach personal finance for the first and only time in high school. This Report Card focuses on each state’s high school financial literacy education policy because that data is obtainable. It is very hard to measure the amount and intensity of personal finance instruction that is occurring in people’s homes, and there is less meaningful data on this topic with regard to elementary and middle schools than exits for high schools.

THE FACTUAL CASE FOR FINANCIAL LITERACY Personal finance education provides students with the knowledge and skills to manage financial resources effectively for a lifetime of financial well-being. Here are just some of the reasons our young people need to learn about personal finance, not only in high school, but throughout their education and lives: •

The number of financial decisions an individual must make continues to increase, and the variety and complexity of financial products continues to grow. Young people often do not understand

debit and credit cards, mortgages, banking, investment and insurance products and services, payday lending, auto title loans, rent-to-own products, credit reports, credit scores, etc. •

Many students do not understand that one of the most important financial decisions they will make in their lives is choosing whether they should go to college after high school, and if they decide to pursue additional education, what field to specialize in.

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•

Kids are not learning about personal finance at home. A 2022 T. Rowe Price Survey noted that 57% of parents have some reluctance about discussing financial matters with their kids and 37% do not like to talk to their children about money. This is not surprising, since 65% of parents wished they were more financially savvy and 54% indicated that they were not financially prepared for the pandemic.

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Three out of four children indicated that they would go to their parents for advice on money. But they also indicated that they would also look to their teachers, siblings, friends, YouTube, Facebook, Instagram, Tik Tok and Twitter for financial advice as well.

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Most college students borrow to finance their education, yet they often do so without fully understanding how much debt is appropriate for their education, or the connection between their area of study and the income level that they can expect upon graduation. Many students attend college without understanding financial aid, loans, debt, credit, inflation, budgeting and credit scores.

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At many colleges, financial literacy education is largely composed of brief, federally mandated entrance and exit loan counseling for students. Student feedback indicates that most do not comprehend the information presented, and view it as one more requirement of the financial aid process rather than a learning opportunity.

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The 2024 adult survey in the most recent FINRA Investor Education Foundation’s Financial Capability Study indicated that just one in five American adults were offered and took financial literacy instruction in school, college or the workplace. Most adults never received this education since historically it was not required instruction in public school.

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Student debt is very high for some recent college graduates and large debt variations exist from state to state. According to the final Project on Student Debt study issued regarding 2020 fouryear public and private college graduates, these students left college with average student debt that ranged from a low of $18,350 in Utah to a high of $39,950 in New Hampshire. The percentage of students graduating with debt ranged from a low of 39% in Utah to a high of 73% in South Dakota. Note that Utah, a Grade A state since 2008, that also has the most robust personal finance education in the country, has the lowest rate in the nation. Coincidence?

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The U.S.Bureau of Labor Statistics indicated that in 2022 only 11% of private sector workers participated in pension plans compared to 75% of state and local governmental workers. Private sector workers today have defined contribution retirement programs, which impose greater responsibilities on these workers to save and invest, and ultimately spend retirement savings wisely. If they fail to do this, they could become a significant economic burden on our society.

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•

Financial literacy tends to improve as we age. This makes sense. Many are learning from their financial mistakes as they get older. The 2025 GFLEC P-Fin Index Study indicated that the average percentage of P-Fin Index questions answered correctly by each generation was as follow: Gen Z 38%, Gen Y 46%; Gen X 51%; and 55% for Baby Boomers and the Silent Generation. Despite this increase in knowledge as adults age, each generation would earn an F on this personal finance knowledge quiz. Having an excellent credit score could save a consumer as much as a $100,000 or more in lifetime interest payments. The Harris Poll for the FICO® Score Credit Insights Spring 2026 indicated that widespread misconceptions about credit scoring persist across all age groups. “Almost three quarters (72%) of Americans incorrectly believe carrying small balances on credit cards helps improve credit scores or are unsure of this—a misconception that could lead to unnecessary interest payments and suboptimal credit utilization strategies. Similarly, two-thirds of Americans (67%) incorrectly believe that income directly factors into credit scores or are unsure whether it does…more than one in five Americans (22%) incorrectly believe that checking their credit score could lower it. Just over half of Americans (51%) also wrongly believe or are unsure whether all credit scores are calculated the same way or are unsure of this.” Understanding credit scores is important.

increases not only knowledge but also positive financial behaviors. For a detailed discussion on the many benefits and low cost of a standalone personal finance course requirement, please see Dr. Carly Urban’s article in this report on page 13, entitled How to Implement High School Financial Literacy Education Mandates. And see her article in our 2023 Report Card entitled Why is Requiring Financial Literacy in High School a Good Investment? After students leave high school, not a day will go by when they won’t think about money—how to earn it, spend it, and save it. Financial literacy, just like reading, writing and arithmetic, builds human capital by empowering individuals with the ability to create personal wealth to buy a home, go to college, start a business, have a rainy day and retirement fund. We would not allow a young person to get in the driver’s seat of a car without requiring driver’s education, and yet, in too many states, we allow our youth to enter the complex financial world without any related substantive education. An uneducated individual armed with a credit card, a student loan and access to a mortgage can be nearly as dangerous to themselves and their community as a person with no training behind the wheel of a car.

WHY EQUITABLE ACCESS TO HIGH SCHOOL PERSONAL FINANCE EDUCATION IS NEEDED IN AMERICA

Financial literacy leads to better personal finance behaviors. There are a variety of studies that indicate that individuals with higher levels of financial literacy make better personal finance decisions.

Financial literacy is linked to positive outcomes, like wealth accumulation, stock market participation and effective retirement planning, and avoiding high-cost alternative financial services. Conversely, poor financial literacy and negative financial behaviors often go hand in hand.

As a society, we need more training programs that increase the number of financially literate citizens who are able to make better and wiser financial decisions. Such programs are not just good for the individual but also helpful to society. The 2008 financial crisis and the 2020 pandemic clearly shows that poor financial decisions by individuals can have negative consequences on our country.

A fantastic annual report/survey that highlights this connection between financial literacy knowledge and personal finance behaviors has been issued every year since 2017 by the Global Financial Literacy Excellence Center at Stanford University: The TIAA Institute-GFLEC Personal Finance Index (P-Fin Index). The executive summary in their 2025 Report notes the following:

The good news is that studies indicate that financial literacy educational interventions in high school

“While low in general among all adults, financial literacy levels tend to be particularly low among certain groups:

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Financial literacy among women lags that of men. There’s almost a 10-point gender gap in the percentage of index questions correctly answered in 2025.

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Financial literacy levels among Black and Hispanic Americans are roughly equal, albeit at lower levels compared to Asian and White Americans.

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Gen Z correctly answered only 38% of the index questions, on average, in 2025.

Financial literacy matters. Lower financial literacy is generally associated with lower financial well-being. Adults with very low financial literacy are: •

Twice as likely to be debt-constrained

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Three times more likely to be financially fragile

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Five times more likely to not have or be unsure whether they have one month of emergency savings

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Over two times more likely to spend 10 hours or more per week on personal finance issues compared with those who have very high financial literacy.

We live in a country with increasing income inequality and systemic disparities. All too often, students from underprivileged backgrounds enter adulthood with insufficient knowledge of personal finance, continuing the cycle of poverty and inequality. To help address these inequities, we should give all students the tools that they need to make informed financial decisions. Mandatory financial literacy education in public high school for all students is an effective way to ensure that all students have equal and guaranteed access to a these critically important topics and skills. Predatory lending practices disproportionately affect communities of color. Financial literacy education can help students avoid these exploitative financial practices, such as payday loans, title loans, pawn shops, rent-toown stores and other high-interest lending practices. By teaching students about the dangers of these financial products, we can reduce the number of marginalized individuals that become victims of these predatory practices.

Next Gen Personal Finance (NGPF) commissioned research that looked at course catalogs from 12,033 public high schools serving 11,874,650 high school students nationwide. The 2026 NGPF study notes that in states that do not mandate a personal finance course as a graduation requirement and leaves such decision up to local school district control, troubling racial and income disparities appear. In such states without this requirement, the predominantly minority high schools have only an 18.5% chance of being locally required to take such a course. Meanwhile predominantly white high schools are more likely to have such a local graduation requirement (22.6%). The statistics are similar when looking at high school income levels. Rich schools are much more likely than poor schools to have such a local school district graduation requirement (21.9% versus 14.9%, respectively). Requiring all high school students to take a financial literacy course should help students break the cycle of poverty and narrow persistent income and wealth gaps. Financially capable high school graduates have a better chance at achieving financial stability in the future. Financial literacy education in our nation’s high schools not only benefits the students but it can also increase the economic health of our nation.

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ARTICLE

HOW to Implement High School Financial Literacy Education Mandates By Carly Urban, Ph.D. Professor of Economics, Montana State University, research fellow at the Institute for Labor Studies (IZA), a fellow at the TIAA Institute, and a Faculty Affiliate at the Institute for Research on Poverty at the University of Wisconsin-Madison. Carly.urban@montana.edu The 2023 National Report Card discussed the research documenting the benefits of financial education in high school.1 With more states mandating a full semester of personal financial education, a new set of research question emerges. Ultimately, the goal of this research is to figure out how to best implement personal finance education policy in order to maximize students’ financial benefits while minimizing costs.

HOW MUCH DOES A MANDATE COST? Recent work considers the educational costs of statemandated semester-long personal finance coursework.2 How much are schools spending when personal finance is added as a required class? While state legislation rarely funds these mandates, it is possible that schools need to outlay funds to hire new teachers or train existing teachers. Understanding how school financing changes after the requirement goes into effect can give states a better perspective on how schools implement the mandate. I looked at schools within the states where every student has to take a full semester of personal finance before and after the policy went into place, compared to schools within the states where no personal finance content is required in the state’s high school curriculum. This gives a causal estimate of the changes in financing due to the new class. The findings show that the new graduation requirement does not have a detectable change on total spending,

administrative spending, or instructional salaries overall. While I find that schools do not add more teachers, I find some evidence of a shift in spending on salaries for core subjects towards spending on vocational and special topics teachers. This suggests there is a small shift in the types of teachers or in the credentialing of teachers. There are two main explanations of these findings. First, legislation requiring personal finance coursework rarely includes funding, and when it does, that funding goes towards teacher training efforts or administrative assistance in a central state office. Personal finance textbooks are never recommended by states and rarely recommended by districts, as high-quality free-of-charge curricula are available. When districts do not have greater budgets, they do not spend more. The evidence confirms common knowledge among states and schools: after state policy requires a semester of personal finance coursework, schools implement the new course with existing resources. Second, it is common for people in states newly implementing graduation requirements to work with the support of non-profit groups and private sector or philanthropic agencies to help pay for teacher training efforts. Groups like Next Gen Personal Finance, local Councils on Economic Education, and local Jump$tart Coalitions help to train teachers to best serve students, free of cost. Local banks, credit unions, and other donors often support teacher training events as well. This keeps pressure on school budgets low.

See page 22 here: https://www.nefe.org/initiatives/national-report-card/past-reports.aspx

See the full research paper here: https://crbf.wp.st-andrews.ac.uk/files/2025/09/WP25-023.pdf

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ARTICLE DOES PERSONAL FINANCE HAVE TO BE ITS OWN CLASS? The 2026 National Report Card showcases each states unique style of personal finance education. One way to categorize states is to ask if personal finance has to be its own semester-long class or if its content can be embedded into another required class. Do these models equally benefit students? I, along with my coauthor J. Michael Collins sought to answer this question.3 The first state embedding personal finance content into a required high school course started before 1980, and the first state requiring personal finance as its own class did not start until the graduating class of 2008. We set up an apples-to-apples comparison of national economic environments: states implementing either a standalone course requirement or embedded course requirement from 2008 through 2019.4 Our data allows us to look at 22–34-year-olds. Our comparison group is 14 states that never implemented personal finance requirements of any kind over the entire sample period. We compare students in the standalone states to students in the control states before and after the graduating class had to have the course. Then we do the same thing for students in embedded courses—comparing them to students in the control states across the time periods when they had to have the graduating class. This gives us a causal interpretation of each policies’ effects. We look at one subjective outcome—survey data on subjective financial well-being—and one objective outcome—administrative data from a large credit bureau showing credit scores. Personal finance coursework only improves outcomes if personal finance is required as its own class. Students required to complete a full semester of personal finance are 3.9% less likely to have a subprime credit score than those in the same graduating cohorts in other states where there were no requirements. There are no measurable changes for students in states where

personal finance content is embedded into another required class. Standalone course requirements improve longrun financial well-being, while embedded course requirements do not. Standalone courses are not just helping the most advantaged: they improve financial well-being for both students who do and do not go on to obtain more education after high school. Why are embedded requirements less effective than standalone requirements? In work with Allison Luedtke, I document that fewer than half of schools within states that have embedded policies actually implement the policy. If this were the sole driver of the difference, we would estimate roughly half the effect in embedded states.5 However, our estimates are closer to six times the magnitude, suggesting it is both the availability and effectiveness driving the estimates. States that implemented embedded mandates before any state had a standalone course requirement (e.g., for graduating classes before 2008) were pioneers in school-based financial education. With a more rigorous option, it could be that an embedded requirement is an easy policy win that requires no implementation effort— and also has no benefits. During the period of study, embedded states did not measurably improve financial outcomes for students.

WHICH GRADE IS BEST FOR PERSONAL FINANCE INSTRUCTION? Once a state has chosen the full semester course route, are there ways to implement this to maximize student benefits? For example, should they allow online options for the course? Or test-out exemptions? Or require specific teacher credentials? Madelaine L’Esperance and I focus on one method of implementation that states choose: which high school grade should personal finance courses be taught in?6

See the full research paper here: https://www.iza.org/publications/dp/18268/the-devil-is-in-the-details-state-mandated-personalfinance-education-and-financial-well-being

We get rid of COVID implementers to keep the comparison clean.

See the full study here: https://doi.org/10.1017/flw.2024.1

See the full study here: https://papers.carlyurban.com/WhichGrade_Feb2026.pdf

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ARTICLE We use administrative financial literacy certification testing data from Working in Support of Education (W!SE) from nearly a half million students from 2016 through 2025 (excluding 2020). Since W!SE does not have a specific curriculum, teachers cannot directly teach to the test. Further, across states that require personal finance instruction, the grade recommendations vary. Within some of these states, districts are allowed to choose recommended grades. We use this variation to see which grades have the largest gains in knowledge across the pre- and post-tests. While this evidence does not lead to a causal interpretation, it does provide

strong descriptive evidence—and the first of its kind—to understand the knowledge gains across grades.

We then do more formal comparisons, where we consider both within state differences and across state differences in policy decisions to see where knowledge gains are the highest. We compare each upper grade to ninth grade. Our findings suggest that 11th graders see the highest knowledge gains, followed by 12th graders. 10th graders still outperform ninth graders overall.

We take this evidence to suggest that policymakers should, when possible, focus on the upper high school grades for semester-long personal finance courses. We suspect that 11th grade is the sweet spot. Students in 11th grade are working, managing money on their own, and thinking about their financial futures. They are also at a point in high school where they have learned study habits, but they have not yet finalized their postsecondary education decisions.

The differences largely come from 11th graders having the greatest knowledge gains in harder topics, such as banking, credit, and insurance and investing. 12th graders also outperform both ninth and 10th graders on these topics. For basic money management topics like budgeting, ninth, 10th, and 12th graders perform equally well.

Knowledge gains exist across all grades. The diagonal line in the figure below represents an average posttest score that equals the pretest score. Any knowledge gains are displayed above the line (to its left). Descriptively, there are large gains across all grades, particularly when students score worse on the pretest. The red circles represent ninth graders, where knowledge gains are the lowest, particularly for students scoring the lowest on the pretest.

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The 2026 Report Overview After months of intensive research, we have graded all 50 states and the District of Columbia (D.C.) on their efforts to produce financially literate high school graduates (the 50 states and D.C., which is technically not a state, are referred to collectively in this report as “states”). When it comes to report cards, everyone wants an A. But when the Center finished its grading, only ten states earned an A for the Class of 2026. That’s just a three-state increase since our last full Report Card, in 2023. Only seven states earned an A for the Class of 2023. Looking at just these two data points would lead one to believe that personal finance education policy is changing nationally at a modest pace. But the reality is quite different. Change is happening very quickly and will accelerate dramatically over the next five years. Many states have rapidly passed laws and changed regulations. These states are in the process of implementing legal and regulatory changes. We estimate that there will be 29 grade A states for the graduating Class of 2031, or 57% of all states (assuming full implementation of new laws and regulations).

Graduating Class

Grade A States

Class of 2023 (7 States)

Alabama, Iowa, Mississippi, Missouri, Tennessee, Utah, and Virginia

Class of 2026 (10 States)

Alabama, Iowa, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Tennessee, Utah and Virginia

It often takes four or six years for a major policy change, like adding a new high school course graduation requirement in personal finance, to be fully implemented statewide. The key takeaway is that the wheels of state policy change are moving decisively forward. Big change is coming. Nineteen states are in the process of implementing policy changes that are projected to increase the number of states requiring a standalone personal finance course from 10 states for the Class of 2026 to 29 states for the Class of 2031— that’s a whopping increase of 190% in half a decade. Here is the expected implementation timeline: •

Four states by the Class of 2027: Connecticut, Florida, Oregon & South Carolina

•

Seven states by the Class of 2028: Georgia, Kansas, Louisiana, Michigan Minnesota, West Virginia & Wisconsin

•

Two states by 2029: Indiana & Kentucky

•

Five states by 2030: Colorado, Delaware, New Hampshire, Pennsylvania & Texas

•

One state by 2031: California

Our Center estimates that when the Class of 2031 graduates, 73% of students will reside in a state that requires them to take a standalone course (or its equivalent) in personal finance. When the Class of 2007 graduated, there were no states that had fully implemented a standalone financial literacy course graduation requirement. During the Great Recession, Utah became the first state to require a standalone course for the Class of 2008. Over a 24-year period, we will go from zero states in 2007 to 29 states in 2031—a clear majority of the nation’s states and a super majority of its public high school students.

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Year of High School Graduation

Number of Grade A States

Percent of Grade A States in the US+

Percent of Public High School Students in Grade A States in the US+

Number of Public High School Students in Grade A States

2007

2008

155,309

2013*

727,244

2015*

1,132,274

2017*

10%

1,362,333

2023*

14%

1,700,166

11%

2026*

20%

2,818,168

18%

2031 Projected

57%

11,346,970

73%

*Year of Center for Financial Literacy’s Previous National High School Report Card (excludes a 2025 Interim Report) +Includes 50 states and the District of Columbia Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest of Education Statistics, 2020” and “Digest for Education Statistics, 2023.” Actual enrollment data is used for 2007, 2008, 2013, 2015, and 2017. Actual enrollment data from 2022 is used for 2023, 2026 and 2031 Projected. Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146.

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Projections for 2027 to 2031 based on current laws and regulations. Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest of Education Statistics, 2020” and “Digest for Education Statistics, 2023.” Actual enrollment data is used for 2007 to 2022. Actual enrollment data from 2022 is used for 2023 to 2031 Projected. Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146.

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Percentages may not equal 100% due to rounding. Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest for Education Statistics, 2023.” Data from Table 203.30 Public school enrollment in grades 9 through 12. The above chart uses 2022 actual enrollment data. Total enrollment for the U.S. in 2022 was 15,547,146.

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From the Class of 2023 (our last report) to the Class of 2031, we expect the number of grade A states to increase from seven to 29 states. The Class of 2026 has 10 grade A states and 19 other states are in the process of implementing this new graduation mandate. Grade

Class of 2023

Class of 2026*

Projected Grade for Class of 2031

Grade A

14% (7 States)

20% (10 States)

57% (29 States)

Grade B

41% (21 States)

29% (15 States)

Grade C

25% (13 States)

24% (12 States)

8% (4 States)

Grade D

10% (5 States)

8% (4 States)

2% (1 States)

Grade F

10% (5 States)

8% (4 States)

4% (2 States)

*Does not equal 100% due to rounding. It is important to note that no state that has fully implemented a standalone personal finance course graduation requirement (or its equivalent) has ever reversed course. It is very encouraging that 19 states are in the implementation phase of legal and regulatory changes that we project will increase their grade to a grade A by or before the graduation of the Class of 2031. Here is the breakdown of the states projected to move to grade A by 2031 from this prior 2023 Report Card: •

Nine states are projected to move from Grade B to Grade A: Georgia, Kentucky, Louisiana, Michigan, Minnesota, New Hampshire, South Carolina, Texas and West Virginia.

•

Seven states are projected to move from Grade C to Grade A: Colorado, Delaware, Florida, Indiana, Oregon, Pennsylvania and Wisconsin.

•

One state is projected to move from Grade D to Grade A: Kansas.

•

Two states are projected to move from Grade F to Grade A: Connecticut and California.

We still have much more to do, but the country is definitely moving in the right direction. We estimate that the percentage of states getting a grade of C, D, or F will drop from 40% of states in 2026 to 14% of in 2031. That’s a 65% decrease in five years. And by 2031, only two states in the nation are projected to be grade F states: Massachusetts and South Dakota. The 20 states that received grades C, D, or F for the Class of 2026 are projected to decrease to just seven states for the Class of 2031. For the Class of 2026, more than half of the states, 61% (31 states), were given grades of A or B. These are grades that you would want your children to bring home from school. The good news is that this group is projected to grow to 86% (44 states) for the Class of 2031. And the eight states (16%) with grades D or F are projected to drop to three states (6%) by or before the Class of 2031.

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Grade Changes from the Class of 2023 to the Class of 2026 Seven states improved their grades from the Class of 2023 to the Class of 2026. One state’s grade (Nevada) was reduced due to a delay in the implementation of a policy change. You can read the details behind each

State

Trend

state’s grade change for the Class of 2026 in its State Fact Sheet, which is at the back of this report. Below is a summary of the seven states with grade changes from 2023 to 2026:

Class of 2023 Grade

Class of 2026 Grade

Ohio

Grade B

Grade A

Nebraska

Grade C

Grade A

North Carolina

Grade B

Grade A

Kentucky

Grade C

Grade B

Montana

Grade D

Grade B

Rhode Island

Grade C

Grade B

District of Columbia

Grade F

Grade C

Nevada*

Grade B

Grade C

*Nevada’s legislature passed a law in 2023 that delayed the implementation of a new graduation requirement from 2023 to 2029.

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Grade Changes from the Class of 2026 to the Projected Class of 2031 Twenty-three states are projected to have improved grade changes from 2026 by or before 2031. You can read the details behind each state’s grade change projected by or before 2031 in its State Fact Sheet, which is at the back of this report. Below is a summary of the states with projected grade changes from 2026 to 2031: State

Class of 2026

Projected Grade Change by or Before the Class of 2031

Connecticut

Grade F

Grade A (Class of 2027)

Florida

Grade C

Grade A (Class of 2027)

Oregon

Grade C

Grade A (Class of 2027)

South Carolina

Grade B

Grade A (Class of 2027)

Georgia

Grade B

Grade A (Class of 2028)

Kansas

Grade D

Grade A (Class of 2028)

Louisiana

Grade B

Grade A (Class of 2028)

Michigan

Grade B

Grade A (Class of 2028)

Minnesota

Grade B

Grade A (Class of 2028)

West Virginia

Grade B

Grade A (Class of 2028)

Wisconsin

Grade C

Grade A (Class of 2028)

Indiana

Grade C

Grade A (Class of 2029)

Kentucky

Grade B

Grade A (Class of 2029)

Colorado

Grade C

Grade A (Class of 2030)

Delaware

Grade C

Grade A (Class of 2030)

New Hampshire

Grade B

Grade A (Class of 2030)

Pennsylvania

Grade C

Grade A (Class of 2030)

Texas

Grade B

Grade A (Class of 2030)

California

Grade F

Grade A (Class of 2031)

New Mexico

Grade C

Grade B (Class of 2027)

Nevada

Grade C

Grade B (Class of 2029)

Alaska

Grade D

Grade C (Class of 2029)

Hawaii

Grade D

Grade B (Class of 2030)

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State Grade Changes Over Time Class of 2023, Class of 2026 and Projected Class of 2031 The following is a chart that shows the actual and projected grades over a nine-year period: 2023 to 2031 Projected Grade A States in 2031

Class of 2023

2026 Grade

Projected 2031 Grade

Utah (2008)

Grade A

Missouri (2010)

Grade A

Tennessee (2013)

Grade A

Virginia (2015)

Grade A

Alabama (2017)

Grade A

Iowa (2021)

Grade A

Mississippi (2022)

Grade A

Nebraska (2024)

Grade C

Grade A

North Carolina (2024)

Grade B

Grade A

Ohio (2026)

Grade B

Grade A

Connecticut (2027)

Grade F

Grade A

Florida (2027)

Grade C

Grade A

Oregon (2027)

Grade C

Grade A

South Carolina (2027)

Grade B

Grade A

Georgia (2028)

Grade B

Grade A

Kansas (2028)

Grade D

Grade A

Louisiana (2028)

Grade B

Grade A

Michigan (2028)

Grade B

Grade A

Minnesota (2028)

Grade B

Grade A

West Virginia (2028)

Grade B

Grade A

Wisconsin (2028)

Grade C

Grade A

Indiana (2029)

Grade C

Grade A

Kentucky (2029)

Grade C

Grade B

Grade A

(listed by year of Grade A implementation)

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Projected Grade A States in 2031

Class of 2023

2026 Grade

Projected 2031 Grade

Colorado (2030)

Grade C

Grade A

Delaware (2030)

Grade C

Grade A

New Hampshire (2030)

Grade B

Grade A

Pennsylvania (2030)

Grade C

Grade A

Texas (2030)

Grade B

Grade A

California (2031)

Grade F

Grade A

Projected Grades B, C, D and F States in 2031 (listed by 2023 Grades

2023 Grade

2026 Grade

Projected 2031 Grade

Arizona

Grade B

Arkansas

Grade B

Idaho

Grade B

Illinois

Grade B

Maine

Grade B

Maryland

Grade B

New Jersey

Grade B

New York

Grade B

North Dakota

Grade B

Nevada*

Grade B

Grade C

Grade B

Oklahoma

Grade B

New Mexico

Grade C

Grade B

Rhode Island

Grade C

Grade B

Washington

Grade C

Vermont

Grade C

Alaska

Grade D

Grade C

Hawaii

Grade D

Grade B

Montana

Grade D

Grade B

Wyoming

Grade D

(listed by year of Grade A implementation)

Alphabetically)

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Projected Grades B, C, D and F States in 2031 (listed by 2023 Grades

2023 Grade

2026 Grade

Projected 2031 Grade

District of Columbia

Grade F

Grade C

Massachusetts

Grade F

South Dakota

Grade F

Alphabetically)

*Nevada’s legislature passed a law in 2023 that delayed the implementation of a new graduation requirement from 2023 to 2029.

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Methodology At the end of this report are State Fact Sheets, brief overviews of how each state approaches personal finance education in its public high schools. The Center’s research includes detailed reviews of high school graduation requirements, state academic standards for personal finance education, and laws, regulations, and guidelines that relate to how each state delivers personal finance education in its public high schools. We also report on each state’s policy regarding the teaching of personal finance to students in grades Pre-K to eight. As thorough as our researchers tried to be, it is possible that some of the grades in this report are based on incomplete or inaccurate information and thus might be too severe or too lenient for a particular state. We want the grades to be based on the best information possible, and so we welcome any corrections or additional data for future updates. We encourage you to send any information that you believe we should be made aware of to nationalreportcard@nefe.org.

The Report Card gives the following two distinct grades: •

Class of 2026 Grade: This grade is given to a state for its current public policy on personal finance education in public high schools for the graduating Class of 2026.

•

Projected Grade: This grade is given to a state for its new public policy that has not yet been fully implemented for a graduating high school class. This grade makes assumptions based on a reasonable reading of a law or regulation and written guidance from regulators. For states with no pending policy changes, their projected grade will be the same as their Class of 2026 grade. The projected grade is dated with the year when the new policy is scheduled to be fully implemented or is dated 2031 for states without any proposed policy changes. The grading is based on laws and regulations as of May 1, 2026 and as of that date there were no pending policy changes in any state beyond 2031.

The projected grades are merely our best guess of what will happen up to five years in the future. Some policies will likely change over time and implementation dates may be delayed. So, a state’s actual grade in a future report could be very different from this projection. The 2026 Report Card also includes summaries regarding the level of personal finance content required to be taught in grades Pre-K to eight. A state’s financial literacy education policy for grades Pre-K to eight was not used for grading purposes, only a state’s high school policy has been graded.

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A Quick Guide to the Grading System

The state requires personal finance instruction as a graduation requirement that is equal to a one-semester, half-year course (minimum of 60 hours of personal finance instruction in an academic year).

The state mandates personal finance education as part of a required course or as a clearly defined graduation mandate. In some of these states, local school districts determine whether the personal finance instruction requirement is met through a standalone course offering or is embedded in another course or courses.

The state has substantive personal finance topics in its academic standards that the local school districts are expected to teach. Implementation is left to local school districts with no material oversight by the state. There is no specific delivery mechanism identified for financial literacy instruction. A state may also receive a C grade if it requires a standalone personal finance elective course.

The state has modest levels of personal finance education in its academic standards that local school districts are expected to teach. Implementation is left to local school districts with no material oversight by the state. There is no specific delivery mechanism identified for financial literacy instruction. A state may also receive a D grade if it requires schools to offer an elective course that includes some personal finance education.

The state has virtually no requirements for personal finance education in high school. Students in these states are able to graduate without ever having the opportunity to take a course that includes financial literacy instruction.

It is important to note that states with a grade of B, C, D, or F have local school districts that may require a standalone financial literacy course as a graduation requirement. When this occurs, it is a local school district policy and not a statewide policy. This report only grades the educational policies of state governments, not local school districts. Our grading system is based on the belief that, at a minimum, all high school students should be required to take a designated course that clearly includes personal finance topics—even if these topics are just a modest part of the overall course offering.

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Class of 2026 Final Grade State-by-state grades are as follows, with expanded explanations for each state’s grade in the State Fact Sheet section at the back of this report.

20%

41%

24%

10 STATES

21 STATES

12 STATES

4 STATES

WA MT

OR ID

CT PA

CO KS

NJ DE MD

MA RI

D.C.

KY NC

OK NM

AR MS TX

FL AK

GRADE % VISUALIZED

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Class of 2031 Projected Grade State-by-state grades are as follows, with expanded explanations for each state’s grade in the State Fact Sheet section at the back of this report.

57%

29%

29 STATES

15 STATES

4 STATES

1 STATES

2 STATES

WA MT

OR ID

CT PA

CO KS

NJ DE MD

MA RI

D.C.

KY NC

OK NM

AR MS TX

FL AK

GRADE % VISUALIZED

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State Assessments by Grade CLASS OF 2026 GRADE A STATES Ten states were given a grade of A for the Class of 2026: Alabama, Iowa, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Tennessee, Utah, and Virginia. These states require students to take a standalone half-year course in personal finance, or its equivalent, as a high school graduation requirement. How do these grade A states provide this education to their students? The following chart summarizes the approaches taken by these seven states:

Course Offering

Grade A States

Full-year course—half of course (60 hours of instruction) is dedicated to personal finance topics. Local school districts can allow the content to be delivered in a single course or two separate half-year courses.

Alabama (career preparedness course), Mississippi (college and career readiness course), North Carolina (economics and personal finance course) and Virginia (economics and personal finance course)

Half-year, standalone personal finance course.

Nebraska, Ohio (the course must include free market capitalism academic content), Tennessee (three years of JROTC may be used as a credit substitute) and Utah (passing a financial literacy assessment created by the state can be used to fulfill this requirement)

Local school districts determine whether the required half-year credit/ unit of personal finance is delivered in a single standalone course or through a combination of courses (embedded coursework).

Iowa and Missouri (if embedded coursework is used in Missouri, students are required to take a financial literacy assessment created by the state)

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PROJECTED GRADE A STATES: BY OR BEFORE THE CLASS OF 2031 Twenty-nine states are projected to have a grade A by or before the Class of 2031. Below is a list of the states projected to have a grade A by or before the Class of 2031. The states are listed alphabetically by the year that this substantive graduation requirement was or will be fully implemented. Graduation Year That The Grade A Graduation Requirement Was Or Will Be Fully Implemented

State(s)

2008

Utah

2010

Missouri

2013

Tennessee

2015

Virginia

2017

Alabama

2021

Iowa

2022

Mississippi

2024

Nebraska, North Carolina

2026

Ohio

2027

Connecticut, Florida, Oregon, South Carolina

2028

Georgia, Kansas, Louisiana, Michigan, Minnesota, West Virginia, Wisconsin

2029

Indiana, Kentucky

2030

Colorado, Delaware, New Hampshire, Pennsylvania, Texas

2031

California

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THE RISKS OF REVERSE REGULATORY ALCHEMY Next Gen Personal Finance in its annual reports has often referred to a state or school district that requires students to take a standalone half-year course in personal finance to graduate as being a “gold standard” state or district. In our report, this gold standard results in a Grade A. State legislatures and governors create laws requiring personal finance education. These laws often have clear and unambiguous requirements, but the details of the law’s implementation are left to the state entities with regulatory oversight over public education. Unfortunately, this is when “Reverse Regulatory Alchemy” can occur. In medieval times, alchemists tried to convert lead into gold. Similarly, a gold standard financial literacy law can be transformed into lead during the implementation process. This happens when regulations greatly water down the clear intent of the legislature by creating too many exceptions. The result is too many high school students being denied equitable access to substantive personal finance education prior to graduation. States where Reverse Regulatory Alchemy has occurred, may be occurring or appear to be at risk of occurring during public policy implementation include: Colorado, Iowa, Michigan, Missouri, Minnesota, New Hampshire and Texas. In most of these states there are exceptions that have been created that allow students to avoid taking a standalone course in personal finance, and it is often not clear if the alternative methods provided are in fact the equivalent of a standalone course in personal finance. These topics are all set forth in each of these state’s Fact Sheets. All of these states were given a Grade A or a projected Grade A in our 2026 report.

However, those grades could change in future reports if the state laws and regulations fail to ensure that the vast majority of students have equitable access to personal finance education in high school prior to graduation. For example, in our 2023 Report Card we projected a Grade A for Rhode Island for the Class of 2026, but in this report, we have given Rhode Island a Grade B for the Class of 2026 because the implementation of the legal and regulatory change did not result in all students getting equitable access to a standalone course in personal finance or its equivalent. We identified this concern regarding Rhode Island’s implementation in the 2023 Report Card in multiple places in that report. Some states create exceptions to the standalone personal finance course by allowing it to embedded in one or more courses. There are also ROTC and Advanced Placement exceptions in certain states. And there are often reasonable accommodations made in most states for student with disabilities. Some states allow this standalone high school course mandate to be met in middle school and not necessarily in high school. Such states include Alabama, Indiana, Michigan, and West Virginia. This information is explored in each state’s Fact Sheet. State advocates of personal finance education must be very vigilant during the implementation period, which can last up to six years. It is during this process when Reverse Regulatory Alchemy risks are the greatest. Implementation of these laws must be closely monitored to ensure that their intent has in fact been implemented. State watchdogs are needed to ensure that the expected changes described in state laws are actually implemented in the classroom.

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Class of 2026 Grade B States Twenty-one states were given a grade of B for the Class of 2026: Arizona, Arkansas, Georgia, Idaho, Illinois, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Montana, New Hampshire, New Jersey, New York, North Dakota, Oklahoma, Rhode Island, South Carolina, Texas, and West Virginia.

level of instruction. We estimate that only nine grade B states for the Class of 2026 require 15 hours or more of class time allocated to financial literacy topics. How do these grade B states provide this education to their students? The following chart summarizes the approaches taken by these 21 states:

As you will see in this report, a B grade does not necessarily mean that a state requires an adequate

Course Offering

Class of 2026 Grade B States

Embed personal finance instruction into a required halfyear course, usually an economics course.

Arizona, Georgia, Idaho, Michigan, Minnesota, New Hampshire, New York, North Dakota, South Carolina, and Texas

Required full-year course—less than half of course is dedicated to personal finance topics.

West Virginia (civics with personal finance content)

Subject to local school district control, personal finance instruction is offered as either a standalone course or is embedded into other required courses (economics, civics, family and consumer sciences, business, life skills, career readiness, or mathematics courses).

Arkansas, Kentucky, Louisiana, Maine, Maryland, Montana, New Jersey, Oklahoma, and Rhode Island

Requires nine weeks of consumer education instruction.

Illinois

States with a B grade have personal finance topics in their educational standards and require local school districts to implement them. To graduate from high school in a B state, a student must take a course that includes personal finance topics. Most states identify a specific course that includes financial literacy instruction. Other states have very specific standards that must be taught as a graduation requirement but leave how the instruction is implemented up to local school districts. These states require that personal finance topics be taught and embedded in economics, civics, family

and consumer sciences, business, life skills, career readiness, or mathematics courses. Grade B implies that each high school student in the state is required to get financial literacy education prior to graduation. However, the fact that a state requires personal finance instruction as a graduation requirement is not enough. The amount of instruction required should be a component of the grading process. For each Grade B state, the Center has looked at the educational standards of the required course and estimated the

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amount of time allocated to the topic of personal finance based on the Carnegie unit system of 120 hours of instruction for a full-year course and 60 hours of instruction for a half-year course. For example, if a half-year economics course has 45 standards or learning objectives and 15 standards are personal finance in nature, then we would estimate that a third of the course is allocated to financial literacy topics, or approximately 20 hours of instruction. For purposes of these calculations, we have assumed that approximately equal instruction time is allocated to all 45 standards. Based on this methodology, we identified nine states that appear to require 15 or more hours of instruction. We also found three states where the personal finance instruction ranges from nine to 11 hours. Nine of the states allow local districts to implement the financial literacy education requirement either through a standalone course or another course (or multiple courses) with personal finance embedded in it. It was impossible to estimate the hours of instruction in these states. The chart below summarizes these results. Texas is unique because it offers students the choice of two courses to meet its economic course graduation requirement. In one course, personal finance content is equal to 75% of the course content and the other course contains personal finance content equal to 25% of overall course time. For grading purposes, the Center has treated all Grade B states identically in the State Fact Sheets at the back of this report. However, based on our research, it is possible to provide further refinement and analysis of many Grade B states. So, we have further divided the Grade B states based on our estimates of the intensity of the required personal finance instruction. This report highlights the wide variability of the amount of instruction required in these Grade B states. This analysis is set forth in the chart below. States received the grade of B+, B, or B- depending on whether courses allocated more than, equal to, or less than 15 hours in personal finance instruction.

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2026 Grade B State

Grade B Refined

Estimated Hours of Financial Literacy Course Instruction

Michigan

B-

11 hours

Minnesota

B-

9 hours

New Hampshire

B-

10 hours

Arizona

15 hours

New York

15 hours

South Carolina

15 hours

Texas

15 or 45 hours*

Georgia

B+

27 hours

Idaho

B+

28 hours

Illinois

B+

37.5 hours

North Dakota

B+

18 hours

West Virginia

B+

27 hours

Arkansas

Not Applicable

Cannot be estimated^

Kentucky

Not Applicable

Cannot be estimated^

Louisiana

Not Applicable

Cannot be estimated^

Maine

Not Applicable

Cannot be estimated^

Maryland

Not Applicable

Cannot be estimated^

Montana

Not Applicable

Cannot be estimated^

New Jersey

Not Applicable

Cannot be estimated^

Oklahoma

Not Applicable

Cannot be estimated^

Rhode Island

Not Applicable

Cannot be estimated^

Texas requires high schools to offer students two different courses to meet this requirement, and each course has a substantially different amount of personal finance content.

Instruction hours cannot be estimated because each local school district determines how it will meet the personal finance education graduation requirement.

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PROJECTED GRADE B STATES: BY OR BEFORE THE CLASS OF 2031 Fifteen states are projected to have a grade of B by or before the Class of 2031: Arizona, Arkansas, Hawaii, Idaho, Illinois, Maine, Maryland, Montana, Nevada, New Jersey, New Mexico, New York, North Dakota, Oklahoma, and Rhode Island.

Kentucky, Louisiana, Michigan, Minnesota, New Hampshire, South Carolina, Texas and West Virginia. Two states are projected to improve from grade C to grade B by or before the Class of 2031: Nevada and New Mexico. One state is projected to improve from grade D to grade B by or before the Class of 2031: Hawaii.

Nine states are projected to improve from grade B to grade A by or before the Class of 2031: Georgia,

Class of 2026 Grade C States Twelve states were given a grade of C for the Class of 2026: Colorado, Delaware, District of Columbia, Florida, Indiana, Nevada, New Mexico, Oregon, Pennsylvania, Vermont, Washington, and Wisconsin. States were given the grade of C because they require substantive personal finance topics be taught in high school to all students by including these topics in the states’ instructional guidelines. Implementation is a local control issue, and how these guidelines are implemented varies greatly from school district to school district. Some districts may be doing an exceptional job, while others are barely covering the topic. A state may also earn a grade C if it requires each high school to offer a standalone personal finance elective. Offering an elective means that many students will graduate without any exposure to personal finance. For example, Washington requires that all high school students are provided with access to personal finance instruction but doesn’t require students to avail themselves of this instruction. In Washington, this requirement could be met by offering either an elective course, a before- or after-school workshop, or an online education course.

These states are not monitoring how the required academic standards are being taught. Two of the states, Florida and New Mexico, earned a C grade because they require each high school to offer a personal finance course as an elective. These states at least gave students the choice to take such a course. Texas is another state that requires high schools to offer a personal finance course as an elective. Texas receives a grade B, however, because it also requires that all students take an economics course that includes personal finance concepts as a graduation requirement.

PROJECTED GRADE C STATES: BY OR BEFORE THE CLASS OF 2031 Four states are projected to have a grade of C by or before the Class of 2031: Alaska, District of Columbia, Vermont and Washington. Seven states are projected to improve from grade C to grade A by or before the Class of 2031: Colorado, Delaware, Florida, Indiana, Oregon, Pennsylvania and Wisconsin Two states are projected to improve from grade C to Grade B by or before the Class of 2031: Nevada and New Mexico.

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Class of 2026 Grade D States Four states were given a grade of D for the class of 2026: Alaska, Hawaii, Kansas and Wyoming.

PROJECTED GRADE D STATES: BY OR BEFORE THE CLASS OF 2031

Those states receiving a D grade require that modest levels of personal finance topics be included in instructional guidelines applicable to all students. Schools are not instructed to include the topics in any course needed for graduation. In Grade D states, personal finance concepts may be taught in elective courses or partially integrated into other courses, if they are taught at all. How these standards are implemented is left up to the school districts. It is not clear how the states ensure that the schools teach these topics. These states are not monitoring how the required academic standards are being taught.

One state is projected to have a grade of D by or before the Class of 2031: Wyoming One state is projected to improve from grade D to grade A by or before the Class of 2031: Kansas. One state is projected to improve from grade D to grade B by or before the Class of 2031: Hawaii. One state is projected to improve from grade D to grade C by or before the Class of 2031: Alaska.

Class of 2026 Grade F States Four states were given a grade of F for the Class of 2026: California, Connecticut, Massachusetts, and South Dakota. These states have few requirements or none at all for personal finance education in high school. Students in these states are able to graduate without ever having the opportunity to take a course that includes financial literacy instruction. This report card is about student access to personal finance education. If a student has no opportunity to take a course or other learning module in personal finance, then the state deserves the grade of F.

PROJECTED GRADE F STATES: BY OR BEFORE THE CLASS OF 2031 Two states are projected to have a grade of F by or before the Class of 2031: Massachusetts, and South Dakota. Two states are projected to improve from grade F to grade A by or before the Class of 2031: California and Connecticut.

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Percent of High School Population by Grades There are two ways to measure the progress of state policy changes with regard to financial literacy education in public high school. The first method measures the number and percentage of states by policy grade. The problem is that this type of measurement treats all states equally. For example, it treats as equals a state with the largest and the smallest public high school enrollments in the nation: State

2022 Public High School Enrollment*

California

1,936,526

Vermont

24,384

Average of 50 states and D.C.

304,846

*Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest of Education Statistics, 2023” Actual enrollment numbers are from 2022. Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146.

The second method measures state grading by public high school population. Population varies greatly by state. So perhaps the best measurement of the progress being made with regard to financial literacy education policy in our public high schools is to measure the impact of these policies by population. This data indicates that the percentage of states with a particular grade does not match the percentage of high school students living in states with that grade. For example, we project that 29 states, or 57% of states, will have a grade A when the Class of 2031 graduates. However, that is equal to 73% of the public high school student population nationally. Another example is grade F states. We project that two states, or 4% of states, will have a grade F when the Class of 2031 graduates. However, the number of students in these projected grade F states is 2% of the nation’s public high school population.

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MAKING THE GRADE: POPULATION AND STATE PERCENTAGES FOR THE CLASS OF 2026 Grade

States

Public High School Student Population*

% of Public High School Population in the U.S.

Number of States (and D.C.)

% of States (and D.C.)

Alabama, Iowa, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Tennessee, Utah, and Virginia

2,818,168

18%

10 States

20%

Arizona, Arkansas, Georgia, Idaho, Illinois, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Montana, New Hampshire, New Jersey, New York, North Dakota, Oklahoma, Rhode Island, South Carolina, Texas, and West Virginia

6,833,004

44%

21 States

41%

Colorado, Delaware, District of Columbia, Florida, Indiana, Nevada, New Mexico, Oregon, Pennsylvania, Vermont, Washington, and Wisconsin

3,191,647

21%

12 States

24%

Alaska, Hawaii, Kansas, and Wyoming

267,483

4 States

California, Connecticut, Massachusetts, and South Dakota

2,436,842

16%

4 States

* Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest of Education Statistics, 2023.” Actual enrollment numbers are from 2022. Data from Table 203.30 Public Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146. + Percentages may not equal 100% due to rounding.

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MAKING THE GRADE: PROJECTED POPULATION AND STATE PERCENTAGES FOR THE CLASS OF 2031 Grade

States

Public High School Student Population*

% of Public High School Population in the U.S.

Number of States (and D.C.)

% of States (and D.C.)+

Alabama, California, Colorado, Connecticut, Delaware, Florida, Georgia, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, New Hampshire, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia and Wisconsin

11,346,970

73%

29 States

57%

Arizona, Arkansas, Hawaii, Idaho, Illinois, Maine, Maryland, Montana, Nevada, New Jersey, New Mexico, New York, North Dakota, Oklahoma, and Rhode Island

3,404,309

22%

15 States

29%

Alaska, District of Columbia, Vermont and Washington

394,437

4 States

Wyoming

29,151

0%^

1 State

Massachusetts, and South Dakota

335,395

2 States

* Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest of Education Statistics, 2023.” Actual enrollment numbers are from 2022. Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146. + Percentages may not equal 100% due to rounding. ^ This number has been rounded down to zero but is actually 0.2%.

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Size Matters When it comes to getting guaranteed access to financial literacy education, it appears that the size of the state matters. Only 10 states in the nation have a population of more than 10 million people. Not one of these very

large states is projected to have a grade of less than a B in 2031. In fact, 80% of these states are projected to be Grade A states by or before 2031.

State

Rank by Population Size (July 2025 Population Estimate)+

Projected High School Financial Literacy Public Policy Grade by 2031

California

1st (39,355,309)

Grade A

Texas

2nd (31,709,821)

Grade A

Florida

3rd (23,462,518)

Grade A

New York

4th (20,002,427)

Grade B

Pennsylvania

5th (13,059,432)

Grade A

Illinois

6th (12,719,141)

Grade B

Ohio

7th (11,900,510)

Grade A

Georgia

8th (11,302,748)

Grade A

North Carolina

9th (11,197,968)

Grade A

Michigan

10th (10,127,884)

Grade A

+ From Wikipedia List of U.S. states and territories by population.

Only nine states (including the District of Columbia) have populations of less than 1.2 million people. Only one of these states, Delaware, is projected to receive an A in the Class of 2031. A third of these states are projected to have a B grade by or before 2031. The majority of these smaller states (five states) are projected to receive a grade of C, D or F in 2031.

These nine small states and the District of Columbia all had public high school enrollment in 2022 of less than 46,000 total students. To put this number in perspective, New York City, the largest school district in the nation, has more than 320,000 high school students. Vermont, the state with the fewest enrolled high school students in the nation, provided education to approximately 24,400 public high school students in 2022.

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State

Rank by Population Size (July 2025 Population Estimate)+

Public High School Enrollment Grades 9 to 12 in 2022**

Projected High School Financial Literacy Public Policy Grade by 2031*

Montana

43rd (1,144,694)

45,378

Grade B

Rhode Island

44th (1,114,521)

44,533

Grade B

Delaware

45th (1,059,952)

45,134

Grade A

South Dakota

46th (935,094)

42,036

Grade F

North Dakota

47th (799,358)

34,185

Grade B

Alaska

48th (737,270)

38,913

Grade C

District of Columbia

49th (693,645)

21,239

Grade C

Vermont

50th (644,663)

24,384

Grade C

Wyoming

51st (588,753)

29,151

Grade D

+ From Wikipedia List of U.S. states and territories by population. * From our Center’s 2023 National Report Card on State Efforts to Improve Financial Literacy in High Schools™. ** Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest for Education Statistics, 2023.” Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146. Students in many of these small states may be at a financial knowledge and skills disadvantage when they enter college, the workforce or the military after high school. Time will tell if they have the necessary personal finance tools that they need to succeed in life, especially when compared to their peers in other larger states that mandate a substantive personal finance course prior to public high school graduation.

The following two charts show that five of the seven states with projected 2031 grades of C, D and F are very small states with populations of less than one million people. Washington and Massachusetts are the only exceptions to this size rule.

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Class of 2031 Projected Grades

State

Public High School Enrollment in 2022*

Percent of Public High School Population in America

Percent of States

Alaska District of Columbia Vermont Washington

38,913 21,239 24,384 348,814

Wyoming

29,151

0.2%

Massachusetts South Dakota

293,359 42,036

Totals

7 States

797,896

14%

State

Rank by Population Size (July 2025 Population Estimate)+

Public High School Enrollment Grades 9 to 12 in 2022*

High School Financial Literacy Public Policy Projected 2031 Grade*

Alaska

48th

(737,270)

38,913

Grade C

District of Columbia

49th (693,645)

21,239

Grade C

Vermont

50th

(644,663)

24,384

Grade C

Washington

13th (8,001,020)

348,814

Grade C

Wyoming

51st

(588,753)

29,151

Grade D

Massachusetts

16th (7,154,084)

293,359

Grade F

South Dakota

46th

42,036

Grade F

(935,094)

+ From Wikipedia List of U.S. states and territories by population. * Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest for Education Statistics, 2023.” Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146.

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Financial Literacy is a Purple Issue In our current state of political polarization in America, it is good to know that requiring financial literacy education in our public high schools is a unifying message. Since our last report was issued on December 1, 2023, seven states have passed laws requiring financial literacy: California, Delaware, Colorado, Kentucky, Pennsylvania, Texas and Wisconsin. In the 2024 U.S. presidential election, Pennsylvania and Wisconsin were hotly contested battleground states; California, Colorado and Delaware voted overwhelming for the Democratic presidential candidate; and Kentucky and Texas voted overwhelmingly for the Republican presidential candidate. At times it feels like we live in a country where the two main political parties cannot seem to agree on what time of day it is. And yet, when it comes to the question of whether all public high school students should have equitable access to substantive personal finance education prior to graduation—there is near unanimity on this issue. In each of these seven states, legislators voted overwhelmingly in favor a financial literacy graduation requirement. What does the voting data tell us? It shows us that requiring public high school students to take a half-year personal finance course as a graduation requirement is incredibly popular with the voting public and with state legislators. Financial literacy isn’t Red or Blue, it’s Purple. It is one of the rare issues in our country today that unifies virtually all voters and politicians. It is a policy that is not tied to any specific electoral party agenda.

How Can My State Flunk When My Child’s School Has a Personal Finance Class? Some schools in states in the Grade C, D, and F categories require a standalone personal finance course as a graduation requirement (or offer this course as an elective in grade D and F states). So, readers from such districts might be shocked or angered by the grade their state has received. These wonderful yet isolated cases are due to local control, not a state requirement. Such instruction, when it occurs, is the result of the actions of local school boards, superintendents, principals, teachers, and parents. These pockets of excellence are financial literacy islands within each state, and we commend them. Many of the states that have poor grades have advocates in their legislatures who are trying to do something. In many of these states, bills are routinely introduced to promote personal finance but are never passed. Some high schools offer a personal finance elective, and some do not. Providing only a personal finance elective will result in the majority of students graduating without any financial literacy training.

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When Should Personal Finance Be Taught in High School? As described earlier, many school districts offer substantive personal finance training to students as a single educational intervention in high school. High school students should not take such intensive one-time instruction before grades 11 or 12. Personal finance concepts are most relevant just prior to the time when students will be managing their daily living expenses. Students should be taught these concepts shortly before they are thrust into financial independence, when they either get jobs or go to college. See Dr. Carly Urban’s article (Page 13) in this report for more information on this topic. Studies of adults and students consistently show that personal finance knowledge and skills obtained in a classroom setting fade over time. This is not surprising.

The same thing could probably be said for foreign languages and mathematics. It is the old “use it or lose it” phenomenon. So high school juniors and seniors, fresh from learning these concepts, “use it” when they graduate and deal with real-life financial decisions. Many grade A and grade B states allow financial literacy education to be taught in grades nine to 12. Some states allow local districts to teach this graduation required content in middle school and still received the credit required for graduation in high school. Allowing students to meet the high school requirement in middle schools is too early. We believe it is a suboptimal policy for a state to require, recommend, or allow a single secondary education public school financial literacy educational intervention to occur in grades six to 10.

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ARTICLE

Five Key Factors for Effective Financial Education By: Beth Bean, Ph.D. Senior Vice President, Research and Policy, National Endowment for Financial Education (NEFE)

Financial education is about more than simply delivering information. Programs, including those offered through high schools, must be designed and implemented thoughtfully to maximize their effectiveness. In 2026, NEFE released an updated version of its Five Key Factors for Effective Financial Education, which outline the most critical elements of a successful financial education program. As states continue to adopt, implement and evaluate their high school requirements, it is critical that they keep these factors in mind. QUALIFIED INSTRUCTIONAL GUIDANCE Effective personal finance education requires more than presenting financial information—it depends on guidance that reflects a strong understanding of both personal finance and how people learn. In instructor-led settings, this means educators should be knowledgeable, confident and competent in facilitating learning through evidence-based teaching practices. In self-directed environments without an instructor, the learning experience must be intentionally designed to promote engagement, reflection and skill building. Whether delivered by a well-trained instructor or embedded in the structure of a self-directed platform, high-quality personal finance education supports learners in building lasting financial capability through sound instructional design.

VALIDATED EDUCATIONAL MATERIALS Effective personal finance education relies on materials that are accurate, up-to-date and developed with input from experts in personal finance. These materials should align with clearly defined learning objectives, be tailored

to the needs and abilities of the intended audience and be evaluated for their impact on learning. In addition to supporting classroom instruction or structured learning, high-quality materials should also serve as lasting resources that learners can reference and apply beyond the formal learning experience, reinforcing financial capability over time.

APPROPRIATELY TIMED INSTRUCTION Effective personal finance education is not only about what is taught, but also when it is taught. Instruction should be delivered at a time when learners are ready to understand the concepts and are approaching, or actively experiencing, related financial decisions. Teaching financial topics too early—before they have any practical relevance—or too late—after decisions have already been made—can reduce impact, retention and learner engagement. Educational programs should be designed to align the timing of instruction with moments when learners are most likely to engage with, understand and apply the concepts—maximizing the real-world impact of financial education.

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ARTICLE RELEVANT SUBJECT MATTER Effective personal finance education incorporates subject matter that reflects the lived experiences, financial realities and values of the learners it aims to serve. When content is not relatable or grounded in the context of learners’ circumstances, it risks disengagement and diminished impact. Instruction that is relevant to the individual learner and responsive to the different real-world experiences of diverse communities fosters greater trust, motivation and behavioral change. To support equity in financial capability, educational content must be selected and framed with an understanding of the barriers and opportunities present in learners’ environments.

IMPACT EVALUATION Effective personal finance education incorporates ongoing evaluation to assess both overall effectiveness and the extent to which programs and systems serve learners equitably. By measuring changes in learner behavior, knowledge and confidence, as well as program implementation and access, educators and program leaders can identify what’s working, uncover gaps and make timely adjustments based on evidence to increase inclusion and impact. Ongoing evaluation moves educators and program designers beyond anecdotal feedback, providing meaningful data to refine strategies, enhance effectiveness and scale what works across settings and populations.

In July 2026, NEFE surveyed a nationally representative sample of U.S. adults who had taken a financial education course. When asked about the perceived importance of measuring each of NEFE’s Five Key Factors to improve the delivery of financial education, respondents rated each aspect as important or most important (a four or five rating out of five). Among those responses: •

73% - measuring/assessing the qualifications of the instructor

•

67% - measuring/assessing a process for validating the materials of the course

•

49% - measuring/assessing when the instruction should be delivered (timing)

•

80% - measuring/assessing that the subject matter is relevant to the learner

•

64% - measuring/assessing that an evaluation exists to assess the training’s impact

The Five Key Factors for Effective Financial Education define the core standards needed to make personal finance learning successful and measurable. Review the Five Key Factors for Effective Financial Education on www.nefe.org.

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Many Trained Teachers Are Needed There is currently a critical shortage of highly trained personal finance educators, which will only be exacerbated as more and more states adopt this course as a graduation requirement. A successful state high school financial literacy program will train educators and set minimum standards for who is allowed to teach personal finance. An educator should be required to have certain expertise and training prior to being authorized to teach a personal finance course. Most states have fairly stringent requirements on what background an educator must have to teach mathematics, language arts, social studies, and science courses. Rarely are such types of requirements applicable to financial literacy educators. Being self-taught is not optimal for meeting learning goals. Currently, the vast majority of grade A and B states do not require educators to have demonstrable personal finance expertise prior to being allowed to teach a course. Utah is a leader in this area, with robust requirements for educators.

Given our projection that grade A states will be increasing from 10 states in 2026 to 29 states in 2031, educator training is desperately needed to ensure the successful implementation of these new requirements. We estimate that for grade A states the number of students that take a standalone financial literacy course each year will increase from about 704,500 students in academic year 2025–2026 to more than 2,800,000 students in 2030–2031. Assuming that each educator can train 100 students in an academic year, we estimate that the need for highly trained educators in personal finance concepts in grade A states will increase from 7,045 in 2025–2026 to 28,360 in 2030–2031. In Grade B states, we estimate there will be a need for more than 8,511 highly trained educators in 2030–2031. Thus, in half a decade, we will need nearly 37,000 teachers for the A and B states. This number does not include any of the new teachers requiring training who start teaching in public high schools for the first time as replacements for teachers who retire or leave the profession.

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Class of 2026 Number of Grade A States

10 States

Class of 2026 Total Number of Students in Public High Schools in Grade A States (Fall 2022 data*)

2,818,168

Estimated Number of Public High School Students Taking Course in the 2022–2023 Academic Year (Fall 2022 Data*)

704,542

Estimated Number of Trained Educators Required for 2022–2023 Academic Year (assumes each educator trains 100 students each academic year)

7,045

Projected Class of 2031 Number of Grade A States

29 States

Class of 2023 Total Number of Students in Public High Schools in Grade A States (Fall 2022 data*)

11,346,970

Estimated Number of Public High School Students Taking Course in the 2022–2023 Academic Year (Fall 2022 Data*)

2,836,743

Estimated Number of Trained Educators Required for 2022–2023 Academic Year (assumes each educator trains 100 students each academic year)

28,367

* Source: U.S. Department of Education, Institute of Education Sciences, and National Center for Education Statistics “Digest for Education Statistics, 2023.” Data from Table 203.30 Public school enrollment in grades 9 through 12. Total enrollment for the U.S. in 2022 was 15,547,146 Naturally, we look to our teachers to help students become financially literate since it is not always taught at home. That’s because most adults have never taken such a course. A 2024 FINRA Investor Education Foundation’s Financial Capability Study also showed that just one in five American adults surveyed were offered and actually enrolled in such a course. Imagine the reaction of parents if untrained educators were allowed to teach language arts, mathematics, history, civics, or a foreign language. Yet that is often what is happening today with regard to personal finance instruction in our nation’s high schools.

To produce expert personal finance educators, higher education can play a critical role by creating financial literacy certificate or degree programs. We should encourage interested teachers to pursue professional development opportunities. Many of these opportunities are online and often free. More higher learning institutions should provide educators with this critically needed training. Such efforts are significant, but they are more than worthwhile. This 2021 research shows that teacher training improves students’ learning. Other research shows conclusively that personal finance education in high school is effective in developing financially capable citizens.

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State Fact Sheets What follows are State Fact Sheets describing the statewide public policy approach of each state and the District of Columbia with regard to the teaching of personal finance education in its public high schools. When you read through the summaries, you will see links that should take you directly to the documents that were used to inform each state’s fact sheet and the state’s Class of 2026 Grade, as well as the state’s Projected Grade due to policy changes that have been enacted but will not be implemented until the future. If a state has no pending legal or regulatory changes, then its Projected Grade will be the same as its Class of 2026 Grade. Specifically, you will see in the State Fact Sheets high school graduation requirements, academic standards as they relate to personal finance, key state laws, and regulations and rules that relate to how each state delivers personal finance education in its public school system. In some states, you will see links that connect to initiatives that we believe are relevant for understanding how well the state performs. We understand that over time, these links might expire. The information in the fact sheets is based on information as of March 31, 2026, and the website links in the State Fact Sheets were live on August 14, 2026.

GRADE COLOR KEY AND GRADING SYSTEM GUIDE

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2026 NATIONAL REPORT CARD

Alabama

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2028

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

The policy changes included in HB164, described below, will not change Alabama’s grade, but is an improvement to the current policy with regard to high school financial literacy education. In May 2023, the governor signed into law HB164. This bill requires that high school students, beginning in the Class of 2028, complete a standalone personal financial literacy and money management course before graduation. The statutory language appears to allow students to continue to take instruction in the eighth grade, as is currently allowed. The law requires the DOE to identify approved financial literacy courses that may fulfill one unit (a full year course) of academic credit for any mathematics course for high school graduation. The DOE has indicated that taking the following two halfyear courses will fulfill the instructional requirements specified in the law: Career Preparedness and Career Preparedness B. The law also requires that students take a financial literacy examination and that a summary of the examination results is reported by each local school district to the DOE. The DOE has created a Financial Literacy Examination, that must be administered to all students at the completion of one of the previously listed approved courses. The Financial Literacy Examination consists of fifty (50) multiple-choice questions that assesses each of the required instructional topics. To earn a passing score on the Financial Literacy Examination, students must answer a minimum of thirty (30) items correctly; however, a passing score is not required for graduation. In the DOE’s course catalogue description of both of these courses is the following sentence: “The required 20-hour online experience can be met by successfully completing both Career Preparedness A and Career Preparedness B.” It is not

Yes, starting with the Class of 2017, Alabama requires that all high school students take a one-year career preparedness course. The education standards for this course note that it can be taught: (i) as a full-year course in grades nine to 12; or (ii) as two half-year courses in the following sequence: Career Preparedness A, which may be taught in grade eight for one half-credit, to be followed by Career Preparedness B in grades nine to 12. Sources: • Graduation Requirements: Graduating Class of 2026 and 2027 Option A • Graduation Requirements: Graduating Class of 2026 and 2027 Option B • Alabama Course of Study Career and Technical Education (pages 15-22)

HIGH SCHOOL EDUCATION STANDARDS The Career Preparedness Course has 27 content standards, of which 20 include personal finance topics. The State Department of Education (DOE) indicates that a full-year course consists of 140 hours of instruction. Based on this information, we estimate that students receive more than a one semester personal finance course. Sources: • Alabama Course of Study Career and Technical Education (pages 15-22)

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Alabama clear what this 20-hour online experience is referring to. A full year course is 140 hours long and if each course has a 20-hour online experience, that would only equate to 40 hours of instruction. Sources: • HB164 • Graduation Requirements: Graduating Class of 2028 and Beyond Option A • Graduation Requirements: Graduating Class of 2028 and Beyond Option B • Alabama High School Graduation Requirements Guidelines for Implementation and Additional Information (page 4) • Career Preparedness (22153G1000)

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Alabama’s social studies content standards for the required kindergarten economics instruction includes financial literacy concepts. Alabama requires that a Career Explorations Course be taught in all schools in grades six to eight and this course includes substantive financial literacy concepts. Each local school district determines how long this course is: six weeks (24 hours); or nine weeks (35 hours); or one semester (70 hours); or one year (140 hours). Such a large variation ensures that all students in Alabama are not getting equitable access to this import information. Sources:

• Career Preparedness B (22153G0522)

• 2024 Alabama Course of Study: Social Studies (pages 12 & 13)

• Alabama Course of Study Career and Technical Education (pages 15-22)

• Alabama Course of Study Career and Technical Education (pages 12-14)

CAVEAT Personal finance concepts are most relevant after students graduate from high school, when they are thrust into a situation where they must manage their daily living expenses. Allowing this course to be taken in grade eight or allowing students in grade nine and 10 to take a course of this nature is not optimal, since knowledge obtained will fade over time. The eight and ninth grade students will not use much of what they learn until many years after the instruction is completed.

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Alaska GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course for the Class of 2026. Alaska high school students must earn a minimum of 21 credits with three credits in social studies. Sources: • 4 AAC 06.075. High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS In December 2024 Alaska adopted new social study standards for grades K-12. These standards will be fully implemented when the students that enter high school in academic year 2025-2026 graduate (the Class of 2029). This document notes: “The standards outline the minimum standards that students in Alaska should learn in each grade band. The standards address a foundational framework of what is to be learned, but they do not address how learning experiences are to be designed or what resources should be used…The standards establish a statewide baseline of what students should know and be able to do at the conclusion of a grade band.” Included in this 129-page document are 46 economics standards and 13 of these standards (28%) have financial literacy content. No high school course is identified where these standards are expected to be taught to students. It is not clear how the Alaska Department of Education monitors local high schools to ensure that personal finance content is being taught to students. Alaska also has employability standards that

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

apply to the Class of 2026 that include certain concepts contained in the Earning Income section of the National Standards for Personal Finance Education. Sources: • Employability Standards • Alaska Social Studies Standards, Adopted December 2024 (page 102)

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Alaska’s social studies education standards include, as part of economic standards, some personal finance concepts for the following grade bands: K to one, three to five and six to eight grade bands. It is not clear if the employability standards are taught prior to high school.

PROJECTED GRADE FOR CLASS OF 2029 Grade C for the Class of 2029. As describe above, new social studies standards will be fully implemented for all high school grades by academic year 2028-2029. When this is fully implemented Alaska’s grade will change. All school districts are expected to teach personal finance content to high school students, but how this requirement is implemented is left entirely to local districts to determine.

CAVEAT It is not clear how Alaska measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

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Arizona GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement?

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

prior to graduation. The ECAP allows students to enter, track, and update the following information: (i) academic goals; (ii) career goals; (iii) postsecondary education goals; and (iv) extracurricular activity goals.

Yes, a law was passed in 2019 that requires high school students to complete a half-year course in economics and that such course include financial literacy and personal financial management content. Prior to 2019, beginning in 2013, state law required the academic standards prescribed by the State Board of Education (SBOE) in social studies include personal finance concepts. State law is very clear that the SBOE has the legal power and authority to require high school students take a separate personal finance course as a graduation requirement in the future.

Sources:

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

• Arizona Graduation Requirements • R7-2-302. Minimum Course of Study and Competency Requirements for Graduation from High School • A.R.S. Title 15, Chapter 7, Article 701.01

HIGH SCHOOL EDUCATION STANDARDS The economics course standards in Arizona consist of 20 standards, five of which are personal finance. Based on this information, we estimate that students receive approximately 15 hours of instruction in personal finance. Effective for the Class of 2013, Arizona students, in grades nine to 12, are required to complete an Arizona Education and Career Action Plan (ECAP)

• Arizona History and Social Studies Standards • Arizona Administrative Code R7-2-302.05 Career Action Plan for Students in Grades 9-12 • ECAP

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Arizona’s grade.

The K to eight social studies standards includes some personal finance concepts in the social studies economics standards in grades one to six and eight. Arizona also has K to eight Career Literacy standards to help students make informed decisions about their futures. The standards focus on career awareness in grades K to five and career exploration in grades six to eight. Sources: • Arizona History and Social Studies Standards • K–8 Career Literacy

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Arizona

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PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT

CAVEAT

A 2021 law created the Arizona Seal of Personal Finance program that recognizes high school students who achieve a high level of proficiency in personal finance. The seal is placed upon the student’s diploma and noted on their transcript. In grades nine to 12, students must complete the following requirements to obtain the seal: (a) complete all social studies courses with an overall grade point average (GPA) of 3.0 out of a 4.0 scale; and (b) students must complete one activity from each of the four categories: (i) pass an assessment of personal finance; (ii) complete of an approved personal finance program; (iii) participate in a cocurricular or extracurricular program; and (iv) complete a college and/or career readiness plan.

The 2019 law states that the State Board of Education “may consider establishing a required separate personal finance course for the purpose of the graduation of pupils from high school” but does not require the board to take such action. As of the date of this report the state board has not required that Arizona high school students take a standalone course in personal finance as a graduation requirement. Prior to 2019, a 2013 law specifically did “not allow the state board of education to establish a required separate personal finance course for the purpose of the graduation of pupils from high school.” It is not clear how Arizona measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • Seal of Personal Finance • SB1442 (Created the Seal of Personal Finance)

Sources: • A.R.S. Title 15, Chapter 7, Article 701.01 • 2013 A.R.S. Title 15, Chapter 7, Article 701.01

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Arkansas

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change Arkansas’s grade.

Yes, state law requires that beginning with the entering ninth grade class of the 2017–2018 academic year (the Class of 2021), each public high school student must earn a credit in a course taken in grades nine to 12 that includes instruction on certain financial literacy topics. The Arkansas graduation requirements also require students to take a half-credit Economics and Personal Finance social studies course (a half-year course) prior to graduation.

HIGH SCHOOL EDUCATION STANDARDS

Sources: • A.C.A. § 6-16-135 Click on Arkansas Code and go to Title 6 Education, Subtitle 2, Elementary and Secondary Education Generally, Chapter 16 Curriculum, Subchapter 1 General Provisions • Arkansas Graduation Requirements • Personal Finance Standards

PRE-K TO GRADE EIGHT EDUCATION STANDARDS The social studies standards for grades K to four include economic standards that contain a very modest level of personal finance concepts. Grades five to eight do not include substantive personal finance concepts in the social studies standards. Sources: • K–4 Social Studies Academic Standards • Social Studies Standards and Courses

As required by state law, the Arkansas State Board of Education has approved personal finance standards that cover the financial literacy topics specified in the legislation. Prior to graduation, high school students must complete a course that includes these standards. The Arkansas Department of Education (ADE) has aligned and embedded the personal finance standards in existing courses. A local district can use one of the six following courses to meet the personal finance requirement: a standalone Financial Literacy course (halfcredit); a Quantitative Reasoning course (one credit); an ADE approved AP Macro Economics and Personal Finance course (half-credit); an ADE approved AP Micro Economics and Personal Finance course (half credit); an Economics course (half-credit social studies or a Career Focus credit); and a Financial Planning course (1.5 credits consisting of one Career Focus credit and a half-credit in Economics). Subject to ADE approval, districts can embed the personal finance standards into an existing approved course other than those listed above. Each public high school is required to offer 38 courses, and only the Economics course listed above is required to be offered in every high school. That is consistent with NGPF’s 2026 State of Financial Education Report, which indicates that 10.9% of Arkansas high school students attend schools where they are required to take a standalone half-year course in personal finance as a local graduation requirement, and 9.3% of high schools offer a standalone personal finance course as an elective. NGPF’s report estimates that 76.3% of

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Arkansas student attend high schools that embed personal finance content into another course. Most students graduating from Arkansas likely take the required economics course with the personal finance instruction embedded into that half-year course to meet the personal finance instruction requirement. Financial literacy instruction hours cannot be estimated since each school district selects how it will meet the personal finance education requirement. Sources: • Personal Finance Standards • ADE Personal Finance webpage • Financial Literacy Course Education Standards • Quantitative Reasoning Course Education Standards • Economics Course Education Standards • Financial Planning Course Education Standards (satisfies Economics course graduation requirement)

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT ADE’s website includes a list of personal finance education resources for educators. In addition, the website includes information on five professional development courses (10 credits in total) that are available to educators via ArkansasIDEAS (the state’s online professional development program for educators). Sources: • Professional Development and Teacher Resources

CAVEAT It is not clear how Arkansas measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

• 38 courses Required to be Offered • NGPF’s 2026 State of Financial Education Report

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California

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2031. In June of 2024, the governor signed into law a bill that would add the completion of a separate, standalone one-semester, half-year, course in personal finance to the graduation requirements commencing with students that graduate in the Class of 2031. The new requirement applies to all public and charter high schools in the state. The law allows the course to be offered to students in grades nine to 12. The law does not allow this personal finance course to be combined with any other course. For example, a high school could not comply with this graduation requirement by having students take a onesemester course that combines economics and personal finance concepts in a single half-semester course. Beginning with the Class of 2031, the law allows students that complete the personal finance course to elect to be exempt from the existing graduation requirement to complete a one-semester course in economics. Local school districts are allowed to eliminate one or more locally required courses in order to accommodate the new required personal finance course, commencing with the Class of 2031. The law requires high schools to begin offering the personal finance class to students in the 2027-28 school year. The law also requires that on or before May 31, 2026, that the State Board of Education (SBOE) adopt a curriculum guide and resources for the personal finance course, based on a curriculum guide and resources developed and recommended by the Instructional Quality Commission (IQC). The law requires the curriculum guide and resources to include the financial literacy topics considered by the IQC as part of the history-social science framework revision. The law appropriates $300,000 from the General Fund to the IQC for purposes of developing, and recommending to the SBOE, the curriculum guide

No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course, and schools are not required to offer financial literacy courses for the Class of 2026. Graduation from high school in California requires students to take three years of social science, including a one-semester course in economics. Sources: • California State Minimum High School Graduation Requirements

PRE-K TO GRADE EIGHT As described in High School Education Standards, the Instructional Quality Commission (IQC) adopts instructional materials for grades K to eight. Californiapassed laws require the IQC, in the future, to adopt instructional materials (in particular textbooks) that include specified financial literacy content. This applies to the following educational subjects: social sciences, health, and mathematics. Therefore, textbooks updated since the passage of this law should include personal finance content for grade K to eight. Sources: • Instructional Materials FAQ

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California and resources. The law specifies a long list of personal finance topics that the IQC must consider when creating these materials. The SBOE adopted the curriculum guide and resources for this personal finance course on March 11, 2026. This law expressly authorizes a teacher holding a single subject teaching credential in Social Science, Business, Mathematics, or Home Economics to teach the new financial literacy course. The law would also authorize the IQC to additionally establish a supplementary authorization that could allow teachers holding single subject teaching credentials in other subjects to teach the personal finance course. In 2024 the State Superintendent of Public Instruction announced the creation of a Personal Finance Task Force to inform implementation of personal finance education for K-12 students across the state, especially as a source of economic empowerment for those in marginalized communities. Sources: • Assembly Bill No. 2927 • State Superintendent Press Release • Personal Finance Task Force • Curriculum Guide for Personal Finance

HIGH SCHOOL EDUCATION STANDARDS Under the current education laws and regulations in California, a student could graduate without ever being taught substantive personal finance concepts in high school. Content Standards: State law requires the SBOE to adopt standards for all students, from grades K to 12. These educational content standards describe what students should know and be able to do in each subject at each grade. These standards applicable to the Class

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

of 2026 do not include financial literacy topics. The SBOE-approved History-Social Science standards include Principles of American Democracy and Economics standards, but these do not currently include any financial literacy standards. These standards were adopted in 1998. Frameworks: Curriculum frameworks offer guidance for implementing SBOE-approved content standards. Frameworks describe the curriculum and instruction necessary to help students achieve proficiency. Frameworks are developed by the IQC. These frameworks are tools that local school districts may use, but they are not required to do so by law or regulation. Certain frameworks reference or include financial literacy concepts. The History-Social Studies (HSS) Framework (adopted in July 2016) requires ninth grade students to take two semesters of electives. The framework identifies 12 suggested elective options for grade nine, and one of the options is a personal finance elective. However, NGPF’s 2026 State of Financial Education Report indicates that nearly 70% of California students attend a high school that does not offer a standalone personal finance course. Recommending that students take a course of this nature in ninth grade is not optimal, since knowledge will fade over time. Such students will not use much of what they learn until many years after the instruction is completed. Laws passed in 2013 and 2016 require that when the IQC next updates the “curriculum frameworks in the social sciences, health, and mathematics” that these frameworks include specified financial literacy content by the following grade band: grades K; one to five; six to eight; and nine to 12. The California Education Code requires that local districts adopt high school textbooks aligned to the state content standards, but they are not required to align to curriculum frameworks.

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California Instructional Materials: Instructional materials are used by students and their teachers as a learning resource and help students become proficient in a subject. Instructional materials include textbooks, technologybased materials, other educational materials, and tests. The IQC reviews and adopts textbooks and other instructional materials for use in grades K to eight. The IQC does not adopt instructional materials for grades nine to 12; this is done exclusively by the local school districts.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT

• History-Social Science Framework (Chapter 14: Grade nine – Elective Courses in History-Social Sciences and Chapter 18: Grade 12 – Principles of Economics (One Semester))

The California Department of Education offers educators a robust list of financial literacy resources. The CalMoneySmart program provides annual grants of up to $200,000 to nonprofit organizations to provide financial education and financial empowerment programs and services for unbanked and underbanked Californians. California districts and schools are eligible for grant funding for personal finance program development made available by Next Gen Personal Finance (NGPF). One million dollars in grants will be awarded through the NGPF California Challenge Grant Program. Grant awards are limited to one per school and ten per district: (i) $3,500 per school will be awarded to schools teaching the course in the 2025–2026 school year (up to $35,000 per district); and (ii) $2,500 per school will be awarded to schools teaching the course in the 2026–2027 school year (up to $25,000 per district). Grants are designated for exclusive use in the new personal finance course. NGPF is also offering teachers $500 professional development stipends for 20 hours of completed professional development training in personal finance.

• California Education Code 51280 to 51284.5

Sources:

Sources: • Instructional Materials FAQ • Content Standards • History-Social Science Content Standards (see pages 54–61) • Instructional Quality Commission • Curriculum Frameworks & Instructional Materials

• NGPF’s 2026 State of Financial Education Report

• California Grades K–12 Financial Literacy Resources • CalMoneySmart • Grant Program • NGPF’s California Access to Financial Education Grant Program

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Colorado GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. High school graduation requirements are set by local school boards. The State Board of Education has created Graduation Guidelines that include the requirement that each student must create an Individual Career and Academic Plan (ICAP), which includes career-oriented financial literacy concepts. NGPF’s 2026 State of Financial Education Report indicates that 9.8% of Colorado high school students attend schools where they are required to take a standalone half-year course in personal finance as a local graduation requirement, and about 50% of high schools offer a standalone personal finance course as an elective. The report also notes that 34.3% of students attend high schools where financial literacy content is embedded in another course (e.g., an economics course) and that 5.8% of students attend high schools that appear to have no class offering with personal finance content. Sources: • Financial Literacy Social Studies Standards • Graduation Guidelines • Graduation Guidelines FAQs • NGPF’s 2026 State of Financial Education Report

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Local school districts are strongly encouraged to teach personal finance topics in grades Pre-K to eight. The state’s approved social studies standards for these grades includes personal financial literacy topics. Sources: • Financial Literacy Social Studies Standards

PROJECTED GRADE FOR CLASS OF 2030 Grade A for the Class of 2030. In May of 2025, the governor signed HB 25-1192 into law. The law requires students who enter ninth grade on or after September 1, 2026 (the Class of 2030), to complete a financial literacy course as a public high school graduation requirement. The course must incorporate all of the financial literacy standards developed by the Colorado Department of Education (CDE). A CDE factsheet indicates that “all the high school financial literacy standards must be included in a course that is either already a graduation requirement or that is made a graduation requirement going forward (e.g., a course in social studies, math, economics, etc.). To accomplish this requirement, all high school financial literacy standards must be taught within a single course, but that course is not required to be called financial literacy. A school district may also implement a standalone financial literacy course that is required for graduation. Although the financial literacy requirements of HB 25-1192 are in effect for the 2025-26 school year, the legislature gave broad discretion to schools and districts on how they implement this requirement. This is captured in the legislative intent where it states that “local education

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Colorado providers have broad discretion to determine the method of implementing a financial literacy course…and [any] existing local graduation requirements a financial literacy course may fulfill.”’ The law also requires that beginning with the graduating Class of 2028, students in their graduating year, as part of each student’s individual career and academic plan (ICAP) must have exposure to federal financial aid eligibility tools and net price calculators and practices for filling out the Free Application for Federal Student Aid (FAFSA) or Colorado Application for State Financial Aid (CAFSA). The goal of this requirement is to ensure that students know how to fill out these forms if the student intends to seek postsecondary degree credentials. This requirement is waived if the adult student or such student’s parents or guardians affirmatively declines to practice filling out the applications or if school personnel determine it is not feasible for the student to practice filling out the application. Sources: • HB 25-1192

HIGH SCHOOL EDUCATION STANDARDS By law the State Board of Education is required to adopt standards that identify the knowledge and skills that a student should acquire as the student progresses from preschool through elementary and secondary education. Local school districts are required to align their curriculum in their schools to these standards. State law requires grade nine to 12 financial literacy standards include certain concepts such as an understanding of the following higher education topics: expected career

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

income, financial aid, student loans, scholarships, and grant programs. In 2022, the state board-adopted social studies standards have five content areas: history, geography, civics, and personal financial literacy. State law strongly encourages (but does not require) local school boards to: (i) adopt financial literacy curriculum for grades K to 12; (ii) select mathematics and economics textbooks that include financial literacy content; and (iii) require the successful completion of a course in financial literacy as a graduation requirement. Graduation Guidelines require student implementation (by grade nine and through grade 12) of the ICAP. Career related financial literacy topics are part of the ICAP requirements. The CDE notes that “ICAP is a multiyear process that intentionally guides students and families in the exploration of career, academic and postsecondary opportunities. With the support of adults, students develop the awareness, knowledge, attitudes, and skills to create their own meaningful and powerful pathways to Postsecondary and Workforce Readiness (PWR).” PWR occurs when a graduate is able to “demonstrate the knowledge and skills (competencies) needed to succeed in postsecondary settings and to advance in career pathways as lifelong learners and contributing citizens.” Sources: • Financial Literacy Social Studies Standards • Individual Career and Academic Plan (ICAP) • C.R.S. 22-7-1005 • C.R.S. 22-32-135 • 1 CCR 301-81

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Colorado

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

EXTRA CREDIT

CAVEAT

Colorado law requires the CDE to provide online financial literacy resources for teachers and school districts. The 2025 law provides funding for the new financial literacy course requirement. For Fiscal Year 2025-26, the bill requires and includes an appropriation of approximately $210,000 to the CDE. The bill requires the CDE to distribute money to support school districts that do not currently offer a financial literacy course based on a formula that CDE determines. The act authorizes the CDE to seek, accept, and expend gifts, grants, or donations for the purpose of supporting educators in implementing a financial literacy course. Next Gen Personal Finance is offering $500 stipends to educators who complete at least 20 hours of their free professional development (PD). Stipends will be available for up to 400 active Colorado public high school teachers.

When the new mandate is fully implemented for the Class of 2030, it is unclear how Colorado will ensure that each local school district is, in fact, delivering the equivalent of a half-year course in personal finance, particularly in local school districts that do not offer a standalone personal finance course and are embedding this content on another course, like economics. Each local school district is responsible for implementing this new requirement and maximum flexibility has been given to these districts by regulators. This lack of uniformity in how this financial literacy requirement will be implemented will be closely monitored in our future reports. It is not clear how Colorado measures student achievement in financial literacy or how the state monitors the equitable implementation of local school district implementation of the ICAP financial literacy education requirement.

Sources: • C.R.S. 22-2-127 • Personal Financial Literacy Resource Bank • HB 25-1192 • Fiscal Note Legislative Council • Next Gen Personal Finance Stipends

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Connecticut

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2027

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2027. In July 2023, the governor signed into law a bill that adds personal financial management and financial literacy to the state’s required program of instruction for public schools. This law adds a half-credit of personal financial management and financial literacy to the high school graduation requirements beginning with the graduating Class of 2027. The course can count as either a humanities, mathematics or elective credit and will not add to students’existing required credits for high school graduation. Students may also receive credit for this course requirement upon the successful demonstration of mastery of financial literacy content by taking a traditional course, college credit, on-line coursework or demonstration of mastery of the subject.

No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course for the Class of 2026. The program of instruction offered by public schools must include the following subject matter: career education and consumer education, but no high school course is identified for delivering this content. By law, the State Board of Education is required to assist and encourage local and regional boards of education to include personal financial management education. In 2014, a state law allowed the Department of Education (DOE) and other identified organizations to create a plan to provide high school students with personal finance instruction. High schools may offer courses and programs in any of the 16 career clusters identified by the DOE. A personal finance course can be part of a career clusters program of study. Sources: • Sec. 10-221a. (c) High school graduation requirements for 2023 to 2026 • Sec. 10-16b. Prescribed courses of study • Sec. 10-16pp. Plan to provide instruction in financial literacy • Sec. 10-221z. Completion of the Free Application for Federal Student Aid or an application for institutional financial aid as a condition for graduation from high school. Waiver. Exemption. • Career Clusters, Career Pathways, Programs of Study • Career Clusters: Business Management and Administration

The DOE as required by law, provides on its website personal finance standards, model curriculum and resources to help local school boards develop the course, which must include instruction on banking, investing, savings, the handling of personal finance matters, and the impact of using credit cards and debit cards. In June of 2022 the State Board of Education adopted the NextGen Personal Finance Curricula for the financial literacy Model Curricula for grades six to eight and nine to 12. Sources: • Sec. 10-221a. (d) High School Graduation Requirements beginning with Class of 2027 • Personal Financial Management and Financial Literacy • CSDE Financial Literacy Course Kit • CSDE 6-12 Model Financial Literacy Collection Resources

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Connecticut

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

STANDARDS

Under current education laws and regulations in Connecticut, a student could graduate without ever being taught substantive personal finance concepts in high school. The 2015 Social Studies Framework includes economics content but does not include substantive personal finance content. The DOE has identified financial literacy education tools and models to assist educators who teach this content in a standalone high school course or embed this content in other courses for grade six to 12 students.

Connecticut does not require that personal finance concepts be taught to students during primary education (grades Pre-K to eight). However, state law requires the DOE to provide to local school districts curriculum materials with curriculum resources that they can use with regard financial literacy content.

Sources: • Social Studies • Social Studies Framework • Personal Financial Management and Financial Literacy

Sources: • Sec. 10-16b. Prescribed courses of study • CSDE 6-12 Model Financial Literacy Collection Resources

EXTRA CREDIT The DOE provides personal finance educator resources on its website. Sources: • Personal Financial Management and Financial Literacy

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Delaware

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2030

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2030. On October 9, 2025 the governor of signed into law a bill that requires all high school students take a standalone half-year course in personal finance as a high school graduation requirement. This new graduation requirement applies to students entering grade 9 in the 2026 through 2027 school year. The law requires that all school districts or charter schools serving high school students shall provide, at a minimum, a ½ credit on financial literacy. This course in financial literacy can be counted as a social studies or elective credit. The law requires that schools use standards-aligned curriculum with high rigorous instructional materials that includes assessments. The financial literacy course must be aligned to the current financial literacy standards adopted by Delaware. The Department of Education (DOE), with the approval of the State Board of Education, shall adopt or update regulations to implement this legislation. The law requires that there be opportunities for high-quality initial and ongoing professional learning made available to teachers by the local education agencies. High schools are encouraged by the law to partner with private or public enterprises or individuals to add value to the student experience with regard this financial literacy course. These partnerships may include serving as expert class presenters on financial literacy topics, sponsoring student competitions, awarding scholarships for outstanding achievements, and sponsoring or providing teacher professional development.

No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course for the Class of 2026. Beginning with the Graduation Class of 2019, students are required to take a minimum of 24 credits to graduate, including three credits in social studies and three credits in a career pathway. Sources: • Delaware Administrative Code: 505 High School Graduation Requirements and Diplomas

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Delaware’s financial literacy content standards apply to grades K to 12. However, whether such education occurs is left to local control. If a school district decides to provide personal finance education, then the training must align with the state-approved standards.

• 14 Del. C. § 4152. Financial literacy education as a required ½ credit • Financial Literacy Content Standards

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Delaware

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

HIGH SCHOOL EDUCATION STANDARDS

EXTRA CREDIT

The state social studies standards include economic concepts but do not include substantive personal finance concepts. In May of 2015, the legislature issued a joint resolution creating a statewide financial literacy task force. The Task Force presented its recommendation to the State Board of Education in 2016. Financial literacy content standards were adopted in response to these recommendations. The new financial literacy content standards became effective in the 2018–2019 academic year. Delaware regulations require that instructional programs offered in the public schools be in alignment with the appropriate content standards documents, including financial literacy content standards documents. All school districts are required to provide evidence (and certify annually) to DOE that their school district curricula are aligned with the State Content Standards, including financial literacy content standards.

The DOE indicates that, in support of the financial literacy standards, high schools can receive additional ongoing support and professional learning for free personal finance lessons and resources from the Keys to Financial Success from the Philadelphia Federal Reserve. Sources: • Keys to Financial Success from the Philadelphia Federal Reserve

CAVEAT It is not clear how Delaware measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • Social Studies Standards • Delaware Resolution Establishing Task Force • Financial Literacy Content Standards • Content Standards Regulation • Alignment Regulation

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District of Columbia GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course. Student are required to complete a total of 24 Carnegie Units for high school graduation. Four units are social studies and must include World History 1 and 2, United States History, United States Government, and District of Columbia History. A total of 3.5 required Carnegie Units are allocated to elective courses. Sources: • District of Columbia High School Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS On March 20, 2024, the State Board of Education voted to adopt high school financial literacy standards. These standards were developed by Office of the State Superintendent for Education (OSSE) and are intended to be implemented as a standalone, elective course for high school students across the D.C. These standards include financial knowledge and skills, including how individual financial circumstances are influenced by personal decisions and systemic factors. These standards were implemented beginning in school year 2024-25. High schools are not required to offer this course as an elective, but if they offer a standalone personal finance elective course that course must use the adopted standards. The OSSE states on its website that all adopted academic learning standards define the knowledge, concepts and skills that all D.C. public school students should acquire at each grade level. The standards define what all students are expected to know and be able to do rather than how teachers should

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

teach. Based on this language, one would expect all students to receive some substantive financial literacy content prior to graduation. Yet, NGPF’s 2026 State of Financial Education Report indicates that in D.C. high schools only 31.8% of students attend a high school that offers a financial literacy elective and nearly a third (31.9%) of high schools do not appear offer this content at all to their students. The report also indicates that more than a third of the high schools (36.4%) offer a course that embeds some financial literacy content (e.g., an economics course). D.C. public school may also offer the Tenacity Program to their students. This program includes some personal finance content. Sources: • D.C. Standards of Learning • Financial Literacy Standards • Social Studies Standards • NGPF’s 2026 State of Financial Education Report • Tenacity Program • Tenacity Program Facilitator Guide

PRE-K TO GRADE EIGHT EDUCATION STANDARDS The District of Columbia does not require that personal finance concepts be taught to students during primary grades Pre-K to eight. There are minimal economic or personal finance concepts in the 2023 Social Studies Standards. Sources: • Social Studies Standards

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change the District of Columbia’s grade.

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Florida

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2027

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2027. State law requires that beginning with the entering ninth grade class of the 2023–2024 academic year (the Class of 2027), students must earn a half-credit (a half-year standalone course) in personal financial literacy and money management in order to graduate from high school. In March 2022, the governor signed into law a bill (SB 1054) with this requirement that also revised the topics required to be included in the state’s financial literacy education standards. Accordingly, the bill reduces the current number of elective credits required to earn a standard high school diploma from eight to 7.5 credits. The state academic standards establish the core content of the curricula to be taught in the state and specify the core content knowledge and skills that K-12 public school students are expected to acquire. Florida state law requires financial literacy academic standards have specific curricular content for the following: (1) types of bank accounts offered, opening and managing a bank account, and assessing the quality of a depository institution’s services; (2) balancing a checkbook; (3) basic principles of money management, such as spending, credit, credit scores, and managing debt, including retail and credit card debt; (4) completing a loan application; (5) receiving an inheritance and related implications; (6) basic principles of personal insurance policies; (7) computing federal income taxes; (8) local tax assessments; (9) computing interest rates by various mechanisms; (10) simple contracts; (11) contesting an incorrect billing statement; (12) types of savings and investments; (13) state and federal laws concerning

No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course for the Class of 2026. A half-credit economics course is a graduation requirement; however, since the passage of a 2019 law, this course is no longer required to include any personal finance content. Sources: • Florida High School Graduation Requirements

PRE-K TO GRADE EIGHT EDUCATION STANDARDS The social studies standards for grades K-eight include economic standards that contain a very modest level of personal finance concepts. Grades four and eight include specific financial literacy standards that are expected to be taught in socials studies courses to all students. Sources: • Florida Financial Literacy Education Standards (click on “Social Studies” then on the relevant grade to see the economics standards)

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Florida finance; and (14) costs of postsecondary education, including cost of attendance, completion of the Free Application for Federal Student Aid, scholarships and grants, and student loans. Florida has a process for approving instructional materials that can be used in classrooms and has adopted a list of approved materials for the high school financial literacy course. Sources: • § 1003.41, Fla. Stat • § 1003.4282, Fla. Stat • Florida Financial Literacy Education Standards (click on “Social Studies” then on “Grade 912” and on “Strand SS.912.FL: Financial Literacy” for the financial literacy standards) • Policies and Procedures Specifications for the Florida Instructional Materials Adoption • Instructional Materials 9-12 Personal Financial Literacy and Money Management

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS Prior to 2019, every high school student was required to take a half-credit economics course in order to graduate. Substantive financial literacy topics were included in the social studies standards for this economics course. In our 2017 report, we estimated, based on the required economics course’s education standards, that at least half of this half-year course was allocated to personal finance topics. In 2019, a law was passed that substantially changed what was required for financial literacy instruction in Florida’s high schools. For the Class of 2020 until the class of 2026, school districts are required to offer a financial literacy course consisting of at least a half-credit as an elective; however, it is not a graduation requirement. Sources: • HB 7071 (pages 24 and 25) • Florida Education Standards (click on “Social Studies” then on “Grade 912” for the relevant economic standards)

CAVEAT It is not clear how Florida measures how many students take the available financial literacy elective course or student achievement in financial literacy.

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Georgia GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? Yes, high school students in Georgia are required to take three credits of social studies for graduation, which includes a half-unit (half-year) course in economics for the Class of 2026.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Some personal finance topics are required to be taught and are included in the social studies standards for grades K to five. Sources:

• Ga. Comp. R. & Regs. r. 160-4-2-.48 High School Graduation Requirements

• GADOE SuitCASE Framework Index (click on “Social Studies – Georgia Standards of Excellence” then click on click on “Elementary Social Studies K-5” then click on each grade and then click on “Economic Understandings”)

• PDF of Graduation Requirement Rule (page 5)

• PDF Georgia Social Studies Standards of Excellence

HIGH SCHOOL EDUCATION STANDARDS

PROJECTED GRADE FOR CLASS OF 2028

The required course is called Personal Finance and Economics. This course has 22 standards, and 10 of these standards are personal finance in nature. Based on this information, we estimate that students receive approximately 27 hours of instruction in personal finance.

Grade A for the Class of 2028. In 2022, Georgia passed a law that requires high schools, beginning with freshman entering into high school in the 2024–2025 academic year, to require all students during their 11th or 12th grade years to complete at least a half-credit course in financial literacy as a graduation requirement. The law requires the State Board of Education (SBOE) to adopt financial literacy content standards for this course. The law notes that the course may be provided within the framework of existing coursework offered by a local school system and indicates that the course is eligible to count toward a mathematics, social studies, or elective unit of credit requirement for graduation. The Georgia Department of Education’s website states: “Currently, the Personal Finance & Economics course (45.061) satisfies this state requirement. Certification requirements to teach the Personal Finance and Economics course were released [on April 15, 2023] …The Personal Finance and Economics course (and approved substitutes) is a

Sources:

Sources: • Social Studies webpage • GADOE Inspire Personal Finance And Economics • PDF Social Studies Georgia Standards of Excellence (page 80 of PDF)

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Georgia graduation requirement for all students and also satisfies the financial literacy requirement. The following courses are options for students who have satisfied the Personal Finance and Economics requirement, but still need to satisfy the financial literacy requirement: 45.067 Personal Financial Literacy[;] 27.08430 Advanced Financial Algebra[; and] 07.42600 Financial Literacy (BCS-FL).”

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

CAVEAT It is not clear how Georgia measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • O.C.G.A. § 20-2-149.4 • GADOE SuitCASE Framework Index (click on “Social Studies – Georgia Standards of Excellence” then click on “High School Social Studies 9-12” and click on “45.06700 Personal Financial Literacy”) • PDF Georgia Social Studies Standards of Excellence (see Financial Literacy Standard on pages 102 to 106) • Rule 505-3-.113. Financial Literacy Endorsement Program

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Hawaii

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2030

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade B beginning with the Class of 2030. On January 9, 2026 the Hawaii Department of Education (HIDO) announced “To ensure Hawaii public school students are prepared for life after high school, [HIDO] will require students to complete a financial literacy educational opportunity beginning in the 2026-27 school year. Starting with incoming freshmen in the Class of 2030, all students in Hawaii public schools must successfully complete a financial literacy educational opportunity prior to graduation and document completion through their Personal Transition Plan (PTP). The PTP is a required half-credit course for all students and is necessary to earn a high school diploma. Ahead of the formal requirement, high schools are encouraged to have students in the graduating Classes of 2027, 2028 and 2029 document their financial literacy education within their PTPs.” In August of 2025 HIDO released financial literacy education standards. These standards were developed by HIDOE’s Office of Curriculum and Instructional Design and are based on the 2021 National Standards for Personal Finance Education from the Council for Economic Education and the Jump$tart Coalition for Personal Financial Literacy.

PRE-K TO GRADE EIGHT EDUCATION STANDARDS There is no personal finance content in the social studies standards; however, economic concepts are included. Sources: • Subject Matter Standards

• HIDO Financial Literacy Announcement • HIDO’s Financial Literacy Program Standards • 2021 National Standards for Personal Finance Education • Graduation Requirements • Preparing to Graduate (see Personal Transition Plan)

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Hawaii

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

HIGH SCHOOL EDUCATION STANDARDS

EXTRA CREDIT

Hawaii’s graduation requirements include awarding a student a half-credit (a half-year course) for completion of the required Personal Transition Plan (PTP). The PTP is started in ninth grade and completed in 12th grade. A PTP should be initiated as each student enters into high school. The PTP should be reviewed periodically by the student, school staff and parent/guardian to ensure that the student is meeting the elements of the PTP. Until the Class of 2030 graduates, the PTP is only required to include certain concepts contained in the Earning Income strand (one of six strands) of the National Standards for Personal Finance Education. The PTP is an individually designed and customized plan of action for each high school student to move successfully from high school to postsecondary and/or career venues. It is clear that most Hawaii schools are not currently teaching personal finance in a substantive manner. NGPF’s 2026 State of Financial Education Report indicates that less than 1% of students in Hawaii attend a high school that requires a standalone personal finance course as a graduation requirement and that only 11.4% of students attend schools that offer a standalone personal finance elective course.

HIDOE has a web page of financial literacy resources for educators.

Sources: • Graduation Requirements • 2021 National Standards for Personal Finance Education • Preparing to Graduate (see Personal Transition Plan) • NGPF’s 2026 State of Financial Education Report

Sources: • Financial Literacy Resources

CAVEAT The PTP is not a substantive and intensive standalone course that occurs during a single academic year. Instead, it is a primarily a student led project with some instructional oversight by educators that is completed over a four-year period in high school from grades 9 to 12. The PTP also includes topics that are not financial literacy in nature. It is not clear what type of educators are involved in the PTP program (e.g., social studies?) and what personal finance training is provided to such educators. Personal finance concepts are most relevant after students graduate from high school, when they are thrust into a situation where they must manage their daily living expenses. Teaching this content in grades nine and 10 is not optimal, since knowledge obtained will fade over time. The ninth and 10th grade students will not use much of what they learn until many years after the instruction is completed. It is unclear how Hawaii will ensure that personal finance instruction is being done in an equitable manner given this multi-year construct. It is not clear how Hawaii will measure student achievement in financial literacy or how the state will monitor local school district implementation of the financial literacy education requirement.

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Idaho

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Idaho’s Economic Essential Standards are composed of 24 essential and supporting standards, 11 of which are personal finance standards. If a high school student completes this graduation requirement by taking a half-year economics and personal finance course, we estimate that such a student would receive approximately 28 hours of instruction in personal finance. Students who complete this graduation requirement by taking two half-year courses (one financial literacy and one economics course) would receive 60 hours of instruction in personal finance topics.

Yes, beginning in academic year 2023-2024, Idaho requires high school students to take five credits in social studies, with one credit being in economics and financial literacy. One credit in Idaho is the equivalent of sixty (60) hours of total instruction, which is a halfyear course. In 2023, Idaho passed a law requiring financial literacy for students in grades nine to 12. The law states that each public high school “shall provide to all students in grades nine through 12 one (1) or more courses in personal financial literacy and money management.” Additionally, the law notes that “this course will fulfill the financial literacy component of the high school graduation requirement.” Guidance from the Idaho Department of Education (IDOE) indicates that this requirement can be met by offering a one credit single course with economic and financial literacy content or by offering two credits and two distinct courses: an economics course and a financial literacy course. The guidance from the IDOE also indicates the types of educator endorsements required to teach this new requirement. If a student prior to academic year 20232024 completed the previously required economics course that this new graduation requirement replaced, such student could be granted a waiver for the Class of 2024. This requirement applied to all students beginning with the Class of 2025.

Sources: • Idaho Content Standards • Idaho Content Standards K-12 Social Studies (see pages 63-65) • Economics Grade 9-12 Essential Standards Extended Guide

PRE-K TO GRADE EIGHT EDUCATION STANDARDS The K to eight social studies standards includes personal finance learning objectives in grades K to five. Sources: • Idaho Content Standards

Sources: • High School Graduation Requirements • Idaho High School Graduation Requirements (see page 8 & 9 of this document) • HB 92 • Financial Literacy Implementation Memorandum

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• Financial Literacy

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Idaho

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PROJECTED GRADE FOR CLASS OF 2031

CAVEAT

No policy change is pending that would change Idaho’s grade.

It is not clear how Idaho measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

EXTRA CREDIT IDOE’s website includes free financial literacy curricular materials and resources for educators. Sources: • Financial Literacy

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Illinois

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Illinois law requires that in grades nine to 12, public high schools students take consumer education in a course or courses that include instruction on the following topics: (i) understanding the basic concepts of financial literacy (with a very detailed list of topics) and (ii) understanding the roles of consumers interacting with agriculture, business, labor unions and government in formulating and achieving the goals of the mixed free enterprise system. Each district must provide a comprehensive curriculum that includes consumer education in its high school course offerings. The law indicates that the Illinois State Board of Education (ISBE) shall devise or approve the consumer education curriculum for grades nine through 12 and specify the minimum amount of instruction to be devoted thereto. State regulations require that this training be 50 minutes per day for a period of nine weeks. This results in a minimum of 37.5 hours of consumer education in high school, assuming the instruction is conducted five days a week for a nine-week period. Regulations also indicate that superintendents are required to maintain evidence showing that each student has received adequate instruction in consumer education prior to the completion of grade 12. Consumer education may be included in course content of other courses, or it may be taught as a separate required course. Teachers providing this instruction are required to hold an educator license valid for the grade levels taught and have completed at least three semester hours in consumer education courses.

Yes, since 2006, Illinois has required that all high school students participate in consumer education prior to graduation. Beginning in academic year 20202021, high school students are also required to file a Free Application for Federal Student Aid with the U.S. Department of Education or, if applicable, file a state financial aid form (this new graduation requirement can be waived in certain circumstances). Beginning with the 2025-2026 academic year, each school district must designate a staff member as a contact for matters related to this financial aid form completion requirement and this individual shall provide students with free resources to help them comply with this requirement. Each district must also provide career and technical education opportunities for students. Sources: • 105 ILCS 5/27-305 Consumer Education • 105 ILCS 5/22-87 Free Application for Federal Student Aid • Illinois Graduation Requirements • Career & College FAFSA • Illinois Mandated Units of Study (see page 11 for Career and Technical Education and page 17 for Consumer Education)

State law and regulations also requires that high school students be provided with opportunities to prepare themselves for entry into the world of work. Every district is required to have a Career Awareness and

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CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

Illinois Exploration Program that enables students to make more meaningful and informed career decisions. Each district must provide a comprehensive curriculum that includes Career and Technical Education–Orientation and Preparation in its high school course offerings.

• Standards and Instruction: Social Science Learning Standards

Sources:

• Career Technical Education

• 105 ILCS 5/27-305 Consumer Education (Formerly 105 ILCS 5/27-12.1, please note that the Illinois Administrative Code still references this former statutory section) • 105 ILCS 5/22-87 Free Application for Federal Student Aid • 23 Ill. Admin. Code 1.420(i) & (k) • 23 Ill. Admin. Code 1.440(a)(8) & (11) • 23 Ill. Admin. Code 1.440(b)(3) • Illinois Mandated Units of Study (see page 11 for Career and Technical Education and page 17 for Consumer Education) • Career Technical Education

• Illinois Learning Standards for Social Science (see page 15) • 23 Ill. Admin. Code 1.420(i)

EXTRA CREDIT Beginning with pupils entering the ninth grade in the 2021-2022 school year, one semester, or part of one semester of the two years of social studies required for graduation, may include a financial literacy course. The Social Science Learning Standards include high school standards for financial literacy. Each local school board may establish a special fund in which to receive public funds and private contributions for the promotion of financial literacy. The ISBE website includes financial literacy resources for educators. Sources: • 105 ILCS 5/27-605(e)(5)

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change the Illinois’s grade.

• Illinois Learning Standards for Social Science (see page 16) • 105 ILCS 5/27-305(d) Consumer Education • Teacher Resources

PRE-K TO GRADE EIGHT EDUCATION STANDARDS For grades K to eight, the social science standards include Economics and Financial Literacy standards. In addition, each school district is required to offer students a Career Awareness and Exploration Program in grades K to eight. This program should be available at all grade levels.

CAVEAT It is not clear how Illinois measures student achievement in financial literacy or how the state monitors local school district implementation of the consumer education requirement.

Sources:

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Indiana

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2029

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2029. In May 2023, the governor signed into law a bill that requires high school student to successfully complete a personal financial responsibility course prior to graduation. The law specifies the financial literacy topics required to be covered in this course. High schools must offer the instruction in this course as a separate subject. The law allows this course to be taken in grades eight to 12. The law also provides that the state board may allow the course to satisfy one or more diploma course requirements for graduation. Each school is required to certify to the Indiana Department of Education (IDOE) that the student has successfully completed the personal financial responsibility course before the student may graduate. In response to this and other legislation, the IDOE has created a new Indiana diploma that requires students to take a one semester personal finance course that will be counted as a mathematics credit beginning with the graduating class of 2029. The two courses identified as meeting this new graduation requirement are: 4540 Personal Financial Responsibility and 7150 Personal Finance and Banking. The IDOE has also identified the educator licenses required to teach these courses. In 2023 a law was also passed requiring a Career Awareness Course that, beginning with the Class of 2030 must be completed by the end of grade nine. This course requires instruction on: (1) career awareness regarding a broad range of occupations with an emphasis on high wage, high demand industry sectors; (2) career pathways concerning current and emerging sectors including relevant education and training; (3) career scholarship accounts and the availability of state financial aid and funding; and (4) individualized career planning for each student. The IDOE has determined that this course will usually be taken by students in grade nine (but allows for it to be taken in grade eight as well) and has determined

No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. Sources: • Indiana High School Graduation Requirements (CORE 40)

HIGH SCHOOL EDUCATION STANDARDS In 2009, Indiana required school districts to incorporate into their curriculum (in grades six through 12) instruction in personal financial responsibility. A school may meet this requirement by integrating personal finance content within its curriculum, instruction, or by conducting a seminar. As required by the law, the state has adopted academic standards to ensure personal financial responsibility is taught. By the end of grade 12, every student should have met the Financial Literacy Education (FLE) High School Standards. Schools may prepare their students to be proficient in the FLE High School Standards through instruction in business education, family and consumer sciences, or other subject areas if those are not available. The Department of Education’s website provides a Personal Financial Responsibility Course Framework that could be used by districts that want to provide a standalone course. Sources: • Indiana Code 20-30-5-19 (2022) • Financial Literacy Standards Framework • Financial Education Standards for end of 12th Grade • Personal Finance Webpage (see Archive section) • Financial Responsibility Course Framework

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Indiana that the following course will meet this requirement: 5394 Preparing for College and Careers. The IDOE has also identified the educator licenses required to teach this course. Completion of this course will satisfy a Directed Elective requirement. Sources: • Indiana Code 20-30-5-19 (2025) • Personal Finance Webpage • Current and Future Diploma Comparison • Final Course Eligibility Document • Personal Financial Responsibility Course Standards • Indiana Code 20-30-5-24 (2025) • Personal Finance and Career Awareness Courses Implementation Memo

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

CAVEAT It is not clear how Indiana measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement. Due to statutory language changes made in May 2023, it is not clear if the state board will continue to require personal finance instruction in middle and elementary school. The personal finance course may be taught in grades eight to 12. Personal finance concepts are most relevant right after students graduate from high school, when they are thrust into a situation where they must manage their daily living expenses. Allowing students take personal finance concepts in grades eight, nine and 10 is not optimal, since knowledge obtained will fade over time. Most grade eight, nine and 10 students will not use much of what they learn until years after the instruction is completed.

PRE-K TO GRADE EIGHT EDUCATION STANDARDS The K through eight Social Studies Standards include modest levels of personal finance topics in the economic standards. Prior law required personal finance education in grades six to 12. Based on prior personal finance laws, the state board adopted standards regarding what students should know by grade eight with regard to personal finance topics. This is now in the “Archive” section of the IDOE Personal Finance webpage. It is not clear if these standards will continue to be required to be taught by grade eight in future academic years due to the deletion of statutory language in a law passed in May 2023. The current law only refers to grade 12 and no longer refers to grades six to 12. Sources: • Social Study Standards • Personal Finance Webpage • Financial Literacy Standards for end of 8th Grade (in Archive section)

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Iowa

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? Yes, in 2018 a law was passed requiring high school students to “complete at least one-half unit (a half-year course) of personal finance literacy as a condition of graduation.” The law allowed districts to meet this requirement using units of coursework from multiple courses to meet this half-unit requirement. In 2019 another law was passed requiring all students, beginning with the students in the 2020–2021 academic year graduating class, to complete a standalone one-half unit of personal finance literacy as a condition of graduation. Surprisingly, this substantive requirement to take a standalone course in personal finance was reversed. In May 2023, the law was amended in a material manner that research shows is not as effective (content embedded in multiple courses rather than as a standalone offering). The 2023 law allows this one-half unit requirement to be met through a combination of units of coursework in multiple high school courses. In November of 2024 the Iowa Department of Education (IDOE) issued guidance on this topic stating: “Completion of one-half unit (course) of Personal Financial Literacy is no longer a condition for graduation. Districts are required to offer-and-teach one-half unit (course) of Personal Financial Literacy. The one-half unit (course) may be a standalone course or the content may be integrated into units (courses) through existing coursework. Existing coursework could include science, mathematics, social studies, English or career and technical education.” The guidance document indicates that 14 different courses titles can be used to meet this financial literacy offering mandate. Although

this report is giving Iowa a grade A, we have grave concerns that financial literacy education in Iowa is not being equitably taught to all high school students. NGPF’s 2026 State of Financial Education Report indicates 68.8% of Iowa high school students attend schools with a standalone course graduation requirement and that nearly a third (31.2%) of high school students in Iowa are likely getting this education in a much less effective embedded multi-course delivery system. Sources: • SF 2415 2018 Law (pages 20–22) • SF 139 2019 Law • SF 391 2023 Law (pages 14-16) • High School Education Program & Graduation Requirements • Iowa Administrative Code 281-12.5(k) • High School Education Program and Graduation Requirements Guidance • Financial Literacy Instruction Webpage • Financial Literacy Guidance (November 2024— includes list of 14 courses) • NGPF’s 2026 State of Financial Education Report

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Iowa HIGH SCHOOL EDUCATION STANDARDS Iowa financial literacy education standards are included in five 21st Century Skills that Iowa students should have access to in public school (these also include civic, health and technology literacy and employability skills). State law indicates the topics that should be taught. Financial literacy standards are incorporated into the Iowa Social Studies Standards. The standards cover many specific topics that are consistent with national financial literacy education standards. A financial literacy guidance documents indicates that high school educators that can teach “science, mathematics, social studies, English or career and technical education” can teach personal finance content as well.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Iowa’s social studies standards require financial literacy topics to be taught each year in grades K to eight. The Iowa Social Studies Academic Standards are required to be taught to all students by state law. Sources: • Iowa Academic Standards for Social Studies

EXTRA CREDIT The Iowa Department of Education has financial literacy resources on its Financial Literacy Instruction webpage.

Sources:

• 21st Century Skills

• Financial Literacy Resources (scroll down)

• SF 391 2023 Law • Financial Literacy • Social Studies Standards • Iowa Academic Standards for Social Studies (141-148) • Financial Literacy Guidance

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Iowa’s grade. However, we will be monitoring this situation very closely to try to determine whether a multi-course delivery system is, in fact, equivalent to a standalone course requirement. In addition, in future reports, we may decide modify our grading system for Grade A states as it applies to Iowa’s unique fact pattern.

CAVEAT Research indicates that a standalone course requirement is a more effective way of providing personal finance education to high school students than embedding this content in multiple courses. It is unclear how Iowa will ensure that each local school district is, in fact, delivering the equivalent of a half-year course in personal finance, particularly in local school districts that do not offer a standalone personal finance course. A local school district could meet the halfyear requirement with many combinations of classes (14 identified courses). This could be done through a combination of units of coursework in locally required social studies, mathematics, and career and technical education courses. It is not clear how Iowa measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement to ensure that all student have equitable access to this important content. Sources: • Financial Literacy Guidance 2026 NATIONAL REPORT CARD | 83

2026 NATIONAL REPORT CARD

Kansas

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2028

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2028. Beginning with the Class of 2028, all Kansas high school student will be required to take one half unit of financial literacy prior to graduation. The graduation regulation indicates that a unit may only satisfy one graduation requirement at a time. This language seems to imply that a half-unit financial literacy course would not be allowed to also count toward the required units for social studies and mathematics. The course title for the new course is Financial Literacy (Employability and Life Skills). The Kansas State Department of Education (KSDE) describes the new course as follows: “The financial literacy course provides a student with an understanding of the concepts, principles and skills involved in making and applying sound financial decisions. This course should emphasize earning income, spending, saving, investing, managing credit, managing risk, and meets the national standards.” KSDE indicates that the following teachers are qualified to teach the course: “Any standard license at the level with district verified Financial Literacy training. Examples of training are college credits related to financial literacy, targeted financial literacy professional development, or a certification in the field…First and foremost, this license option provides the district the most flexibility when assigning an educator to teach the financial literacy course, and the verification of targeted professional development would be a district decision.”

No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. Sources: • Graduation • Graduation Requirements Fact Sheet Before Class of 2028 • Graduation Requirement FAQ (click on Financial Literacy) • Graduation Requirements Regulation KAR 91-31-35

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Kansas does not require that personal finance concepts be taught to students in grades K to eight. The state’s social studies standards include modest levels of personal finance concepts in the economics strand in a grades K to four. The state board has also approved national financial literacy standards with K to eight standards, but such content is not required to be taught. Sources: • History, Government, and Social Studies (HGSS) Standards

• Graduation • Graduation Requirements Fact Sheet Class of 2028 and Beyond • Graduation Requirement FAQ (click on Financial Literacy) • Graduation Requirements Regulation KAR 91-31-35

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Kansas • Financial Literacy • National Standards for Personal Financial Education

HIGH SCHOOL EDUCATION STANDARDS To graduate Kansas students are required to take three units of history and government, which shall include world history; United States history; United States government, including the Constitution of the United States; concepts of economics and geography. No specific course is identified for teaching economics concepts. Local districts determine how to deliver the content. The social studies standards approved by the Kansas State Board of Education noted that economics is an elective and not a course that is required to be taken by students. The economics standards include seven content topics, one of which is personal finance. By leaving the course selection to the local districts, it is impossible to know how high school students in Kansas are taught these required concepts of economics and whether they consistently include personal finance content. Kansas’s approved financial literacy content standards apply to grades K to 12. Whether such education occurs is left to local control. If a school district decides to provide personal finance education, then the training must align with these state approved standards. Sources: • History, Government, and Social Studies (HGSS) Standards

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

offers free professional development training, and is an example of targeted financial literacy professional development that educators should take prior to teaching the financial literacy course required for graduation beginning in 2028. By statute, the State Board of Education is required to: (i) assist in the implementation of programs that teach personal financial literacy; (ii) develop a curriculum, materials, and guidelines that local boards may use in implementing a financial literacy program; (iii) develop state curriculum standards for personal financial literacy for all grade levels; (iv) encourage school districts when selecting textbooks for mathematics, economics, family and consumer sciences, accounting, or other appropriate courses to select those textbooks which contain substantive personal finance concepts; and (v) ensure that questions are included that relate to personal financial literacy in the statewide assessments for mathematics or social studies. Sources: • Financial Literacy • Graduation Requirement FAQ (click on Financial Literacy) • KS Stat § 72-3236

CAVEAT It is not clear how Kansas measures student achievement in financial literacy or how the state monitors local school district implementation of the economics requirements and whether such instruction contains personal finance content.

EXTRA CREDIT KSDE has a financial literacy webpage that includes financial literacy partners, as well as educator and parent financial literacy resources. KDSE also indicates on its website that the national Council for Economic Education

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Kentucky

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

The Kentucky high school academic standards contain the minimum required standards that all students should have the opportunity to learn before graduating from high school. The standards address what is to be learned but do not address how learning experiences are to be designed or what resources should be used. Financial literacy standards have been created by the state.

No, a specifically identified course with personal finance concepts is not a graduation requirement. It is a graduation requirement for students to successfully complete one or more courses or programs in financial literacy, beginning with students entering grade nine in the academic year 2020–2021 (the Class of 2024). Local school districts determine how financial literacy will be taught to students, consistent with the approved academic standards. The Department of Education (DOE) has previously indicated that students can meet the requirement for financial literacy in a variety of ways: (i) as a business or family and consumer sciences pathway; (ii) as a math credit; (iii) districts may partner with postsecondary institutions to offer a dual credit or articulated credit course; (iv) schools may develop a program or a combination of course offerings in a variety of instructional formats (e.g., modules, online learning); or (v) schools implement the standards systematically by section through academic advising or enrichment sessions. Sources: • Minimum High School Graduation Requirements • Minimum High School Graduation Requirements FAQ • 704 KAR 3:305 Minimum High School Graduation Requirements Regulation • Minimum Graduation Requirements chart • KRS 158.1411

Sources: • Kentucky Academic Standards: Career Studies and Financial Literacy (June 2025)

PROJECTED GRADE FOR CLASS OF 2029 Grade A for the Class of 2029. In March of 2025, the governor signed into law a bill requiring students that enter grade nine on or after July 1, 2025 (the Class of 2029) to successfully complete a one credit half-year course in financial literacy as a public high school graduation requirement. This new graduation requirement also applies to students pursuing an early graduation program as established in Kentucky law. The required financial literacy course shall be accepted as an elective course requirement for high school graduation notwithstanding any other provisions of law. Thus, students will not be required to take any additional courses in order to graduate when meeting the new financial literacy course mandate. The financial literacy course is required to align to each student’s individual learning plan. The course should include but not be limited to instruction in the following areas: (a) budgeting; (b) saving and investing; (c) credit and debt; (d) insurance and risk management, including but not

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Kentucky limited to personal insurance policies; (e) taxes; and (f ) the necessity of critical review and understanding of documents prior to signing agreements or approvals and the ability to provide a signature in cursive. The Kentucky Board of Education (KBE) has approved academic standards for the required financial literacy education. Each local school district will determine curricula for the new course offerings that are aligned with the financial literacy academic standards promulgated by the KBE. The Kentucky Department of Education (KDE) has developed financial literacy guidelines for local schools and districts. Local schools and districts may consult with the Kentucky Financial Empowerment Commission when developing and implementing the financial literacy standards. The KDE has also identified, through the system for uniform academic course codes, which courses meet the requirements for the financial literacy course required by the new law. Sources: • HB 342 • KRS 158.1411 • Financial Literacy Standards Resources • Kentucky Academic Standards: Career Studies and Financial Literacy (June 2025) • Financial Literacy Elective Course Code Guidance Document

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Kentucky regulations require all local school systems to provide financial literacy instruction in elementary and middle school that is aligned to career studies standards developed by the state. The standards are divided into three grade bands: K to three, four to five, and six to eight. The academic standards for career studies outline the minimum content standards that Kentucky students shall learn within each respective grade band. The standards are organized by three domains: essential skills, careers, and financial literacy. Sources: • Kentucky Academic Standards: Career Studies and Financial Literacy (June 2025)

EXTRA CREDIT The DOE website includes financial literacy and career study resources for educators to use in their classrooms. Beginning in the 2023-2024 school year each student must development an individual learning plan (ILP) beginning sixth grade. The ILP is required to be focused on career exploration and related to postsecondary education and training needs. Sources: • Financial Literacy Standards Resources • Career Studies Standards Resources • 704 KAR 3305 • Individual Learning Plan

CAVEAT It is not clear how Kentucky measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement. 2026 NATIONAL REPORT CARD | 87

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Louisiana GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? Yes, beginning with the graduating Class of 2023, Louisiana law requires that all students receive personal financial management instruction as a requirement for high school graduation. Instruction hours cannot be estimated for the class of 2026 since each local school district selects how it will meet the personal finance education requirement. Sources: • RS 17: 270 Financial Literacy; required instruction • RS 17: 274.1 Civics and Free Enterprise; required; exceptions • Louisiana High School Planning Guidebook (pages 20-22) • Bulletin 741

PROJECTED GRADE FOR CLASS OF 2028 Grade A for the Class of 2028. In June 2023, the governor signed into law a bill that requires students graduating in academic year 2027–2028 to complete a 1-unit financial literacy course in order to graduate from a public high school. Louisiana offers two pathways to graduation: a career-focused diploma, referred to as the TOPS Tech Diploma pathway, and one for collegebound students, referred to as the TOPS University Diploma pathway. Prior law required a student to

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

complete four mathematics credits to be eligible for a TOPS Tech Diploma. The new law requires that the financial literacy course be one of the four math credits required for this diploma. Prior law required a student to complete 19 units of high school coursework to be eligible for a TOPS University Diploma. The new law retains all existing requirements and increases the total number of required units to 20, adding the new 1-unit financial literacy course requirement. The new law specifies minimum content components of the new financial literacy course. The Louisiana Department of Education (LDOE) allows “any certified teacher” to teach the required financial literacy course. The LDOE will not review materials for Financial Literacy but does maintain the Personal Financial Literacy Instruction Clearinghouse, a list of available materials submitted by vendors. As a result of this law, Louisiana State Board of Elementary and Secondary Education (BESE) adopted policy in December 2024 requiring all freshmen entering high school in the 2024-2025 school year to complete a course in Financial Literacy. Sources: • HB 103 Act No. 267 (2023) • HB 103 Act No. 267 Resume Digest • Louisiana High School Planning Guidebook (pages 20-22) • Financial Literacy Implementation Frequently Asked Questions Spring 2024 • Financial Literacy Course Description • Financial Literacy Activities

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Louisiana

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS The Louisiana Department of Education (DOE) has created academic standards that define what students should know. Included in the high school social studies academic standards are standards for a full-year civics course that includes financial literacy concepts. Students are not required to take the civics course in order to graduate from high school; there are other substitutes. However, all students must receive personal finance instruction according to state law prior to graduation. The high school civics standards include 14 standards. One of these standards (7% of the total standards) have personal finance concepts. Based on this information, financial literacy content is estimated to be approximately 8.5 hours of instruction in this full-year course. The DOE also provides a sample scope and sequence document for the civics course. This document has six units of study with one unit being personal finance. Each unit has a recommended period of time that should be allocated to that unit. The personal finance unit is for four to five weeks out of a maximum of 35.5 weeks. If this sequence of study is used, we estimate 17 hours of instruction time. Each student is required to create an Individual Graduation Plan (IGP) under state law by grade eight. Schools are expected to hold informational meetings for the parents and legal guardians of students enrolled

in eighth through 12th grade to provide information regarding graduation requirements and curriculum choices. The meeting should be held in conjunction with the scheduling of courses for the next academic year. When developing and reviewing their IGP, students shall be provided information regarding the top twenty highdemand jobs in the state and in the student’s region with the highest typical annual salary. Sources: • Louisiana High School Planning Guidebook (pages 6-7, 20-22) • 2022 K-12 Louisiana Student Standards for Social Studies (High School Civics, pages 47–51) • Sample Civics scope and sequence document • R.S. 17:2985 Individual Graduation Plans • Individual Graduation Plan

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Louisiana PRE-K TO GRADE EIGHT EDUCATION STANDARDS Louisiana law requires that “each public elementary or secondary school student shall receive age and grade appropriate instruction in personal financial management.” It is unclear how this requirement is met in grades Pre-K to eight. Although personal finance concepts are included in the high school civics and social studies standards, personal finance concepts are not included in the elementary social studies standards; however, economic concepts are included. How the required personal finance concepts are taught is left to the local school districts. Louisiana law requires schools to provide career awareness and exploration activities to all students in grades six through eight that create connections between what a student does in school and what the student wants to achieve in the future. Such activities can include: (i) career interest inventories; (ii) job shadowing and job mentoring; and (iii) career immersion day. By grade eight, every student is required to begin the development of that students’ statutorily required IGP.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

EXTRA CREDIT State law requires that the State Board of Elementary and Secondary Education shall establish and maintain a clearinghouse for instructional materials and information regarding model financial education programs and best practices. Sources: • Personal Financial Literacy Instruction Clearinghouse

CAVEAT It is not clear how Louisiana measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • RS 17: 270 Financial Literacy; required instruction • 2022 K-12 Louisiana Student Standards for Social Studies • R.S. 17:2925 Individual Graduation Plans • Individual Graduation Plan

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Maine

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

There is no policy change pending that would change the Maine’s grade.

Yes, Maine requires students to take two years (or the equivalent in standards of achievement) of social studies and history, including American history, government, civics, and personal finance. Students may demonstrate achievement of the standards through multiple pathways. With regard to life and career readiness standards, each school district must offer relevant opportunities that may include interactive experiences and allow for direct exposure between students and a variety of career options to help students develop habits of efficacy, resourcefulness and adaptability as the students take steps to create and implement postsecondary school plans.

HIGH SCHOOL EDUCATION STANDARDS

Sources: • Diploma Pathways • 20-A M.R.S. § 4722 High School Diploma Standards • 20-A M.R.S. §4731. Life and career readiness standards

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

Maine’s social studies content standards include a personal finance and economics strand. Local school districts are required to teach students these topics. Local school districts determine whether to teach personal finance as a separate course or to integrate the topic into other courses. Instruction hours cannot be estimated since each school district selects how it will meet the personal finance education requirement. According to NGPF’s 2026 State of Financial Education Report, 20.2% of Maine students attend high schools that offer a standalone personal finance course as a graduation requirement while 41.7% attend a high school with a standalone personal finance course elective. Many high schools appear to meet this requirement by providing students with personal finance concepts embedded in another required course (e.g., an economics course). By law, school districts are required to offer students life and career readiness opportunities to help them successfully enter the workforce, including creating and implementing postsecondary school plans. Sources:

Maine’s social studies standards require personal finance, economics and Life and Career Readiness topics to be taught each year in grades K to eight.

• Standards & Instruction - Social Studies

Sources:

• Maine Financial Literacy Framework & Resource Guide

• Standards & Instruction - Social Studies

• Standards – Life and Career Readiness

• NGPF’s 2026 State of Financial Education Report

• Maine Learning Results for Social Studies-Personal Finance and Economics

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Maine

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT

CAVEAT

Maine’s Department of Education (DOE) website has many financial literacy resources for educators. In 2025 a law was passed directing the DOE to do a review of personal finance course offerings in Maine schools and to convene a working group of relevant stakeholders to examine professional development, curriculum resources, instructional time, staffing and any other supports that the group considers necessary to expand and strengthen personal finance instruction in Maine schools.

It is not clear how Maine measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • Maine Financial Literacy Framework & Resource Guide • Maine JumpStart Maine Financial Wellness Clearinghouse • Maine JumpStart Financial Education Resources • LD1069

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2023 NATIONAL 2026 REPORT CARD

Maryland

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

The Maryland State Board of Education adopted regulations requiring a personal financial literacy education program, effective September 2011. The personal financial literacy standards created by the Department of Education (DOE) pursuant to these regulations state: “The regulation requires that each local school system shall provide in public schools an instructional program in personal financial literacy in the elementary, middle, and high school learning years. It is up to each local school systems’ instructional leaders to determine how it is done. While there is not a standalone graduation requirement, local leaders may decide to offer standalone courses in financial literacy education or embed the content in other courses. As with current practice, local school boards may also include financial literacy education as a local graduation requirement.” The regulations require a certification, every five years, from the State Superintendent of Schools that the financial literacy program meets the regulatory requirements. As of the 2024–2025 academic year, of the state’s 24 county school systems, nine have made personal finance a local graduation requirement (using a standalone course), and the remaining 15 districts embed personal finance concepts into a course or into multiple courses required for high school graduation. NGPF’s 2026 State of Financial Education Report indicates that 27.4% of Maryland students attend high schools that require them to take personal finance as a standalone personal financial literacy course as a graduation requirement. Nearly three quarters of student in Maryland do not have this substantive requirement and obtain this content as part of another course offering or by taking a personal finance elective course.

No, personal finance is not included in the graduation requirements regulations, either as a standalone course or embedded in another course. To graduate from high school a Maryland student must earn a minimum of 21 credits, and these credits do not specifically include financial literacy. Sources: • Enrollment and Credit Requirements Regulation COMAR 13A.03.02.03

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Maryland regulations require all local school systems to provide financial literacy instruction in elementary and middle school that is aligned to standards developed by the state. The standards are divided into three grade bands: what a student will know by the end of grades five, eight, and 12. Sources: • The Maryland State Standards for Personal Financial Literacy Education

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Maryland’s grade.

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Maryland Sources: • Requirements — Personal Financial Literacy Instructional Programs for Elementary, Middle, and High School Students COMAR 13A.04.06.01 • Certification Procedures COMAR 13A.04.06.02 • Financial Literacy Education Standards • The Maryland State Standards for Personal Financial Literacy Education • 2024-2025 Financial Education Report

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT Hours of financial literacy instruction in high school cannot be estimated since each school system determines how it will deliver the required personal finance education, and implementation methods vary greatly by local school system. It is not clear how Maryland measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

• NGPF’s 2026 State of Financial Education Report

EXTRA CREDIT In October 2012, the Financial Education and Capability Commission was formed by the General Assembly (Chapter 520, Acts of 2012). The Commission monitors public and private initiatives to improve the financial education and capabilities of Marylanders. The DOE measures the impact of financial literacy education on high school students. The DOE receives an annual report from EverFi regarding the impact of financial literacy education for every school system that uses the EverFi curriculum resources. Statewide there was a 32% to a 74% increase in correct answers from the financial literacy pre-test to the post-test results, depending on the topic area, in the most recent results. In Maryland, financial literacy educators are recognized with Financial Literacy Education and Capability Awards. The DOE has a website with financial literacy educator resources. Sources: • Chapter 520, Acts of 2012 • Financial Education and Capability Commission • Financial Literacy Education Awards • Financial Literacy Resources

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CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

Massachusetts GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? No, personal finance is not included in the graduation requirements, either as a standalone course or embedded in another course, and schools are not required to offer financial literacy courses. High school students must meet both local and state requirements in order to earn a high school diploma. Historically, Massachusetts had not specified courses to be taken in high school in order to graduate; this was done exclusively at the local level. The state requires that all students meet the Competency Determination (CD) standard, which previously required a passing score on MCAS, a state assessment exam in English, mathematics and science. In 2024, a ballot measure was passed eliminating the requirement that students take and pass the MCAS exam. Starting with the Class of 2026, Massachusetts has approved new rules for the CD standard that require students in high school successfully complete five year-long courses (this increases to six year-long courses beginning with the Class of 2027). None of these state mandated content areas include personal finance content. Additional local graduation requirements are set by each local school district. Compared to the vast majority of states, the Massachusetts high school graduation requirement system is fairly unique. Only 9.7% of Massachusetts high school students live in a school district that requires a standalone personal finance course as a local high school graduation requirement, according to NGPF’s 2026 State of Financial Education Report. This report indicates that 70.6% of high school students live in a

school district that offers a financial literacy course as an elective. Sources: • Massachusetts Graduation Requirements and Related Guidance • G. L. c. 69, § 1D Competency Determination (CD) standard • 603 CMR 30.00: Standards for Competency Determination and Local Graduation Requirements • Ballotpedia Massachusetts Question 2 (2024) • NGPF’s 2026 State of Financial Education Report

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Massachusetts does not require that personal finance concepts be taught to students in grades K to eight. The state’s mathematics and social studies standards include modest levels of personal finance concepts in the economics strand and in a few grades. Local school districts may integrate financial literacy from grades K to eight in a variety of subjects, such as mathematics, history, and social science, but there is no requirement to do so. Sources: • Curriculum Frameworks

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Massachusetts’s grade.

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Massachusetts

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

HIGH SCHOOL EDUCATION STANDARDS

EXTRA CREDIT

The Massachusetts Board of Elementary and Secondary Education (BESE) sets statewide education goals, including the creation of education standards. State law allows but does not require BESE to include the teaching of financial literacy in public schools. Such standards may include “the teaching of family life skills, financial literacy and consumer skills, and basic career exploration and employability skills.” In 2019, a law was approved that: (i) required the creation of financial literacy education standards; (ii) allowed schools to incorporated these standards into existing curriculum (e.g., mathematics, history and social sciences, technology, or business); and (iii) required the state’s Department of Education to assist schools in the selection of materials and curriculum on personal financial literacy and to identify and offer information on resources for professional development activities and instruction on personal financial literacy to educators. Standards for Personal Financial Literacy for high schools are included in the 2018 History and Social Science Curriculum Framework. These standards may be used as a standalone course or incorporated into a variety of subjects.

Massachusetts has an Economic Empowerment Trust Fund to encourage and facilitate economic empowerment. Its funds may be used to establish financial literacy programs in schools. This organization sponsors a Financial Education Innovation Fund Grant for Massachusetts high schools. The funding is for schools to offer their students financial education fairs, also known as “Credit for Life Fairs.” These are engaging, hands-on events help students explore real-life budgeting and money management. In 2021, the State Treasurer’s office issued the following report: Personal Financial Literacy Education in the Massachusetts Public School System. The data in this report indicates that a majority of students attend high schools that offer a standalone personal finance elective in the state but that very few attend a high school that requires a standalone personal finance course as a local graduation requirement. The DESE website contains a list of personal finance resources for educators.

Sources:

• Personal Financial Literacy Education in the Massachusetts Public School System

• G. L. c. 69, § 1D • G. L. c. 69, § 1R • Current Frameworks DESE

Sources: • Economic Empowerment Trust Fund • Financial Education Innovation Fund Grant

• DESE Website Search Financial Literacy (Download document entitled Curricular Materials at a Glance: K-12 Personal Financial Literacy)

• 2018 History and Social Science Curriculum Framework (pages 173-175)

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CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

Michigan GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

The state’s academic standards outline learning expectations for Michigan’s students and are to be used as frameworks by local school districts when developing curriculum. There are four high-level economics standard categories consisting of 33 unique education expectations or sub-standards that apply to the required economics course. Personal finance is one of these economics standards and contains six specific sub-standards. Based on this information, we estimate that students receive approximately 11 hours of instruction in personal finance as part of the required economics course. All students are required to develop an Educational Development Plan (EDP) with guidance from school advisors. EDPs are “living” documents, updated as student interests and abilities become more obvious and focused. All students must be provided the opportunity to develop an EDP during grade seven, and then time to review and revise every year through grade 12.

Yes, Michigan requires that high school students earn at least three credits in social studies that are aligned with the Michigan K-12 Standard for Social Studies. The Michigan Department of Education website indicates that students must take three years of social studies courses (three credits) “including completion of at least one credit in United States history and geography, one credit in world history and geography, 0.5 credit in economics, and the civics course” The economics standards for the required course include personal finance content. Sources: • MLC 380.1278a • MLC 380.1278b • Michigan Merit Curriculum/Graduation Requirements • Michigan Merit Curriculum Overview • Social Studies (see answer to following question: “What are the required Social Studies courses?” and “What the Michigan Merit Curriculum Law Says About Social Studies”)

Sources: • Academic Standards • Michigan K–12 Standard for Social Studies (pages 136–144) • Educational Development Plan (EDP)

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Michigan

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

PROJECTED GRADE FOR CLASS OF 2028 Grade A for the Class of 2028. In June 2022, a law was enacted that applies to students entering eighth grade in 2023 (the Class of 2028), adding a personal finance half-credit (a half-year course) to the diploma requirements but keeping the state required graduation credits at 18 credits (however a local district could add a standalone personal finance course as an additional local graduation requirement). The current half-credit economics requirement cannot fulfill the new personal finance course. If an economics class is used to meet this new requirement, then the economics class must be expanded from a half-year to a full-year one-credit course (requiring that student to take 18.5 credits to graduate). The half-credit course in personal finance must fulfill a half-credit of required mathematics; or a half-credit of required visual arts, performing arts, or applied arts; or a half-credit of a required language other than English, as determined by each local school district. The personal finance course may also satisfy career and technical education program or curriculum. The Michigan Department of Education (MDE) has issued a document on how school districts can implement this new requirement. The document makes it clear that a student must receive the equivalent of one-half credit of substantive instruction in personal finance content, for each type of credit chosen by a student or district to meet this requirement (social studies, math, art, world language, CTE, etc.). MDE guidance indicates that the personal finance content may be added to or integrated within another disciplinary course or within a CTE course/program. However, the charts provided in the MDE guidance require that the content

always be equal to a half-credit of personal finance. Students must demonstrate learning of the personal finance content standards approved by the MDE. Local school districts determine the content, structure, and delivery of the personal finance course as well as the proficiency measures. Students may also test out of a personal finance course. The personal finance course must be taught by an appropriately prepared educator. Depending upon the personal finance course content focus (e.g., mathematics; family planning and life skills; accounting, budgeting, and business planning; or economics), the course can be taught by educators with a mathematics, family and consumer sciences, business education, social studies, and social sciences endorsements. MDE guidance indicates that the personal finance course/credit is not required to be delivered in a semester long course. Credit will be granted for successfully meeting the content standards, not on seat time. The personal finance standards may also be built into other courses, projects, or experiences, regardless of length. The MDE has indicated that the personal finance credit could be taken in middle school and is not required to be taken exclusively in high school. A middle school course would count as a half-credit toward the required 18 high school graduation credits. Although this report is giving Michigan a grade A in this report, we have grave concerns that financial literacy education in Michigan will not be equitably taught to all high school students when this requirement is fully implemented for the Class of 2028. NGPF’s 2026 State of Financial Education Report indicates, that so far, very few local school districts are implementing this new

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Michigan requirement via a standalone personal finance course. NGPF’s report indicates that only 3.4% of students live in districts that have a locally mandated standalone personal finance course requirement. It appears that most districts will meet this requirement by embedding this content in other courses which has been shown by research to not be very effective. Sources: • MLC 380.1278a • House Bill 5190 (Substitute S-1) Revised Bill Analysis (2022) • Michigan K–12 Standard for Social Studies (page 144) • Personal Finance Content Expectation (page 2) • Personal Finance: Requirements and Resources • Personal Finance Course/Credit Requirements • Teacher Placement Considerations • NGPF’s 2026 State of Financial Education Report

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Michigan’s social studies academic standards include a modest level of financial literacy topics in grades K to four and six. All students must be provided the opportunity to develop an EDP during grade seven.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

EXTRA CREDIT The Department of Education’s website includes personal finance resources for educators. Sources: • Personal Finance: Requirements and Resources

CAVEAT Research indicates that a standalone course requirement is a more effective way of providing personal finance education to high school students than embedding this content in multiple courses. When the new mandate is fully implemented for the Class of 2028, it is unclear how Michigan will ensure that each local school district is, in fact, delivering the equivalent of a half-year course in personal finance, particularly in local school districts that do not offer a standalone personal finance course. It is not clear how Michigan measures student achievement in financial literacy or how the state will monitor local school district implementation of the 2028 financial literacy education requirement to ensure that all student have equitable access to this important content. Allowing the new personal finance course requirement to be fulfilled when students are taught these topics in middle school or in grades nine and 10 is not optimal, since knowledge obtained will fade over time. These students will not use much of what they learn until many years after the instruction is completed.

Sources: • Michigan K–12 Standard for Social Studies • Educational Development Plan (EDP)

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Minnesota GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? Yes, Minnesota requires that high school students complete three and one-half credits of social studies, including credit for a course in government and citizenship, and a combination of other credits encompassing at least United States history, geography, government and citizenship, world history, and economics sufficient to satisfy all of the academic standards in social studies. Minnesota’s social studies academics standards for economics includes personal finance content. Sources: • Minnesota Statutes 2025, section 120B.024, subdivision 1 • Graduation Requirements

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS The 2011 Minnesota K–12 Academic Standards for Social Studies has five sub-strands for economics, and one of the sub-strands is related to personal finance topics. The personal finance sub-strand is required to be taught in grades three, five, and six. The new standards for social studies beginning in academic year 20262027 (the 2021 Minnesota K–12 Academic Standards in Social Studies) includes personal finance content. The new social studies standards have personal finance content embedded in the economics standards for grades K, two, three, five, six, and seven. Sources: • Social Studies (click on Minnesota K–12 Academic Standards in Social Studies 2011, pages 7, 1213, 108–117; and click on 2021 Minnesota K–12 Academic Standards in Social Studies, pages 74–83)

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CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

Minnesota PROJECTED GRADE FOR CLASS OF 2028 Grade A for the Class of 2028. In May 2023, a law was enacted applying to students in grade nine in the 2024– 2025 academic year (Class of 2028). The law creates a new high school graduation requirement. Students will need to successfully complete a personal finance course for credit in grades 10, 11, or 12 in order to graduate. Teachers of this course are required to have a field license or out-of-field permission in agricultural education, business, family and consumer sciences, social studies, or math. The Minnesota Department of Education (MDE) has issued guidance to school districts on the implementation of this new requirement. If personal finance is offered as a math or social studies course, it cannot count towards the minimum required credits for graduation in that content area. The economics strand in the 2021 K-12 Academic Standards for Social Studies is separate from this new personal finance course requirement. The personal finance content in the social studies standard only covers a subset of the content required to be taught in a personal finance course. MDE guidance is clear that the personal finance course requirement is separate from the required 3.5 credits in social studies, which includes economics. MDE has indicated that the delivery mechanism for this new personal finance content is a decision to be made by local school districts. A course identified by a district as meeting the graduation requirement in personal finance should center personal finance content and skills as the primary focus of the course. Courses can be offered in the context of the departments aligned with licensure for the personal finance requirement (social studies, business education, math, family and consumer sciences, or agriculture, food and natural resources) or as a non-departmental course. MDE guidance indicates that the credit amount awarded for the personal finance course is a locally determined decision, and that districts should follow their local policies for determining credit. Thus, the state of Minnesota is not requiring that this content be delivered in a standalone one-half credit course (half-year course). It is not clear

if some other credit amount, like one quarter of a credit would be allowed. Surprisingly, unlike in most states with a personal finance course graduation requirement, MDE has not created and does not recommend academic standards for the personal finance course requirement. Local districts are required to create their own academic standards. MDE has provided guidance on what courses can be used deliver the required personal finance content within each of the Career and Technical Education (CTE) career field program areas. Although this report is giving Minnesota a projected Grade A in this report, we have grave concerns that financial literacy education in Minnesota will not be equitably taught to all high school students when this requirement is fully implemented for the Class of 2028. This projected grade may change in a future report and is dependent upon how this new graduation requirement is actually implements across the state. NGPF’s 2026 State of Financial Education Report indicates, that so far, less than a third of local school districts are implementing this new requirement via a standalone personal finance course. NGPF’s report indicates that only 30.6% of students live in districts that have a locally mandated standalone personal finance course requirement. It is unclear how districts will meet this new requirement. Embedding personal finance content in other courses which has been shown by research to not be very effective. Sources: • Minnesota Statutes 2025, section 120B.024, subdivision 1 • Graduation Requirements • Personal Finance (click on Personal Finance Frequently Asked Questions (FAQ) and click on Minnesota Personal Finance Education Statewide Guidance) • NGPF’s 2026 State of Financial Education Report

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Minnesota

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

HIGH SCHOOL EDUCATION STANDARDS

CAVEAT

Minnesota implemented new social studies standards in 2013–2014. These standards indicate the economics content in the standards is equal to a half-year one semester course. Personal finance is embedded in an economics course required for graduation. There are 34 economics education benchmarks, five of which are personal finance in nature. Based on this information, we estimate that students receive approximately nine hours of instruction in personal finance. In 2024 Minnesota updated social studies standards that must be implemented by the 2026-2027 academic year. This means the first high school class to graduate using these new standards will be the Class of 2030. These new standards also include personal finance content in the economics standards. We estimate that future students taught under these new standards will receive approximately 10 hours of personal finance instruction in the required economics course (there are 29 economics education benchmarks, five of which are personal finance in nature). Minnesota requires that beginning no later than ninth grade all students have a Personal Learning Plan (PLP). The PLP should include content related to academic scheduling, career exploration, career and employment-related skills, community partnerships, college access, all forms of postsecondary training, and experiential learning opportunities. The MDE indicates in a personal finance FAQ document that the proposed updates to the K-12 Academic Standards in Mathematics include financial literacy content that is included as a context for math concepts.

When the new mandate is fully implemented for the Class of 2028, it is unclear how Minnesota will ensure that each local school district is, in fact, delivering the equivalent of a half-year course in personal finance, particularly in local school districts that do not offer a standalone personal finance course. It is not clear how Minnesota measures student achievement in financial literacy. Each local school district is responsible for determining the personal finance standards to be used and how the credit will be awarded for this new requirement. This lack of uniformity in personal finance educational standards and credits to be awarded is will be closely monitored in future reports.

Sources: • Social Studies (click on Minnesota K–12 Academic Standards in Social Studies 2011, pages 7, 1213, 108–117; and click on 2021 Minnesota K–12 Academic Standards in Social Studies, pages 74–83) • Personal Learning Plan • Personal Finance (click on Personal Finance Frequently Asked Questions (FAQ))

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Mississippi

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

The Mississippi CCR course is a one credit course, meaning a full academic year of instruction. The CCR course curriculum gives students the equivalent of a half-year course in personal finance instruction. The CCR course may be taught in one of the following sequences: (i) senior year only; (ii) junior year only; (iii) one semester in either freshman, sophomore, or junior year with the remaining semester taught in either junior or senior year; or (iv) a quarter Carnegie unit per year beginning with the freshman year. There are CCR course substitutions for students in CTE, Dual Enrollment SmartStart, JROTC and early college programs and for students taking Advanced Placement Seminar or equivalent International Baccalaureate and Cambridge International Courses. Any teacher with a valid grade seven to 12 license may teach the CCR course.

Yes, beginning with the Class of 2022, students are required to take a full-year course in College and Career Readiness (CCR). The required CCR course has a financial literacy component that is equal to one semester of personal finance instruction. Since academic year 1999–2000, Mississippi has required that financial literacy education be taught in high schools, but students were not required to take this specified course until the Class of 2022. Sources: • Diploma with Endorsements Options • Mississippi Accountability Standards 2025 (Appendix A–6 to A–9) • College and Career Readiness

Sources: • College and Career Readiness (go to Resources section of the web page for the 2025 CCRS Standards)

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Mississippi’s grade.

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Mississippi PRE-K TO GRADE EIGHT EDUCATION STANDARDS Mississippi does not require that personal finance concepts be taught to students during primary education (grades Pre-K to eight). The state’s social studies standards have modest levels of personal finance concepts in the economics strand in a few grades. Sources: • Standards for Social Studies

EXTRA CREDIT The Mississippi Departement of Education (DOE) notes that the “Mississippi Council on Economic Education developed a Master Teacher of College and Career Readiness (MTCCR) course that hundreds of teachers have gone through in the past year and hundreds more will go through” in the future. Sources:

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT The DOE notes that certain courses can substitute for the required CCR course, including: (i) career and technical work-based learning, (ii) a dual credit SmartStart course; (iii) identified Junior Reserve Officers’ Training Corps (JROTC) instruction; (iv) Advanced Placement Seminar and or equivalent International Baccalaureate and Cambridge International Courses); and (v) College and Career Readiness Seminar courses for Early College High Schools (available Freshman to Senior year). The AP Seminar (and similar classes) was not designed or intended to be a financial literacy course substitute. Students taking this AP course or the other substitution courses may receive less financial instruction than those students taking the CCR course. It is not clear how Mississippi monitors school district implementation of these personal finance education requirements to ensure all students have equitable access to personal finance concepts prior to graduation or how it measures student achievement in financial literacy.

• DOE Financial Literacy Report

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Missouri

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change Missouri’s grade.

Yes, commencing with the Class of 2010, high school students in Missouri are required to take one half-unit of personal finance, the equivalent of a half-year course. Students must complete at least one-half unit of credit that covers the competencies in the area of income, money management, spending and credit, and saving and investing. The 0.5 units of credit for personal finance may be earned in social studies, practical arts, or as an elective. If earned in social studies or practical arts, the required units of credit in that area are reduced by 0.5 credits (i.e., social studies from 3.0 to 2.5 credits) and elective total is increased to 7.5 credits. The half-unit may also be delivered as an embedded credit. This occurs when a high school chooses to embed competencies from one subject (e.g., personal finance) into another class (e.g., economics or mathematics) and award credit to students for both the embedded content and the other subject.

HIGH SCHOOL EDUCATION STANDARDS The 2006 personal finance standards were updated in September 2017 by the State Board for implementation during the 2019–2020 academic year. Missouri has created an assessment on financial literacy at no cost to its school districts. Students who take their personal finance from embedded coursework are required to take the assessments, and the local district determines the pass rate. The assessment is optional for students who choose to take personal finance as a standalone elective. Students are also given the option of “testing out” of the personal finance course requirement if they obtain a score of 90% or higher on the assessment exam. We are unable to determine if the assessment provides Missouri with an accurate and meaningful measurement of the quality and quantity of the personal finance education being delivered to students.

Sources:

• Graduation Requirements

• Missouri Learning Standards

• 2025 Graduation Handbook

• Missouri Personal Finance Course Level Expectations • BMIT – Personal Finance

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

• Social Studies & Personal Finance Resources (click on “Personal Finance”)

The state’s social studies standards include very modest levels of personal finance concepts referenced in the economics strand for grades K to five. Sources: • MLS Social Studies Standards Grades K–5 (pages 9–10)

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Missouri

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT Personal finance resources for educators are available on the Department of Elementary and Secondary Education’s website, including tools created by the Federal Reserve Bank of St. Louis and Next Gen Personal Finance to help educators teach the state’s personal finance competencies. Sources: • Social Studies & Personal Finance Resources (click on “Personal Finance”)

CAVEAT It is not clear how Missouri monitors school district implementation of these personal finance education requirements.

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Montana GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? Yes, beginning with the Class of 2026, Montana requires high school students to take a half-year course in either personal finance or economics as well as a fullyear career and technical education course to graduate. Sources: • ARM 10.55.905 Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS In 2023, HB 535 became law in Montana. It added the following language to an existing statute (the underlined words were added to the existing law): “Legislative goals for public elementary and secondary schools. It is the goal of the legislature that Montana’s public elementary and secondary school system, in cooperation with parents or guardians, create a learning environment for each student that: …(9) supports instruction of financial literacy, where students obtain the knowledge and skills required to succeed financially.” In response to this law the graduation requirements in Montana were expanded to include financial literacy. The new graduation requirements state that students must take a “1/2 unit of economics or financial literacy within the 2 units of social studies, the 2 units of mathematics, or the 1 unit of career and technical education” (emphasis added). This requirement goes into effect for the graduates of the Class of 2026 graduates. Montana content standards indicate what all students should know when they graduate. Montana has some financial literacy content in social studies, mathematics and in career and technical education standards. The new graduation requirement allows students to graduate by taking a half-year economics course with very little

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

personal finance content. The state’s high school economics standards consist of nine strands; only one strand is personal finance in nature and it only requires that students will “explain how economic cycles affect personal financial decisions”. This suggests that by taking the economic course, student would have about 6.5 hours of personal finance in a half-year economics course. Montana requires students to take one year of career and technical education. The career and technical education standards consist of 12 content standards. One of these skills (or 8% of the standards) includes instruction on preparing for postsecondary education and career paths, or about 10 hours of personal finance instruction in a full year course. The Montana math content standards were revised to help educators to bring financial content to students in their math course noting that many concepts related to financial literacy that exist within these math content standards. The Office of Public Instruction has also included a list of courses where financial literacy and/or economics content exists. These courses can be used to meet the new graduation requirement. NGPF’s 2026 State of Financial Education Report indicates that only 17% of students live in districts that have a locally mandated standalone personal finance course requirement and 57.1% of student live in a district that offers a personal finance elective course. Based on this data, more than a quarter of students attend school districts that do not even offer a standalone personal finance course as an elective offering. Sources: • HB 535 (2023) • ARM 10.55.905 Graduation Requirements • School Administrators of Montana Topic Brief (September 2023)

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Montana • Financial Literacy and Economics Graduation Requirement Fact Sheet • Social Studies

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

• Career & Technical Education Standards

The K to eight social studies and career and technical education standards include modest levels of personal finance concepts.

• Career and Technical Education Curriculum Guide 2021

EXTRA CREDIT

• Content Standards for Social Studies For K-12 (2021)

• Mathematics Standards • Financial Literacy Across the K-12 Mathematics Standards (2026)

The Montana Office of Public Instruction has a financial literacy education resources list on the Career, Technical, and Adult Education (CTAE) website.

• Career, Technical, and Adult Education (CTAE)

Sources:

• Economics-Financial Literacy Multidisciplinary Content Standards - Grades 9-12

• Career, Technical, and Adult Education (CTAE)

• Financial Literacy and Economics Courses • NGPF’s 2026 State of Financial Education Report

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Montana’s grade.

• Financial Literacy Curricular Resources

CAVEAT It is not clear how Montana measures student achievement in financial literacy or how the state monitors local school district implementation of these new requirements to ensure that every student is given equitable access to personal finance content prior to graduating high school.

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CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

Nebraska GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change Nebraska’s grade.

Yes, beginning with the Class of 2024 each student is required to complete at least one five-credit course (equal to a half-year course) in personal finance or financial literacy. Beginning with the graduating class of 2025, each public high school senior student must complete and submit to the United States Department of Education a Free Application for Federal Student Aid (FAFSA) prior to graduating from high school. A student will not be required to submit a FAFSA if an opt-out form is filled out and signed by a parent or guardian, the student themselves if 19 years old, or by the school principal or principal’s designee.

HIGH SCHOOL EDUCATION STANDARDS

Sources: • Neb. Rev. Stat. § 79-729 • Neb. Rev. Stat. § 79-3002 • Neb. Rev. Stat. § 79-3003 • Neb. Rev. Stat. § 79-3004 • Financial Literacy Act Guidance • Title 92, Nebraska Administrative Code, Chapter 10003.05 Graduation Requirements (enter Education, Department of for Agency; Title 92; Chapter 10)

Nebraska has not adopted financial literacy standards for the required high school course. State law defines financial literacy as including but not limited to “knowledge and skills regarding budget and financial record keeping; banking; taxes; establishing, building, maintaining, and monitoring credit; debt; savings; risk management; insurance; and investment strategies.” The Nebraska Department of Education (NDE) recommends the following courses (but does not require) to meet this graduation requirement: Personal Finance; Wealth Building Fundamentals; and Life and Career Readiness. Each school district determines the standards, curriculum, and which course and/or courses will satisfy both the legal requirements and their local educational needs. State law also requires that, beginning in 2024 and thereafter, “each school district shall provide an annual financial literacy status report to its school board, including, but not limited to, student progress in financial literacy courses and other district determined measures of financial literacy progress from the previous school year.” Sources:

• FAFSA

• Accreditation, Rule 10

• Frequently Asked Questions (FAFSA)

• Financial Literacy Act Guidance

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Nebraska PRE-K TO GRADE EIGHT EDUCATION STANDARDS Nebraska’s social studies standards require financial literacy topics to be taught each year in grades K to eight. In 2021, the Financial Literacy Act required elementary and middle school instructional programs to include financial literacy instruction, as appropriate. Source:

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT It is not clear how Nebraska measures student achievement in financial literacy and whether this education is equitably taught to all students. Unlike most Grade A states, Nebraska has not adopted financial literacy standards for the required high school course. Each local school district is responsible for determining the personal finance standards to be used.

• Neb. Rev. Stat. § 79-3003 • Social Studies Standards

EXTRA CREDIT On its website, the NDE has a list of recommended instructional material resources for personal finance and recommended instructional materials. Nebraska’s Career Ready Practice Alignment document includes suggestions on how mathematics can incorporate financial well-being topics. Sources: • Financial Literacy Act Guidance • Career Ready Standards

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Nevada GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. The state requires students take three credits of social studies in order to graduate. The social studies standards for high schools includes financial literacy content. The state does mandate how financial literacy topics should be taught in high school but leaves it up to the local districts to specify how the content will be provided. Sources: • High School Diplomas and Graduation • Classes of 2025-2028 Brochure • NRS 389.018 (Effective through June 30, 2028) • NRS 389.074 (Effective through June 30, 2028) • Nevada Academic Content Standards for Social Studies (see page 47)

PROJECTED GRADE FOR CLASS OF 2029 Grade B for the Class of 2029. Nevada passed a law in 2017, requiring that students take a half-credit course (a half-year course) in economics and personal finance as a graduation requirement in the future. The law required the financial literacy instruction to include the skills necessary to develop financial responsibility; manage finances; understand the use of

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

credit and the incurrence of debt; understand the basic principles of saving and investing; prevent and limit the consequences of identity theft and fraud; understand the basic assessment of taxes, including, without limitation, understanding the matter in which taxes are computed by local, state, and federal governmental entities; understand the basic principles of insurance; and plan for higher education and career choices. The economics and financial literacy half credit course graduation requirement was originally slated to become effective for the Class of 2023. However, a law passed in 2023 that amended this new graduation requirement language to ensure that the skills necessary to manage finances relating to developing a personal financial plan (as required in the 2017 law) now include understanding and budgeting for the costs of housing, transportation and health care. Please note, our 2023 Report Card grade of B for Nevada assumed that this 2017 law has been fully implemented for the Class of 2023, however this was not the case due to the regulatory interpretation of the 2023 legislation. This new legislation apparently resulted in a delay of this new economics and personal finance course graduation requirement from the Class of 2023 to the Class of 2029. Sources: • High School Diplomas and Graduation • Classes of 2029 and Beyond Brochure • NRS 389.074 (scroll down to the one that is Effective July 1, 2028)

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Nevada HIGH SCHOOL EDUCATION STANDARDS Nevada’s grades nine to 12 social studies standards include financial literacy content. There are 13 financial literacy content standards included in the state’s social studies standards. Based on this information, we are unable to determine how many hours of instruction of financial literacy content is delivered to students due to the fact that there is no identified delivery mechanism for this content until the Class of 2029 graduates. It is likely that the required financial literacy content is generally included in the half-year economics course that is currently required for high school graduation. NGPF’s 2026 State of Financial Education Report indicated that most students, 90.7% attend schools that embed personal finance content into another course. Nevada offers high school students a State Seal program that recognizes graduates who have attained a high level of proficiency in a variety of subjects, including financial literacy. Students who are eligible to receive a financial literacy seal have a notation placed on their high school diploma and high school transcript indicating that they have earned this seal.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Nevada requires age-appropriate financial literacy instruction in public schools for all students in grades three to 12. This content can be included in a course of study in economics, mathematics, or social studies. State law requires local school districts to encourage persons to volunteer time, expertise, and resources, as well as create partnerships with persons, businesses, or entities in which those persons, businesses, or entities provide the resources necessary to offer instruction in financial literacy. The state’s social studies standards require financial literacy content to be taught in grades three to eight. Sources: • NRS 389.074 • Nevada Academic Content Standards for Social Studies

Sources: • Nevada Academic Content Standards for Social Studies • Nevada Seal Programs • NGPF’s 2026 State of Financial Education Report

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Nevada EXTRA CREDIT Nevada’s Department of Education has a website that includes financial literacy information and resources for educators. In 2019, Nevada passed a law that created the State Financial Literacy Advisory Council. 2023 legislation changed the composition of the Council. The Council’s website states: “The Council’s comprehensive approach includes developing a strategic plan for financial literacy education, creating standards for curriculum, awarding the State Seal of Financial Literacy, and organizing key events in collaboration with the Nevada Department of Education.” The Council’s website includes financial literacy resources for educators.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

CAVEAT It is not clear how Nevada measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • Financial Literacy Content and Resource (NDE website) • Nevada Advisory Council for Financial Literacy • Financial Literacy in Nevada (Council’s website, see resources tab)

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New Hampshire

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2030

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2030. In 2022, HB 1263 was passed into law. The law requires local school boards to ensure that personal financial literacy instruction is taught as part of the curriculum. The law allows personal financial literacy instruction to be embedded in an existing course or grade level program of studies. This law applied to academic year 2022–2023. In 2022, HB 1671 was also passed into law. This law took effect in academic year 2023–2024. This second law requires schools to specify criteria and a substantive educational program that delivers the opportunity for an adequate education in personal financial literacy for students. Each school must define and identify approved personal financial education standards. These standards are required and cover grades K through 12th and clearly set forth the financial literacy skills to be obtain in each relevant grade, including whether there is a credit/course in personal financial literacy that is required in order to obtain a high school diploma. HB 1671 requires each school to demonstrate that it provides the opportunity for an adequate education for the school-approved personal financial literacy standards. In September 2022, the Department of Education (DOE) issued a technical advisory on the implementation of these two new laws that noted that the DOE “will be undertaking rulemaking to amend Ed 306—Minimum Standards—to reflect all the changes that HB 1671 implements. That rulemaking process will provide more detail on what personal finance literacy should encompass as a course of instruction.” The BOE has adopted a one-half credit (half-year course) financial literacy requirement beginning in the 2026-2027 school year for those students entering high school. This new graduation requirement will apply to the Class of 2030.

Yes, New Hampshire requires that all high school students take a half-year course in economics that includes financial literacy concepts in order to graduate. Sources: • N.H. Code Admin. R. Ed 306.22 High School Curriculum, Credits, and Cocurricular Programs (scroll down to relevant section) • N.H. Code Admin. R. Ed 306.23 Graduation Requirements (scroll down to relevant section)

HIGH SCHOOL EDUCATION STANDARDS New Hampshire has adopted education standards to help educators understand what students should know and be able to demonstrate and that include clear goals for student learning. Curriculum consistent with these standards is chosen by local school districts. There are six standards of economics for grades nine through 12, and one of those standards covers personal finance topics. Based on this information, we estimate that students receive approximately 10 hours of instruction in personal finance. The social studies standards applicable to the Class of 2026 have not been revised since 2006. These standards are in the process of being updated, and revised standards will be approved by the State Board of Education (BOE). Sources: • College and Career Ready Standards • 2006 New Hampshire Social Studies Standards (pages 81–86)

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New Hampshire It is not yet clear from the current regulations what type of educators are qualified to teach personal finance from a teacher licensing perspective. Sources: • N.H. Rev. Stat. Ann. § 189:10 Studies • N.H. Rev. Stat. Ann. § 193-E:2-a Substantive Educational Content of an Adequate Education • 2022 DOE Technical Advisory • N.H. Code Admin. R. Ed 306.22 High School Curriculum, Credits, and Cocurricular Programs (scroll down to relevant section) • N.H. Code Admin. R. Ed 306.23 Graduation Requirements (scroll down to relevant section) • N.H. Code Admin. R. Ed 500 Credential Standards for Educational Personnel

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS In 2022, two laws, HB 1263 and HB 1671, were passed. The laws require financial literacy content to be taught in grades K to 12 consistent with standards and regulations to be approved in the future by the BOE. The laws allow personal financial literacy instruction to be embedded in an existing course or grade level program of studies. Currently, there is some personal finance content required in the 2006 social studies standards for grades seven and eight. These standards are in the process of being updated. Sources: • N.H. Rev. Stat. Ann. § 189:10 Studies • N.H. Rev. Stat. Ann. § 193-E:2-a Substantive Educational Content of an Adequate Education • 2006 New Hampshire Social Studies Standards (page 54)

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New Hampshire

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

CAVEAT It is not clear how New Hampshire currently measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement. In 2023 the BOE approved PragerU’s online Cash Course Certificate program as a method that students could use to meet the state’s new substantive one-half credit graduation requirement in financial literacy. A half-year high school course is equal to 60 hours of class room instruction. The PragerU financial literacy course consists of 15 videos (each approximately five minutes in length) and has 20 work sheets. In addition, PragerU has an end of course exam of 40 multiple-choice questions, of which 36 questions must be answered correctly to pass the course. Once a student passes that test, they can receive a half credit for graduation. It is not clear how many times a student can take this test. This online course of instruction can likely be completed in about 10 hours or less (the video content is only 75 minutes long in total). To allow a substantive one-half credit personal finance graduation requirement to be completed in this manner guarantees that all New Hampshire students will not have equitable access to personal finance content prior to high school graduation. Allowing such a reduction in rigor for many students could result in a lowering of New Hampshire’s projected Grade A in a future report. Sources: • BOE Press Release on PragerU • PragerU Summary of the Cash Course Program • PragerU Cash Course webpage

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New Jersey

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change New Jersey’s grade.

Yes, New Jersey requires students to complete at least 2.5 credits in financial, economic, business, and entrepreneurial literacy. This requirement took effect with the grade nine class in academic year 2010–2011 (the Class of 2014). Ten credits equal a full-year academic course, and 2.5 credits equals a course length of a quarter of an academic year or 30 hours of instruction. The New Jersey Department of Education (DOE) notes on its website that the state’s Career Readiness, Life Literacies, and Key Skills requirement “provides the framework for students to learn the concepts, skills, and practices essential to the successful navigation of career exploration and preparation, personal finances and digital literacy” New Jersey also requires that high school student complete at least five credits (half-year course) in career readiness or career and technical education. Such courses meeting this requirement may also contain some financial literacy content.

HIGH SCHOOL EDUCATION STANDARDS

Sources: • N.J.A.C. 6A:8-5.1 Graduation Requirements • Minimum Graduation Requirements PDF

EXTRA CREDIT The DOE makes financial literacy resources available online for educators to use. Sources:

The New Jersey Student Learning Standards specify expectations in nine content areas. One of those content areas is Career Readiness, Life Literacies & Key Skills (CLKS) and these education standards include personal finance concepts. The CLKS standards includes two content areas that include financial literacy topics: Standard 9.1 Personal Financial Literacy; and Standard 9.2 Career Awareness, Exploration, Preparation and Training. The DOE indicates that the 2.5-credit legal requirement may be met in the following ways: (i) by completing a standalone, half-year course; (ii) through other approved educational experiences that may include, but is not limited to, one or more of the following: independent study, online learning, study abroad programs, student exchange programs, and structured learning experiences; or (iii) by completing one or more elective courses that integrate the content and skills required by the regulation that are taught by staff holding a Social Studies; Business: Finance, Economics, and Law; Comprehensive Business; Comprehensive Family and Consumer Sciences; General Business certificate; or Math certificate. Given the many ways allowed to meet this requirement, it is impossible to estimate the hours of instruction for each school district. The level of instruction is likely to vary greatly between school districts and could even be vastly different by student within a single high school.

• Personal Financial Literacy Instructional Resources

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New Jersey School districts are responsible for the progress of all students in developing the knowledge and skills specified by these learning standards that are not included in the statewide assessment. Sources: • New Jersey Student Learning Standards • Career Readiness, Life Literacies & Key Skills (webpage) • 9.1 Personal Financial Literacy • 9.2 Career Readiness • Career Readiness, Life Literacies & Key Skills Standards (CLKS Standards) • N.J.A.C. 6A:8-3.1(a)

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS New Jersey requires personal finance instruction in elementary school. In 2019, legislation was enacted that requires school districts to incorporate financial literacy instruction in each of the grades six through eight to pupils enrolled in those grades, beginning in the 2019– 2020 academic year. The purpose of the instruction is to provide middle school students with the basic financial literacy necessary for sound financial decisionmaking. The law states that the instruction must: (i) be appropriate to, and reflect the age and comprehension of, the students enrolled in the particular grade level and (ii) include content on budgeting, savings, credit, debt, insurance, investment, and other issues associated with personal financial responsibility as determined by the State Board of Education. The Financial Literacy and Career Awareness Standards have learning expectations for grades two, five and eight. The law also requires that the DOE provides school districts with sample instructional materials and resources that may be used to support the implementation of the grade six to eight financial literacy instruction requirement. Sources: • N.J.S.A. 18A:35-4.34 • 9.1 Personal Financial Literacy (see Frequently Asked Questions) • Financial Literacy Standards • Career Awareness Standards

CAVEAT It is not clear how each district meets these regulatory requirements or how the state monitors local school district implementation of the financial literacy education requirement.

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New Mexico

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2027

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade B for the Class of 2027. In February 2022, new social studies standards were finalized that include required personal finance content for an economics course that is required to be taken for graduation. By the 2023–2024 academic year, instructional material adoption and full implementation of the new standards was required to be complete Therefore, all ninth grade students entering high school in 2023–2024 will have taken the economics course with the required financial literacy content by the time they complete high school in 2027.

No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. New Mexico requires students to complete 3.5 units in social studies that includes a half-unit (a half-year course) in economics, but prior standards (prior to academic year 2023-2024) did not include personal finance content for this course. The graduation requirement law also requires that personal finance be offered as an elective at each high school, this legal requirement is the reason why New Mexico received a grade C for the Class of 2026. New Mexico requires that personal finance be offered as an elective, which guarantees that all students have access to these topics. Sources: • NM Stat § 22-13-1.1 • Graduation Requirements • Class of 2026 Requirements • Social Studies Standards FAQ

PRE-K TO GRADE EIGHT EDUCATION STANDARDS New Mexico requires financial literacy instruction as part of its approved social studies standards in grades K to eight. Sources: • New Mexico Social Studies Standards

Sources: • New Mexico Social Studies Standards

HIGH SCHOOL EDUCATION STANDARDS The social studies standards, prior to the February 2022 adoption, included a very modest level of personal finance concepts in the economics strand of these standards. The new social studies standards have anchor standards and performance standards and are mandated for students in grades K to 12. The new social studies standards include economics/personal financial literacy standards for the economics course. Local school district curriculum must be aligned with these approved social studies standards. The required economics course has 58 performance standards. Twelve of the standards are related to economics topics and 45 performance standards are related to personal finance topics. Assuming a half-year course consists of 60 hours of instruction (half of a Carnegie Unit), we estimate that students taking this required economics course will receive approximately 46 hours of personal finance instruction. New Mexico requires each student

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New Mexico to complete a Next Step Plan for each high school year. At the end of grades eight through eleven, each student shall prepare an interim Next Step Plan that sets forth the coursework for the grades remaining until high school graduation. Each student must complete a final Next Step Plan during the senior year and prior to graduation. The goal of the plan is to allow students to pursue a range of post-secondary opportunities and workforce opportunities and gain knowledge in entrepreneurship principles, as determined by the student’s plan.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

CAVEAT Specific personal finance standards for the financial literacy elective course that high schools must offer are not available on the New Mexico Public Education Department’s website. It is not clear how New Mexico measures student achievement in financial literacy or how the state will monitor the local school district implementation of the state’s financial literacy education requirements.

Sources: • New Mexico Social Studies Standards (see pages 68-71) • Next Step Plan

EXTRA CREDIT In 2024 a law was passed that allowed local school board to set two of the 24 unit required for graduation. This applies to ninth graders entering public high school in the 2025-2026 academic year. According to Think New Mexico, since this law has been passed local school districts, representing 52.3% of students in the state, have made financial literacy a high school graduation requirement. Thirty-seven of those districts require completion of a year-long financial literacy course, while 12 require at least a semester. This data is consistent with the information on New Mexico in NGPF’s 2026 State of Financial Education Report. Sources: • NMSA 1978, § 22-13-1.1 Graduation requirements; next-step plans • Think New Mexico • NGPF’s 2026 State of Financial Education Report

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New York

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade B after taking into account changes approved in March 2026. At a November 2025 New York State Board of Regents (Regents) meeting, the Department of Education (DOE) proposed to require instruction in personal finance education for public school students in grades kindergarten (K) through 12. The proposal requires this education to be provided to students by the end of grade four, to middle school students by the end of grade eight, and to high school students by the end of grade 12. In a meeting in March 2026 the Regents approved this change which requires personal finance instruction in elementary and secondary school. For high school students, this new requirement will begin with the students entering high school in the 2027-2028 school year (the Class of 2031). The DOE memorandum on this rule amendment that was presented to the Regents prior to their approval indicates that this “rule provides flexibility in delivery of personal finance instruction to meet local needs. Implementation options include standalone course(s), embedded instruction - including integration into economics and mathematics courses - and/or CTE [Career and Technical Education] programming that includes 0.5 unit [a half-year course] of CFM [Career and Financial Management]. Each option holds equal value and would be locally determined.”

Yes, New York state requires students to take a half-year course in economics to graduate. Sources: • New York State High School Graduation Requirements • Part 100 Regulations of the Commissioner of Education • Diploma Requirements (Section 100.5)

HIGH SCHOOL EDUCATION STANDARDS To graduate from high school, New York high school students must take four credits in social studies, including a half-credit in economics. The standards for this course are set forth in the New York State K–12 Social Studies Framework. These standards serve as a set of expectations for what students should learn and be able to do. Schools are encouraged to administer the economics requirement through a course titled Economics, the Enterprise System and Finance in grade 12. This course has four key ideas and 16 conceptual understandings, and a quarter of these include personal finance content. Based on this information, we estimate that students receive approximately 15 hours of personal finance instruction. According to the Office of Curriculum and Instruction at the Department of Public Instruction, educators are required to use the social studies framework standards when teaching the economics course required for high school graduation. Sources: • NYS P-12 Learning Standards by Content Area • New York State Grades 9–12 Social Studies Framework (pages 48–50)

Sources: • Personal Finance Education • NYS Blue Ribbon Commission on Graduation Measures • NY Inspires: A Plan to Transform Education in New York State • General School Requirements Related to Standards and Instruction (Section 100.2) • Memorandum to Regents on Proposed Amendment of Section 100.2

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New York PRE-K TO GRADE EIGHT EDUCATION STANDARDS New York state requires fairly modest personal finance content in grades K to three social studies standards (see economics standards) and none in grade four. In September 2017, the Board of Regents revised education regulations requiring that students in grades five to eight be provided with 1.75 units of career and technical education (216 hours of instruction). The DOE provides a curricular guidance framework to assist school districts in developing local curricula for middlelevel CTE. They have created six middle-level theme modules, two of which have financial literacy concepts: Career and Community Opportunities and Financial and Consumer Literacy. Sources: • New York State K–8 Social Studies Framework • Middle Level CTE Requirement

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT It is not clear how New York measures student achievement in financial literacy or how the state will monitor the local school district implementation of the new financial literacy education requirement. According to NGPF’s 2026 State of Financial Education Report, only 3.8% of student attend a high school where taking a standalone personal finance course is a local graduation requirement. Nearly half of students (47.9%) attend a high school that offers a standalone personal finance elective. The recent regulatory changes approved by the Regents will likely result in a small minority of New York state high school students taking a standalone personal finance course prior to graduation. This is despite research that shows embedding personal finance content into another course is not very effective. Sources: • NGPF’s 2026 State of Financial Education Report

• Career and Community Opportunities Theme Module • Financial and Consumer Literacy Theme Module

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North Carolina

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change North Carolina’s grade.

Yes, in 2019, a law was passed requiring students entering grade nine in the 2020–2021 academic year (Class of 2024) to take a full-credit course (full-year course) focused solely on Economics and Personal Finance (EPF) as a high school graduation requirement. Students are required to take four social studies credit to graduate from high school and one of these credits must be the EPF course.

PRE-K TO GRADE EIGHT EDUCATION STANDARDS North Carolina includes some personal finance content in their elementary and middle school social studies standards. Personal finance is included in the Economics Strand of the Social Studies Standards for grades four, five & eight.

Sources:

• High School Graduation Requirements

• Social Studies Standards

• N.C. Gen. Stat. § 115C-81.65

HIGH SCHOOL EDUCATION STANDARDS The 2019 law required the BOE to adopt standards for this course that are at a minimum as rigorous as national standards in economics and financial literacy that were developed by the Council for Economic Education. The law also requires educators to complete an EPF professional development course in order to teach this course. The standards created for the EPF course consists of 12 standards and eight of these standards are financial literacy concepts. Based on this information, a student taking this full-year course should receive at least the equivalent of a half-year course in personal finance. Sources: • N.C. Gen. Stat. § 115C-81.65 • North Carolina Standards for Economics and Personal Finance • Social Studies Standards

EXTRA CREDIT The North Carolina Council for Economic Education has a free EPF course guide and pacing guide available for educators on their website. Sources: • NCCEE Economic Education & Financial Literacy Resources

CAVEAT It is not clear how North Carolina measures student achievement in financial literacy. The 2019 law gives the training role for educators teaching this course exclusively to a nonprofit organization in the state—the North Carolina Council of Economic Education (NCCEE) if funding is provided by the state government. It is not clear that the best professional development training for EPF educators is exclusively offered by the NCCEE. Sources: • N.C. Gen. Stat. § 115C-81.65

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North Dakota

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change North Dakota’s grade. A new law was passed on this topic in the spring of 2025. The new law, although a step forward in personal finance education, will not increase the grade given to the state. HB 1553 strengthens the financial literacy education requirements by mandating that each school district require students to complete a half-unit of financial literacy or incorporate comprehensive personal finance concepts into economics or problems of democracy courses. The updated list of personal finance topics to be taught in the future now includes more modern and practical topics such as budgeting and money management, saving and investing, credit and debt management, banking and financial services, taxation and income, consumer skills and smart spending, insurance and risk management, college and career financial planning, retirement planning, and entrepreneurship and economic concepts. The bill removes older, more narrow topics. Schools retain flexibility in how they deliver this content, with the option to seek superintendent approval to use alternative courses to teach these financial concepts. This new law does not guarantee that all student will receive the equivalent of a half-year course in personal finance as a graduation requirement.

Yes, each student is required to take a half-year economics course (plus a half-year U.S. government course) or a full-year problems of democracy course. Since July 1, 2010, each school district has been required to ensure that its curriculum for either the economics or problems of democracy course includes the following concepts of personal finance: (i) checkbook mechanics, including writing checks, balancing, and statement reconciliation; (ii) saving for larger purchases; (iii) credit, including credit card usage, interest, and fees; (iv) earning power, including jobs for teenagers; (v) taxation and paycheck withholdings; (vi) college costs; (vii) making and living within a budget; and (viii) mortgages, retirement savings, and investments. The Choice Ready Guidance indicates that this financial literacy education requirement may also be met by incorporating the concepts listed above into the curriculum for any of these courses: Economics, AP Macroeconomics, AP Microeconomics, Problems of Democracy, or Financial Literacy. Upon written request, the superintendent of public instruction may allow a school district to select courses other than economics or problems of democracy for purposes of exposing students to the concepts of personal finance.

Sources:

• HB 1553

• N.D.C.C. 15.1-21-02.2 High schools - Required units.

• N.D.C.C. 15.1-21-21 Concepts of personal finance Inclusion in curriculum

• Financial Literacy webpage

• Graduation Requirements • North Dakota Choice Ready webpage • North Dakota Choice Ready chart • Choice Ready Guidance (see page 2) • Academic and Career Planning (see graduation requirements)

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North Dakota HIGH SCHOOL EDUCATION STANDARDS North Dakota 2019 social studies standards has grades six to 12 economics standards that include financial literacy concepts. One of the seven standards is personal finance content. The economics standards consist of a total of 17 benchmarks, and five of them are personal finance in nature. We estimate that a half-year economics course would consist of about 18 hours of instruction. Since the personal finance high school education requirement in North Dakota can be delivered in multiple ways, it is impossible to estimate the number of instructional hours all students receive. In addition, state law requires each school to administer to students during their enrollment in grades nine or 10 a career interest inventory. The new financial literacy standards approved in July 2025 are required to be fully implemented by academic year 2026-2027. This means that ninth graders in academic year 2027-2028 will be the first high school class to graduate subject to these new, more robust, educational standards (the Class of 2030).

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS North Dakota’s 2019 social studies standards include modest amounts personal finance content to be taught in grades K to five as well as in the grades six to eight standards. The new 2025 financial literacy standards, created in response to HB 1533 include substantive personal finance content for grades K to 12. These new standards must be fully implemented by academic year 2026-2027. State law also requires each school to administer to students during their enrollment in grades seven or eight a career interest inventory. In grades seven or eight the state also requires students to complete a nine-week course on exploring career decisions or individual counseling with each student to: (i) discuss the results of the student’s career interest inventory; (ii) select high school courses appropriate to their educational pursuits and career interests; and (iii) develop individual high school education plans. Sources:

Sources:

• North Dakota 2019 Grades K – 12 Social Studies Content Standards (pages 12–13 and 23–25)

• North Dakota 2019 Grades K – 12 Social Studies Content Standards (pages 23–25)

• North Dakota Financial Literacy Content Standards K-12 (July 2025)

• Financial Literacy webpage

• N.D.C.C. 15.1-21-18. Career interest inventory Educational and career planning - Consultation

• North Dakota Financial Literacy Content Standards K-12 (July 2025) • Disciplinary Connections for Financial Literacy • N.D.C.C. 15.1-21-18. Career interest inventory Educational and career planning - Consultation • RUReadyND

• North Dakota Elementary Career Development Standards • RUReadyND • Academic and Career Planning (see: Career Interest Inventories)

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North Dakota

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT

CAVEAT

North Dakota’s Department of Financial Institutions has a financial literacy webpage with links to financial literacy resources for educators and links to financial literacy professional development opportunities.

It is not clear how North Dakota measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement. The new 2025 Financial Literacy Content Standards have two distinct grade bands in high school: Grades nine to 10; and Grades 11-12. States usually have a single grade nine to 12 grade band for high school personal finance standards. The state’s graduation requirements indicate that the required high school personal finance education can be met by taking a single course. It is not clear how this grade band requirement impacts delivery mechanisms offered by local districts. Delivering all this content in a single educational intervention appears to be allowed only in grades 11 and 12.

Sources: • Financial Literacy webpage (see: Resources and Professional Development)

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Ohio GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? Yes, starting with students who begin ninth grade after July 1, 2022 (Class of 2026), students will be required to receive a half credit of financial literacy to graduate from high school. This is equal to a half-year course of instruction under Ohio law. One-half credit of financial literacy can be used as one-half credit for electives or mathematics. The one-half credit of mathematics cannot be Algebra 1; Geometry; Advanced Computer Science; or Algebra 2. Financial Literacy cannot count towards Social Studies credits. A law passed in 2021 mandates that beginning with the 2024– 2025 academic year, districts require financial literacy licensure for educators teaching financial literacy. The law indicates that social studies, family and consumer sciences, and business education teachers will be able to teach financial literacy without the need for the additional validation contemplated by the law. Sources: • 33 O.R.C. § 3313.603 Requirements for high school graduation • Ohio’s Long-term Graduation Requirements

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Ohio’s Learning Standards require districts to teach financial literacy in three grade spans: grades K to three, four to six, and middle school (grades seven and eight). The standards for financial literacy can be incorporated into existing standards for social studies and mathematics when teaching financial literacy concepts. These standards provide connections between these content areas and provide examples of how the personal finance content can be incorporated into existing social studies and mathematics courses. Schools can teach the middle school financial literacy standards as standalone courses or integrate them into other appropriate courses. Ohio also has a model curriculum that can be used by districts in grades K to eight. State law does not mandate school districts use these guides. Sources: • Financial Literacy in Elementary Grades • Financial Literacy in Middle Grades

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Ohio’s grade.

• Complete Courses and Requirements • Financial Literacy in High School • Financial Literacy Frequently Asked Questions

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Ohio

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

HIGH SCHOOL EDUCATION STANDARDS

CAVEAT

Ohio’s Learning Standards for Financial Literacy were revised in 2025. The standards list the following topics: financial responsibility and decision-making, planning and money management, the informed consumer, investing, credit and debt, risk management and insurance, and free market capitalism. Ohio law states the study and instruction of financial literacy shall align with Ohio’s Learning Standards and Model Curriculum for Financial Literacy. The purpose of Ohio’s model curriculum is to add clarity to the standards and to support educators in planning and implementing their locally prescribed curriculum. The model curriculum for financial literacy is not a complete curriculum nor is it mandated for use. In June 2024, Ohio enacted into law new requirements for free market capitalism academic content in the state’s financial literacy standards and model curriculum.

It is not clear how Ohio measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

Sources: • Financial Literacy Standards & Model Curriculum • Ohio’s Financial Literacy Standards High School Grades 9-12 • Ohio’s Model Curriculum for Financial Literacy High School Grades 9-12 • 33 O.R.C. § 3301.079 Academic standards - model curriculum • Financial Literacy Standards in High School Crosswalk

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Oklahoma

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2029

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade B for the Class of 2029. Beginning with students entering the ninth grade in the 2025-2026 school year (the Class of 2029), students will need to complete personal financial literacy requirements during grades 10, 11 or 12. Students are required to complete the financial literacy requirement through a half-unit (half-year) personal finance course or this content can be integrated or embedded into one or more courses or through a Career and Technical Education course. School districts have the option of determining if a separate, half-year personal financial literacy course will be offered as an elective. This policy change will not change Oklahoma’s grade.

No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. In 2007, the Passport to Financial Literacy Act of 2007 became law. Under this law, Oklahoma requires students to demonstrate competency in 14 areas of personal finance in order to graduate from high school. The requirement first applied to the Class of 2014. The law allows students to meet this graduation requirement anytime between grades seven to 12, depending on the local district’s scope and sequence for personal financial literacy. In addition, students may test out of personal financial literacy through a district-created assessment or the State Department of Education’s (DOE) online assessment. Sources: • Oklahoma High School Graduation Requirements for Class of 2026 • 70 O.S. §11-103.6h. Passport to Financial Literacy Act (Click on Title 70, got to pages 540-544)

Sources: • Oklahoma High School Graduation Requirements for Class of 2029 • Multi-year State Graduation Requirements • 70 O.S. §11-103.6h. Passport to Financial Literacy Act (Click on Title 70, got to pages 540-544) • Personal Financial Literacy • Personal Financial Literacy FAQ

• Personal Financial Literacy • Personal Financial Literacy FAQ

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Oklahoma HIGH SCHOOL EDUCATION STANDARDS The passport method allows school districts to determine in which grades and courses they will embed the personal finance standards. They could be embedded in a variety of courses from grades seven to 12, or this requirement could be met by taking a standalone personal finance course in high school. The personal finance instruction must be consistent with the state’s personal finance education standards. Although there are mandated academic standards for personal financial literacy, there is no mandated curriculum for this instruction. A student cannot take the personal financial literacy instruction on a pass/fail basis. The student’s competency on this instruction must be recorded as a letter grade or percent. Sources:

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Personal finance instruction is not required in grades Pre-K to six. Personal finance instruction may occur in grades seven and eight, but it is not required for the financial literacy passport law to be complied with. For example, a Pre-K to eight district is expected, by the law, to provide instruction in personal financial literacy to students in grades seven and eight unless the district enters into a vertical articulated agreement with a Pre-K to 12 district for facilitating and sharing of the personal financial literacy curriculum. Such an agreement could include terms requiring all personal financial literacy instruction to be done at the upper secondary level (grades nine to 12) of the Pre-K to 12 district, and thus none would need to be done in grades seven and eight.

• Personal Financial Literacy

Sources:

• Oklahoma Academic Standards Personal Financial Literacy

• Personal Financial Literacy FAQ

• Personal Financial Literacy

• Personal Financial Literacy Passport Form

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Oklahoma

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2029 GRADE

EXTRA CREDIT

CAVEAT

State law requires the DOE to develop professional development programs that are designed to help teachers provide instruction in personal financial literacy. Development programs shall be designed to help teachers provide instruction through a separate personal financial literacy course. Professional development shall additionally be designed for teachers embedding personal financial literacy within their existing subject matter. The DOE shall also develop a bridge program designed for teachers seeking to transition from embedded instruction to a separate personal financial literacy course. The DOE is also required to provide resources to assist schools in developing a separate personal financial literacy course and resources for schools seeking to offer a separate personal financial literacy course. The DOE is also required to provide support to schools seeking to determine the most appropriate coursework when embedded instruction is necessary. The DOE’s website provides professional development and other education resources online for districts and teachers to refer to. The Passport Financial Literacy Act also included the creation of a Personal Financial Literacy Education Revolving Fund. Any such funds may be used for developing and providing guidelines, materials, and resources for personal financial literacy for students and teachers, including online curricula, training, and professional development for teachers.

Since the passport requirements currently apply to grades seven to 12, local districts could include personal finance concepts in middle school and/or the early years of high school. Personal finance concepts are most relevant near graduation from high school when students are thrust into situations in which they must manage their daily living expenses and are considering student debt. It would not be optimal for students to receive all of this training in grades seven to nine since knowledge obtained will fade over time. Additionally, it is not clear how the state monitors local school district compliance with the financial literacy education requirement. A district could offer personal financial literacy during alternative instructional times (i.e., before/after school, night classes, and/or summer classes). Since there is no specified seat time for instruction in personal financial literacy, it is likely that the quality and quantity of instructions varies greatly from school district to school district.

Sources: • 70 O.S. §11-103.6h & §11-103.6h-1 (Click on Title 70, got to pages 540-544)

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Oregon

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2027

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2027. In 2023, a law was passed requiring that, beginning with the Class of 2027, students complete, while in grades nine through 12, one half credit of higher education and career path skills and one half-credit of personal financial education in order to receive a high school diploma. The State Board of Education (BOE) adopted rules with requirements for these two new courses and has approve standards for each course. The BOE also created rules regarding who can teach these newly required courses. The Higher Education and Career Path Skills course standards includes financial literacy topics related to career and college exploration. Based on the standards for these two courses, we estimate that students receive financial literacy instruction that is in excess of half of an academic year.

No, a specifically identified course with personal finance concepts is not a graduation requirement for the Class of 2026. Oregon requires three credits of social sciences for graduation but does not identify required courses. For grade nine students enrolled in the 2022–2023 academic year (Class of 2026), state regulations indicate that the three credits in social sciences “shall include 0.5 unit of U.S. civics credit in addition to at least 2.5 units of credit aligned to the Oregon State Board adopted standards for U.S. history, world history, geography, economics, and financial literacy.” Sources: • Oregon Diploma Graduation Requirements • OAR 581-022-2000 Diploma Requirements

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Personal finance standards are embedded for grades K through eight in the social sciences standards. Sources: • Social Sciences Standards

Sources: • Senate Bill 3 • Oregon Diploma Graduation Requirements • Oregon’s Diploma Requirements for PFE & HECPS • Senate Bill 3 Implementation Manual • Frequently Asked Questions on Senate Bill 3 Implementation • Oregon’s Newest High School Diploma Requirements • Oregon’s High School Personal Financial Education Content Standards • Oregon’s High School Higher Education and Career Path Skills Content Standards

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Oregon

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

HIGH SCHOOL EDUCATION STANDARDS

EXTRA CREDIT

Instruction in Oregon schools must meet the academic standards adopted by the BOE. The social sciences standards approved by the BOE include financial literacy content in the economics strand of these standards. Each local school district’s instructional program must include and be consistent with the approved social sciences standards. While there are no specific courses with this content required for high school graduation for the Class of 2026, there is an expectation that students are taught these financial literacy topics prior to graduation.

The Oregon Department of Education’s website includes information for educators on high-quality instructional materials and resources.

Sources: • Social Sciences Standards

Sources: • Oregon’s Diploma Requirements for PFE & HECPS

CAVEAT It is not clear how Oregon measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement.

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Pennsylvania

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2030

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2030. On December 13, 2023, the governor signed a bill into law that requires, beginning with students entering high school in the 2026-2027 school year (the Class of 2030), that each student take a mandatory half-year personal financial literacy course prior to graduation. The course must be worth at least one-half credit and can be completed in grades nine to 12. Students are not allowed to test out of this course requirement. A local education agency (LEA) may require all students to take the course in a specific grade or provide grade-level flexibility. LEAs that historically integrated personal finance into an existing course must separate the personal finance content into its own half-credit course. LEAs determine the structure and delivery of the personal finance course, consistent with the approved academic standards. An LEA may offer multiple courses that meet the definition of a standalone course in personal finance. For example, a district might offer the following; Personal Finance, Honors Personal Finance, and Financial Algebra. LEAs may develop local policies allowing students to apply up to one credit earned in a personal finance course toward locally determined graduation credit requirements in social studies, family and consumer sciences, mathematics, and/or business. LEAs have flexibility when determining which educator(s) will teach the mandatory high school course in personal finance. The PDE has developed a curriculum framework for the personal financial literacy programs.

No, Pennsylvania does not require a specific course for graduation that includes these concepts for the Class of 2026. Sources: • 22 Pa. Code § 4.24. High school graduation requirements • Statewide High School Graduation Requirements

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Effective July 1, 2026, financial literacy education standards apply to grades K to eight. State career education and family and consumer sciences standards also include personal finance content and also apply to students in grades K to eight. How these topics are taught is left to local school district control, but the expectation is that these standards are taught to all students in the appropriate grade bands. The personal finance standards are organized by grade bands (K to two, three to five and six to eight). Sources: • 22 Pa. Code § 4.21. Elementary education: primary and intermediate levels • 22 Pa. Code § 4.22. Middle level education

Sources:

• PA Academic Standards

• SB 843

• Personal Finance PDE website

• Section 1551 of the Public School Code of 1949 (as amended by SB 843)

• Personal Finance Curriculum Framework

• Personal Finance PDE website

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Pennsylvania

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

• Academic Standards for Personal Finance

Sources:

• Personal Finance Toolkit

• 22 Pa. Code § 4.4. General policies

• Personal Finance Curriculum Framework

• 22 Pa. Code § 4.11. Purpose of public education

• 22 Pa. Code § 4. Appx. F (academic standards for personal finance, effective July 1, 2026)

• 22 Pa. Code § 4.12. Academic Standards

HIGH SCHOOL EDUCATION STANDARDS State regulations require that local school district instruction be aligned with academic standards approved by the State Board of Education (BOE) and that the following subject areas be provided to every student in high school: (i) social studies (including economics); (ii) family and consumer sciences; (iii) career education; and (iv) effective July 1, 2026, personal finance. Planned instruction by LEAs may be provided as a separate course or as an instructional unit within a course or other interdisciplinary instructional activity. Under Pennsylvania regulations, academic standards refer to what a student should know and be able to do at a specified grade level and describes the knowledge and skills that students will be expected to demonstrate before graduation. Local school curriculum is required to be designed to achieve the academic standards approved by the BOE. Prior to July 1, 2026, Pennsylvania did not have standalone standards for personal finance. Instead, personal finance concepts were found in multiple academic areas, including economics, family and consumer sciences and career education, all include some standards that contain personal finance topics. How these standards are implemented is left to the local control of each school district.

• 22 Pa. Code § 4.23. High school education • 22 Pa. Code § 4. Appx. C (academic standards for economics, expires July 1, 2026) • 22 Pa. Code § 4. Appx. D (academic standards for family and consumer sciences, expires July 1, 2026) • 22 Pa. Code § 4. Appx. E (academic standards for career education, expires July 1, 2026)

EXTRA CREDIT The PDE website has personal finance education resources available for K-12 educators. Sources: • Personal Finance Toolkit

CAVEAT It is not clear how Pennsylvania measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirements.

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Rhode Island

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS Is a high school course with personal finance concepts required to be taken as a graduation requirement? No, a specific course (or credit) has not been identified as a graduation requirement. State law does not require that all students equitably receive a half-year course, or its equivalent, in personal finance instruction prior to graduation for the Class of 2026. Rhode Island passed a law in 2021 that mandates that schools and districts ensure that every student demonstrates proficiency (via standalone course, assessment, or project) in financial literacy prior to graduating high school beginning with the graduating Class of 2024. Financial literacy is not listed as one of the twenty required graduation credits required by the state’s graduation regulations. Instead, financial literacy is defined as a graduation proficiency requirement. Financial literacy (required starting with the Class of 2024) is part of real-world proficiency graduation requirements along with Civics and Computer Science (required starting with the Class of 2028). State regulations indicate that local education agencies (LEAs) “are recommended to explore the use of flex credits” to meet these new requirements. The regulations define flex credits as “an academic credit that is designed to increase real world relevant learning for students by providing standards-aligned instruction that incorporates at minimum two subject areas into credit to connected student learning experience. Flex credits shall be used to promote student engagement and shall not compromise rigor and applicable academic standards.” State law and regulations and the Rhode Island Department of Education’s (RIDE) Financial Literacy Implementation Guide do not require student to receive a half-credit in financial literacy or its equivalent in order to graduate from high school. The guide’s frequently asked question section indicates:

“Student proficiency can be demonstrated by students successfully passing a standalone course that covers the state’s financial literacy standards, or by passing two or more courses that cover the standards. For example, if a school divides the standards amongst three courses, such as math, economics, and business, the student will need to pass each of the three courses in order to meet the proficiency requirement for graduation.” And: “Schools can offer a set of courses that collectively cover the [financial literacy] standards. RIDE recommends LEAs document in their course catalog which standalone courses students can take to satisfy the financial literacy proficiency requirement.” And with regard to student transcripts: “Some districts document financial literacy proficiency in the form of a credit or half-credit on students’ high school transcripts, and others include financial literacy proficiency on students’ supplemental transcripts. Documenting for credit may also appear as a Pass/Fail course in some cases.” Financial Literacy may be taught by educators holding secondary grade certificates in business, mathematics, social studies or other subject matter with evidence of completion of RIDE-vetted professional learning in financial literacy. Our prior report in 2023 noted that Rhode Island “could receive a Grade A [in the future] depending upon how new legal and regulatory requirements are implemented by local school districts.” Our review of this data concludes that the state’s implementation of this requirement does not meet the definition of a Grade A state. The most recent data available indicates that many students are not taking a standalone half-year course to meet this graduation requirement. According to NGPF’s 2026 State of Financial Education Report, in the 2025-2026 academic year only 64.4% of Rhode Island students attended a high school that required students take a standalone course in personal finance

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Rhode Island as a graduation requirement. The remaining 36.6% of students attended high schools where personal finance was embedded in other courses or offer a personal finance elective course. In fact, NGPF’s research notes that 11.1% of student go to high schools that do not even offer students the ability to take a half-year financial literacy course prior to graduation. Sources: • R.I. Gen. Laws § 16-22-13. Consumer education • 200-RICR-20-10-2 Rhode Island Diploma System Regulation • RIDE Financial Literacy Guidance for Implementation & Resources • Financial Literacy • RIDE Readiness-Based Graduation Requirements: Frequently Asked Questions • NGPF’s 2026 State of Financial Education Report

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Rhode Island’s Council on Elementary and Secondary Education (“Council”) has approved grades K to 12 national financial literacy standards. The law does not require that Pre-K to eight schools teach personal finance to students, but the law appears to encourage this result for middle school. The 2021 law requires RIDE to issue a report to the public by August 1st each year (beginning in 2024) that includes a list of the middle schools and elementary schools that have incorporated financial literacy into their curricula. This report for 2024 and 2025 is not publicly available.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

PROJECTED GRADE FOR CLASS OF 2031 No policy change is pending that would change Rhode Island’s grade.

HIGH SCHOOL EDUCATION STANDARDS The Council in 2021 adopted K to 12 National Personal Finance Education Standards in response to the 2021 law. The 2021 law required that by the start of the 20222023 school year, each public high school was required to ensure that it’s school offered a course that includes instruction in consumer education that is aligned with the statewide standards approved by the Council. These standards apply to the financial literacy graduation proficiency requirement. High schools are required to provide students information pursuant to state statute on how to complete and submit to the U.S. Department of Education a free application for federal student aid; and complete and submit to the Rhode Island Office of the Postsecondary Commissioner a free application for state student aid. Sources: • R.I. Gen. Laws § 16-22-13. Consumer education • RIDE Financial Literacy Guidance for Implementation & Resources • Financial Literacy • Rhode Island Financial Literacy Standards

Sources: • Financial Literacy • Rhode Island Financial Literacy Standards • R.I. Gen. Laws § 16-22-13. Consumer education

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Rhode Island

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT

CAVEAT

The 2021 law requires that the Council, in consultation with RIDE, compile and publish the following: a list of micro-credentialing programs that train educators on how to teach financial literacy as well as resources and instructional materials (including lesson plans, assessments, and activities) that align with the financial literacy standards adopted by the Council. This list of financial literacy resources is also required to be updated every five years beginning in 2026. These resources are provided to educators in RIDE’s Financial Literacy Implementation Guide.

Since the state allows many different pathways for delivering the financial literacy instruction in high schools, it is likely that the quality and quantity of instruction will vary greatly from school district to school district. Research indicates that a standalone course requirement is a more effective way of providing personal finance education to high school students than embedding this content in one or more courses. It is unclear how the Rhode Island will ensure that each local school district is, in fact, delivering a substantive level of financial literacy content to each student, particularly in local school districts that do not offer even offer a standalone personal finance course as an elective. A local school district could meet the proficiency requirement with many combinations of classes. It is not clear how Rhode Island measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement to ensure that all student have equitable access to this important content. The 2021 law requires RIDE to issue by August 1, 2024 and annually thereafter a report that shall include: “The number of high school students at each grade level who have completed a highschool level course of study in consumer education that is aligned with the standards developed and approved by the council”. The required 2024 and 2025 reports are not on RIDE’s website and our Center’s emails asking for these reports have never been responded to by RIDE. RIDE has not given any proof to the public via these required reports that students are receiving the equivalent of a one-semester course in personal finance. Our 2023 report indicated that this required annual report from RIDE would be “a critical tool used by our Center to determine the grade for Rhode Island” in future reports.

Sources: • R.I. Gen. Laws § 16-22-13. Consumer education • RIDE Financial Literacy Guidance for Implementation & Resources

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South Carolina

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2027

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2027. The graduation requirements beginning with the entering freshman class of 2023–2024 will include a standalone, half-year course in personal finance. The first class to graduate with this new requirement will be the Class of 2027. The appropriations bill passed by the South Carolina legislature in 2022 included language that instructed the DOE through the State Board of Education (BOE) “to promulgate regulations to update the current graduation requirements to include within the existing credits a required half credit in personal finance.” Full implementation of the standalone half-year personal finance course occurred in the 2023–2024 academic year. The DOE’s financial literacy webpage has recommended curricula and instructional resources that educators can use.

Yes, for the Class of 2026, South Carolina requires students to take a half-year course in economics that includes personal finance concepts. In 2003, a law was passed that required instruction in the area of personal finance for all students attending a high school. The law required the Department of Education (DOE) to assist the school districts in identifying suitable materials for instruction. State law and regulations also require that all high schools offer financial literacy as a part of the instructional program. Sources: • S.C. Code Ann. § 59-29-165 • S.C. Code Ann. Regs. 43-234 Defined Program Grades 9–12 and Graduation Requirements (2017 version applicable to the Class of 2026)

Sources:

HIGH SCHOOL EDUCATION STANDARDS

• S.C. Code Ann. Regs. 43-234 Defined Program Grades 9–12 and Graduation Requirements (2022 version applicable to classes entering 9th grade on or after 2023-2024 academic year)

The social studies standards required to be taught for a half-year economics and personal finance course include personal finance concepts. There are four themes and 16 indicators for this course. One theme and four of the indicators are personal finance topics. Based on this information, we estimate that students receive approximately 15 hours of instruction in personal finance.

• DOE Personal Finance Memorandum • High School Courses and Requirements

• Financial Literacy DOE Webpage

Sources: • Standards Social Studies • South Carolina Social Studies College- and CareerReady Standards (pages 128–133)

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South Carolina PRE-K TO GRADE EIGHT EDUCATION STANDARDS A law was passed in 2005 requiring the BOE to incorporate elements of financial literacy into the academic standards for grades K to 12. Grades K to two include some personal finance concepts in the economics theme of the social studies standards. Grades three to eight do not include personal finance content in the social studies standards. Sources: • South Carolina Social Studies College- and CareerReady Standards • S.C. Code Ann. § 59-29-430

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2027 GRADE

EXTRA CREDIT In a 2006 law, South Carolina created the following: (i) South Carolina Financial Literacy Initiative; (ii) South Carolina Financial Literacy Board of Trustees; and (iii) the Office of South Carolina Financial Literacy within the DOE. The DOE’s website provides online resources for teachers of economics and financial literacy. The DOE also has standards available for financial literacy standalone courses as part of the finance career cluster. The DOE’s financial literacy webpage has personal finance resources for educators to use. Sources: • S.C. Code Ann. § 59-29-460 to 570 • Financial Literacy DOE Webpage • Finance Cluster Course Standards

CAVEAT It is not clear how South Carolina measures high school student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirements in high school.

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South Dakota

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

• High School Graduation Requirements

No policy change is pending that would change South Dakota’s grade. South Dakota’s grade could be improved to a Grade B if the graduation regulation required each student to take a half-year course that included both economics and personal finance concepts, as is currently done in many other states. South Dakota’s grade could increase to a Grade C if every high school was required to offer a standalone personal finance course elective. According to NGPF’s 2026 State of Financial Education Report, 52.2% of students attend high schools that require a standalone course in financial literacy as a local graduation requirement and another 46.5% of students attend high schools that offer students a financial literacy elective course. Only 1.3% of students attend schools in the state that do not offer a personal finance elective.

• Graduation Requirements Handbook

Sources:

• ARSD 24:43:11:02 General requirements for high school graduation

• NGPF’s 2026 State of Financial Education Report

HIGH SCHOOL EDUCATION STANDARDS

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

No, South Dakota requires high school students to take a half-year course in either personal finance or economics, but it does not require students to take or require schools to offer a personal finance course. Courses may not be counted more than once to fulfill high school graduation requirements. For example, Economics cannot meet both the Social Studies elective credit requirement and the Personal Finance or Economics credit requirement. It can only meet one of the requirements. Sources:

South Dakota does have personal finance standards applicable to the high school personal finance course, if offered or required by a school district. The standards for the high school economics course do not include substantive personal finance concepts. If offered or required, the personal finance course may be taught by mathematics, social studies, business, and family and consumer sciences educators.

The social studies standards do not require that substantive personal finance concepts be taught to students in grades Pre-K to eight. Sources: • Social Study Standards

Sources: • South Dakota Content Standards • Personal Finance Standards • Economic Standards for high school in the Social Studies Standards (pages 114–121)

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South Dakota

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT A school district can require students to take an economics course as a graduation requirement and not offer a personal finance course at all. The economics course is not required to contain any substantive personal finance content. It is possible for South Dakota students to graduate from high school without any financial literacy instruction. It is not clear how South Dakota measures student knowledge in financial literacy and ensures that all students have equitable access to this content.

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Tennessee

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change Tennessee’s grade.

Yes, beginning with the high school graduating Class of 2013, Tennessee students have had to complete a half semester class (a half-year course) on personal financial education as a graduation requirement. Three years of JROTC may be substituted for a half-credit of Personal Finance if the JROTC instructor attends the Personal Finance training conducted by the Department of Education (DOE).

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

Sources: • Graduation Requirements • Tenn. Comp. R. & Regs. 0520-01-03-.06 Graduation Requirements

HIGH SCHOOL EDUCATION STANDARDS

Tennessee has a modest amount of personal finance concepts embedded in the economics strand of the social studies academic standards for grades K to two. There is no substantive personal finance content for grades three to eight in the social studies academic standards. Sources: • Social Studies • Tennessee Social Studies Standards (current version) • Tennessee Social Studies Standards (revised version for 2027-2028 academic year)

Personal Finance is a course designed to inform students how individual choices directly influence occupational goals and future earnings potential. Real world topics covered will include income, money management, spending and credit, as well as saving and investing. The state has identified a list of teacher endorsements that automatically allow educators with these endorsements to teach the high school course. Only educators without these endorsements are required to attend state-approved training in personal finance prior to teaching the course. Sources: • Personal Finance • Personal Finance Standards

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Tennessee EXTRA CREDIT The Tennessee Treasurer’s website includes free resources and training information for educators. The University of Tennessee offers a 14-hour asynchronous, on-demand course for educators on how to teach personal finance. The state has created the Tennessee Financial Literacy Commission, a tax-exempt, nonprofit corporation that operates primarily through donations from businesses and individuals dedicated to improving the financial culture in Tennessee. In April 2023, the governor signed into law a bill that requires local districts to offer information about financial literacy education provided to public elementary and middle school students during the school year to the Commission, upon its request.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT It is not clear how Tennessee measures student achievement in financial literacy.

Sources: • Treasurer’s Resources • PFTT • Financial Literacy Commission • Tenn. Code Ann. 49-6-1701 to 1709 (click on Title 49 Education, Chapter 6 Elementary and Secondary Education, Part 17 Financial Literacy Program Act of 2010)

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Texas

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2030

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2030. On June 20, 2025, the governor signed into law a bill that requires all students to take a standalone course in personal financial literacy as a public high school graduation requirement. The State Board of Education (SBE) is required by the law to issue a rule requiring new social studies curriculum requirements for high school graduation. These new requirements shall apply to students entering the ninth grade in the 2026-2027 academic year and thereafter. Beginning in the 2029-2030 academic year, students must successfully complete a half-credit standalone personal financial literacy course in order to graduate. Student still have the option to take an economics course as part of the social studies curriculum requirements, but are no longer mandated to do so. The Texas Education Agency is required to develop a list of free, open-source, and publicly available curricula that may be used by a school district to provide a personal financial literacy course that satisfies this new curriculum graduation requirement. When the SBE adopts rules to implement this requirement, the law states that this adopting rule must allow students to comply with the new onehalf credit in personal financial literacy graduation requirement by successfully completing an advanced placement course designated by the SBE as containing substantively similar and rigorous academic content.

Yes, Texas requires students to take three social studies credits as a graduation requirement. One-half credit (a half-year course) must be selected from the following two course options: Economics with Emphasis on the Free Enterprise System and Its Benefits or Personal Financial Literacy/Economics. Both courses include financial literacy content. Sources: • State Graduation Requirements • 19 Tex. Admin. Code §74.12

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Texas requires personal finance topics to be taught in mathematics for grades K to eight. Modest levels of personal finance concepts are also embedded in the economics strand of the social studies standards in grades K to four. Sources: • Texas Essential Knowledge and Skills • Standards Alignment Breakout Document (click on mathematics and social studies)

Sources: • HB 27

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Texas

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

HIGH SCHOOL EDUCATION STANDARDS Texas requires students to demonstrate proficiency in three credits of social studies that includes a halfcredit that must be selected from the following: (i) Economics with Emphasis on the Free Enterprise System and Its Benefits or (ii) Personal Financial Literacy and Economics. There are 20 economics and personal financial literacy essential knowledge and skills identified for the Economics with Emphasis on the Free Enterprise System and Its Benefits course; 15 are economic concepts and five are personal financial literacy concepts. Based on this information, we estimate that students taking this course receive approximately 15 hours of instruction in personal finance. There are 10 economic and personal financial literacy essential knowledge and skills identified in the Personal Financial Literacy and Economics course (PFLE), two with economics concepts and eight with personal financial literacy concepts. The PFLE course was added as an option in response to a law that was passed in 2021. The law required that high schools offer an additional economics course with 75% of the course content dedicated to personal financial literacy topics. This course is required to be offered starting with the 2022-2023 academic year. We estimate that students taking the PFLE course receive approximately 45 hours of instruction in personal finance. Starting with the 2016–2017 academic year, each high school must also offer students a Personal Financial Literacy course as a half-credit social studies elective course. Beginning with students enrolled in 12th grade during

the 2021–2022 academic year, each student must do one of the following in order to graduate: (i) complete and submit a Free Application for Federal Student Aid (FAFSA), (ii) complete and submit a Texas Application for State Financial Aid (TASFA), or (iii) submit a signed opt-out form (by the student if 18 years of age or older or if younger by the student’s guardian; the school counselor may also authorized the student to decline for good cause). School districts are required to report the financial aid application graduation requirement for each student to the Texas Education Agency. Sources: • 19 Tex. Admin. Code §74.12 • 19 Tex. Admin. Code §113.31 Economics with Emphasis on the Free Enterprise System and Its Benefits • 19 Tex. Admin Code §113.76 Personal Financial Literacy and Economics • Personal Financial Literacy and Economics High School Course FAQ • SB 1063 • 19 Tex. Admin. Code §113.49 Personal Financial Literacy (One-Half Credit) • Tex. Occ. Code Ann. § 28.0021 Personal Financial Literacy

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Texas

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2030 GRADE

EXTRA CREDIT

CAVEAT

The Texas Department of Education provides a list of approved resources for teachers of personal finance. Since 2012, Texas schools have also offered a Mathematical Models with Applications elective course, which includes personal finance concepts.

It is not clear how Texas measures student achievement in financial literacy. The SBE is required to select an AP course that can meet the requirements of the personal finance graduation requirement for the Class of 2030 through rulemaking. While an AP course that includes personal finance content has been made available, it is unclear if it would offer students the equivalent of a halfyear course dedicated to the topic.

Sources: • Financial Aid Requirement • Texas Resources for Educators • 19 Tex. Admin. Code §111.43 Mathematical Models with Applications

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Utah

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No policy change is pending that would change Utah’s grade.

Yes, since 2008, Utah requires all high school students to take a half-year General Financial Literacy course as a graduation requirement.

PRE-K TO GRADE EIGHT EDUCATION STANDARDS

Sources: • Utah Graduation Requirements • Current Courses Meeting the Criteria for Graduation Requirements 2025-2026 • Utah Admin. Code R277-700-6 High School Requirements • Utah Code § 53E-3-505 Financial and Economic Literacy Education • Utah Admin. Code R277-704 Financial and Economic Literacy: Integration into Core Curriculum

State law requires the State Board of Education to integrate financial and economic literacy education into instruction in grades K to eight. The law suggests that such concepts can be integrated into existing instructional areas of the core standards, such as mathematics and social studies. It is not clear how Utah measures student competency in financial literacy or ensures that all students are getting equitable access to personal finance instruction in grades K to eight. Sources: • Utah Code § 53E-3-505 Financial and Economic Literacy Education

HIGH SCHOOL EDUCATION STANDARDS Utah has very robust education standards that are applicable to the mandated course. The General Financial Literacy Course is designed to be taken by students in their junior or senior year of high school. Utah law requires students to take an online standardized end-of-course personal finance exam that is administered by the state. Student can pass a financial literacy assessment exam as an alternative to taking this course. Sources: • General Financial Literacy • Strands and Standards General Financial Literacy • Utah Code § 53E-4-204 Standards and graduation requirements

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Utah

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT The State Board of Education makes available on its website a list of financial literacy resources. The State Board of Education requires a teacher endorsement with multiple ways for an educator to prove that they have demonstrable expertise in the subject matter before they are allowed to teach the General Financial Literacy course. State law also created a Financial and Economic Literacy Task Force that can make recommendations on how to improve financial and economic literacy education in the public school system, and every three years, it meets to review and recommend adjustments to the standards and objectives of the General Financial Literacy course. In 2018, the State Auditor issued a report of the efficacy of the decade-old General Financial Literacy (GFL) education graduation requirement in Utah. The Auditor’s findings included: (i) students who take GFL courses appear to have greater financial knowledge and better financial behaviors, (ii) GFL assessment indicates students are increasingly proficient, and (iii) educators generally believe GFL is an important class that teaches students vital life skills. Resources: • General Financial Literacy • Utah Admin. Code R277-704 Financial and Economic Literacy: Integration into Core Curriculum • General Financial Literacy Educator Endorsement Form • State Auditor Report

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Vermont

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2031

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

No final policy change has occurred that would change Vermont’s grade. However, a law was passed in 2025 that could increase Vermont’s grade for the Class of 2031. Act 73 establishes a process for the development of statewide graduation requirements that will go into effect for the 2027-2028 school year. Statewide graduation requirements will be a departure from the existing practice of each individual school districts setting Proficiency-Based Graduation Requirements that qualify a student for earning a diploma. The graduating class of 2031 will be the first cohort that statewide graduation requirements will apply to. Act 73 required the following timeline: (i) by January 1, 2026, the Agency of Education (AOE) will recommend statewide graduation requirements to the State Board of Education (SBOE); (ii) by July 1, 2027, the SBOE will adopt statewide graduation requirements (by amending the EQS rules); and (iii) statewide graduation requirements will go into effect for the 2027-2028 school year. On December 17, 2025, the AOE recommended graduation requirements to the SBOE that included a required a minimum of 0.5 credit (a half-year course) of standalone financial literacy content. If this recommendation is approved by the SBOE and finalized in EQS rules, then Vermont would receive a Grade A for the Class of 2031.

No, taking a course with personal finance concepts is not a graduation requirement. High school graduation requirements are determined by each local school district for the Class of 2026. The Education Quality Standards (EQS) are state regulations. The EQS indicates that the requirements for graduation are met when a student demonstrates evidence of proficiency in the required curriculum content areas. Sources: • Proficiency-Based Graduation Requirements • Education Quality Standards • Education Quality Standards Rule (See: 2120.6 Curriculum Content Areas, 2120.7 Curriculum Coordination and 2120.8 Graduation Requirements)

PRE-K TO GRADE EIGHT EDUCATION STANDARDS Vermont’s financial literacy content standards apply to grades K to eight. How such education is delivered is determined by each local school district. It is expected that the method, quality, and quantity of this curriculum instruction varies greatly from school district to school district.

Sources: • Act 73 of 2025 (See: Education Policy Changes, Statewide Graduation Requirements) • AOE Statewide Graduation Requirement Recommendations

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Vermont

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

HIGH SCHOOL EDUCATION STANDARDS

EXTRA CREDIT

The EQS requires that districts deliver curriculum in global citizenship, which includes economics concepts (including personal economics). In January of 2018, SBOE adopted the Jump$tart National Standards in K–12 Personal Finance Education. The SBOE determined that financial literacy curriculum could be taught in a multidisciplinary manner as part of social studies, math, business, family and consumer sciences, as well as through flexible pathways and career and technical education. The AOE indicates that local school districts are expected to instruct and assess financial literacy concepts based on these standards, but how that is accomplished is locally determined. In high school, local districts may offer personal finance content either on a standalone basis or embedded into another course offering. NGPF’s 2026 State of Financial Education Report indicates that only 20.4% of Vermont students attend high schools where a standalone personal finance is a high school graduation requirement. NGPF’s report indicates that 42.8% of students attend high schools where personal finance topics are embedded in the curriculum and 36.8% of student attend high schools that offer a standalone personal finance course elective.

The AOE has a variety of financial literacy resources and tools on its website for educators. Sources: • Financial Literacy Tools and Resources

CAVEAT It is not clear how Vermont measures student achievement in financial literacy or how the state monitors local school district implementation of the multidisciplinary financial literacy education requirements to ensure equitable access to this content knowledge.

Sources: • Financial Literacy • Jump$tart National Standards in K–12 Personal Finance Education • NGPF’s 2026 State of Financial Education Report

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Virginia

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Nine of the 18 standards for the Economics and Personal Finance course are personal finance concepts. Based on this information, we estimate that students receive approximately 70 hours of instruction in personal finance in Virginia, which is the equivalent of a one-semester course. The Department of Education has indicated that the endorsement codes a teacher must hold on a license to teach the Finance course include Agriculture, Marketing, Business and IT, Family and Consumer Sciences, History and Social Studies and Mathematics.

Yes, effective with the entering ninth grade class of 2011– 2012 (Class of 2015), an Economics and Personal Finance course is a required course for high school graduation. There are a variety of options that exist to satisfy this requirement: (i) taking a full academicyear (36-week) Economics and Personal Finance course; (ii) taking the following two single-semester (18-week) courses: Finance course along with an Economics course; or (iii) taking other courses that are aligned with the Economics and Personal Finance Standards of Learning. This graduation requirement indicates that a standard unit of credit be awarded, which generally is the successful completion of 140 hours of instruction.

Sources: • Economics and Personal Finance (see the Standards of Learning document) • Endorsement Codes Required by Educators Teaching

Sources:

PROJECTED GRADE FOR CLASS OF 2031

• Va. Code Ann. § 22.1-200.03 Economics education and financial literacy required in middle and high school grades

No policy change is pending that would change Virginia’s grade.

• 8VAC20-132-51 Requirements for graduation • Graduation • Standard Diploma (download the Approved Courses document, pages 15—16) • Advanced Studies Diploma • Credits for Graduation

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Virginia PRE-K TO GRADE EIGHT EDUCATION STANDARDS Virginia’s Standards of Learning for History & Social Science include modest personal finance content that is taught in grades K to two and seven. On April 26, 2006, the State Board of Education adopted Economics Education and Financial Literacy: Objectives and Correlations to Mathematics and History and Social Science Standards of Learning and Career and Technical Education Competencies. This document indicates how personal finance topics can be incorporated into a variety of middle school courses. State law requires personal finance education, as part of economics, to be taught in middle school.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT The Virginia Department of Education’s website has a list of financial literacy resources and professional development opportunities for educators. Sources: • Economics and Personal Finance

CAVEAT It is not clear how Virginia measures student achievement in financial literacy

Sources: • 2023 Standards of Learning for History & Social Science • Economics Education and Financial Literacy: Objectives and Correlations to Mathematics and History and Social Science Standards of Learning and Career and Technical Education Competencies • Va. Code Ann. § 22.1-200.03 Economics education and financial literacy required in middle and high school grades

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Washington

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

In 2015, the state passed a law requiring that financial education, skills, and content knowledge be integrated into the state’s learning standards. In 2016, the state adopted financial education learning standards and guidelines. State law requires Washington school districts to provide all students in grades nine to 12 access to financial education, but it does not require that students take such education. Washington allows each school district to determine how it will offer personal finance instruction. NGPF’s 2026 State of Financial Education Report indicates that only 3.1% of students attend a high school that locally requires them to take a standalone personal finance course as a high school graduation requirement and that another two-thirds of public high school students attend schools that offer a personal finance course elective. About 5% high school students attend a school where there is no personal finance class offered to students and 26.1% of students attend a high school with personal finance content is embedded in some other course offering (e.g., an economics elective).

No, taking a course with personal finance concepts is not a graduation requirement. The Class of 2026 has a noncredit graduation requirement called the High School and Beyond Plan (HSBP). The HSBP is a personalized learning plan that begins in seventh grade and is updated throughout high school. The HSBP requires students to identify career goals (with a skills assessment) and education goals. The HSBP requires that local school districts have evidence that each student has received information on the FAFSA (Free Application for Federal Student Aid) and the state’s financial aid program that helps pay for postsecondary programs. The HSBP also requires that students be informed about the deadlines for applying for financial aid and postsecondary school admission. The HSBP covers some financial literacy topics. Sources: • Washington High School Graduation Requirements • Graduation Requirements for the Class of 2024 (and beyond) • High School and Beyond Plan • High School and Beyond Plan FAQ

PROJECTED GRADE FOR CLASS OF 2031

Sources: • RCW 28A.300.468 • Financial Education Learning Standards • Financial Education Standards FAQs • Financial Education • NGPF’s 2026 State of Financial Education Report

No policy change is pending that would change Washington’s grade.

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Washington PRE-K TO GRADE EIGHT EDUCATION STANDARDS Washington has approved financial education standards for grades K to eight. Teachers of K to five students may incorporate the financial education standards into their classes but are not required to. Teachers of grades six to 12 students may be required by local districts to incorporate the standards. If personal finance is part of the course curriculum, teachers must use the state approved standards. Sources: • Financial Education Learning Standards • Financial Education Standards FAQs

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

EXTRA CREDIT In 2009, state law created the Financial Education Public-Private Partnership (FEPPP). The committee brings together individuals from both the public and private sector in an effort to provide quality financial education for students in the public school system. The FEPPP helps educators find professional development opportunities, classroom resources, and curriculum. In 2022, a new law was passed that requires each school district, by March 1, 2023, to adopt one or more goals for expanding financial education instruction to students in their district. The law includes the following examples of goals that school districts may adopt: “(a) Increasing the number of financial education courses available to students in grades nine through 12; (b) Increasing the number of grades, schools, or both that provide students with instruction in, or access to instruction in, financial education; and (c) Expanding the amount financial education professional development training available to certificated staff.” This law gives Washington school districts the opportunity to qualify for grants, disbursed through FEPPP, to increase integration of financial education courses into their districts and for professional development trainings for educators. FEPPP developed a menu of model goals that school districts may consider when complying with this new law. Sources: • FEPPP Website • Professional Development Opportunities • Financial Education Resources • RWC 28A.300.467 • FEPPP Model Goals

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Washington

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT While Washington requires all school districts to provide access to personal finance instruction, many delivery mechanisms are allowed to meet this requirement. Districts may provide instruction through “a regularly scheduled class period, before or after school, during lunch periods, at library and study time, at home, via online learning opportunities, through career and technical education course equivalencies, or other opportunities.” Districts must provide access to this instruction but are not required to make students participate in the instruction. Any voluntary programming that requires a high school student to come to school early or stay late, adds additional homework (like an online program), or skip lunch or study time will likely result in far fewer students taking the instruction than if it is offered as a standalone elective. This report is treating the state requirement to provide access to personal finance instruction as similar to requiring a high school to offer a standalone personal finance elective to all students. For this reason, Washington earns a grade of C. However, unlike a semester-long elective course,

which requires 60 hours of instruction, the Washington requirement does not specify the number of instruction hours required to meet the access rule. The delivery mechanisms identified could be very short in duration and could greatly discourage attendance by being inconvenient for students. There is a large risk that some high schools and school districts will meet the access requirement in a manner that is so inconvenient that only a small percentage of students will take advantage of the personal finance instruction offering. It is not clear how Washington will measure student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education access requirement or measures what percent of high school students in the state participate in such offered education. Sources: • RCW 28A.300.468

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CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

West Virginia GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2028

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2028. In March 2023, West Virginia passed a law that requires, beginning with the class of students entering ninth grade in the 2024– 2025 academic year, that each high school student shall complete a half-credit course of study in personal finance during their 11th or 12th grade year as a requirement for high school graduation. In 2025 this law was amended to allow students to complete this required course in grades eight, nine, 10, 11 and 12. The Class of 2028 would be the first class to graduate with the new requirement. The Department of Education has issued guidance indicating that beginning with the 2024-2025 freshman cohort, graduation requirements increase to 23 credits, including one full credit in Personal Finance, (Course Code 1451). Business teachers (with specified endorsements), History teachers that obtained the Personal Finance Specialist Advanced Credential prior to the June 30, 2024 deadline, and certified teachers licensed to teach Grades five to 12 that have obtain the Personal Finance Specialist Advanced Credential may teach the course. This credential can be through one of two pathways: (i) completion of Finance University, a four-day, in-person training; or (ii) completion of the Personal Finance Specialist Advanced Credential via WVDE E-Learning.

Yes, West Virginia requires students to take one credit (a full year course) of civics, which includes personal finance content, or AP® Government and Politics. Students who take the AP® Government and Politics (or Dual-Credit Civics) must be provided instruction in the personal finance standards applicable to the civics course. In 2005, a law was passed requiring the State Board of Education to develop a high school program of instruction on personal finance. The law allows the program to be integrated into the curriculum of an existing course or courses. Sources: • WVBE Policy 2510 (see 12) • HB 2387

HIGH SCHOOL EDUCATION STANDARDS There are 45 civics, economics, personal finance, and geography standards in the civics course, 10 of which relate to personal finance. Based on this information, we estimate that students receive approximately 27 hours of instruction in personal finance (or 22% of a 120-hour full-year course).

Sources: • W. Va. Code §18-2-7c

Sources:

• WBVE Policy 2510 (page 13)

• College and Career Readiness Standards for Social Studies

• Policy 2510 Foundations for High-Quality Developmentally Appropriate High School Programming (page 21) • Instructional Resources Criteria (click on Personal Finance Criteria 2025 to see the course standards)

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West Virginia PRE-K TO GRADE EIGHT EDUCATION STANDARDS There are modest levels of personal finance content in the social studies standards for grades K to four. Career exploration is required to be taught continuously throughout grades six to eight. Career exploration may be integrated throughout the middle school experience or taught as separate courses in grades six, seven, and eight. Beginning July 2021, schools are required to implement a structured, comprehensive career exploration middle school experience. Schools can use a variety of methods (course integration, online exploratory, community professionals, career days, etc.) and multiple resources to expose students to career opportunities. The West Virginia Department of Education has career exploration modules aligned with the 16 career clusters which schools may choose to use teach career exploration topics. Students must document a personalized career portfolio that is transportable throughout their middle and high school career.

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

CAVEAT Since the personal finance course requirement applies to grades eight to 12, local districts could include personal finance concepts in middle school and/or the early years of high school. Personal finance concepts are most relevant near graduation from high school when students are thrust into situations in which they must manage their daily living expenses and are considering student debt. It would not be optimal for students to receive all of this training in grades eight to 10 since knowledge obtained will fade over time. It is not clear how West Virginia measures student achievement in financial literacy.

Sources: • W. Va. Code §18-9D-19a • College and Career Readiness Standard for Social Studies (see pages 5-27) • Policy 2510 Foundations for High-Quality Middle School Programming Best Practices (Grades 6–8) (pages 10-12)

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Wisconsin

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

GRADUATION REQUIREMENTS

PROJECTED GRADE FOR CLASS OF 2028

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Grade A for the Class of 2028. On December 6, 2023, the Governor signed a bill into law requiring that students graduating from high school in the Class of 2028 must take a half-year personal financial literacy course prior to graduating from high school. Wisconsin law prohibits school boards from issuing high school diplomas to students unless they complete certain minimum credit requirements in specified subject areas. The law passed in 2023 creates a new and additional requirement for students to complete at least 0.5 credit of personal financial literacy. The course must include financial mindset, education and employment, money management, saving and investing, credit and debt, and risk management and insurance. The requirement first applies to students graduating from high school in 2028. Teachers holding licenses to teach social studies, family and consumer sciences, or business and information technology are qualified to teach this course due to the connection between their standards and the personal financial literacy standards.

No, Wisconsin does not require any specific courses for graduation for the Class of 2026. Sources: • Wisconsin Graduation Requirements (please note that the Personal Financial Literacy course referenced on this website page applies to the Class of 2028 and all subsequent graduates)

HIGH SCHOOL EDUCATION STANDARDS In 2017, Wisconsin passed a law requiring each local school board to adopt academic standards for financial literacy and incorporate instruction in financial literacy into the curriculum in grades K to 12. Implementation of this requirement is left to local school districts with modest oversight by the state. The law does not specify a delivery mechanism for the required financial literacy instruction. Most, but not all, local schools in Wisconsin offer a standalone course in personal finance. NGPF’s 2026 State of Financial Education Report indicates that about 49.1% of student attend a high school where taking a standalone personal finance course is a local graduation requirement. Another 42.6% of students attend a high school that offers a standalone personal finance course as an elective.

Sources: • Act 60 • Wisconsin Graduation Requirements • PFL Graduation Requirement • Personal Financial Literacy (PFL) FAQ • PFL Standards • PFL Licensing

Sources: • WI Act 94 • Personal Financial Literacy • NGPF’s 2026 State of Financial Education Report • PFL Standards

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Wisconsin PRE-K TO GRADE EIGHT EDUCATION STANDARDS Wisconsin has education standards that apply to grades K to eight, and local school districts are required to incorporate personal finance instruction into the curriculum of these grades. Sources:

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2028 GRADE

CAVEAT It is not clear how Wisconsin measures student achievement in financial literacy or how the state will monitor local school district implementation of the personal financial literacy education requirements to ensure equitable access to this content knowledge to all high school students.

• PFL Standards

EXTRA CREDIT In 2010, a Governor’s Council on Financial Literacy & Capability was created. The Wisconsin Department of Public Instruction’s website includes a list of financial literacy resources for educators to use in their classrooms. Sources: • Wisconsin Governor’s Council • Personal Financial Literacy Resources

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Wyoming

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

GRADUATION REQUIREMENTS

HIGH SCHOOL EDUCATION STANDARDS

Is a high school course with personal finance concepts required to be taken as a graduation requirement?

Wyoming’s statutes and regulations require each school district to provide educational programs sufficient to meet uniform student content and performance standards at the level established by the State Board of Education in specified areas of knowledge and skills. These are broken down into “common core of knowledge” and “common core skills.” The skills include “personal financial management skills.” While Wyoming’s laws and regulations require personal finance training to be made available to students, there are very few substantive financial literacy education standards, resources, or tools found on the Department of Education’s (DOE) website. Economics must be taught as part of the social studies credits for graduation, but minimal personal finance concepts are included in those standards. Wyoming’s Career and Vocational Education Content and Performance Standards also include modest personal finance concepts.

No, Wyoming does not require any specific courses for graduation for the Class of 2026. Wyoming requires three years of instruction in social studies, including economic systems and institutions. Sources: • Wyoming Current Administrative Rules (scroll down to “Education, Dept. of” and click on drop down; click on “State Board of Education;” then click on “Chapter 3 Wyoming Graduation Standards and Requirements”)

PRE-K TO GRADE EIGHT EDUCATION STANDARDS There are very modest amounts of financial literacy concepts included in the state’s social studies, career and vocational education, and mathematics standards for grades K to eight. Source:

Sources: • W.S. § 21-9-101 • Content & Performance Standards (Grades 9-12)

PROJECTED GRADE FOR CLASS OF 2031

• Wyoming Current Administrative Rules (scroll down to “Education, Dept. of” and click “General Agency, Board of Commission Rules” then click on “Chapter 10 Wyoming Content and Performance Standards”)

No policy change is pending that would change Wyoming’s grade.

• Wyoming Social Studies Content and Performance Standards

• Content & Performance Standards (K-8)

• Wyoming’s Career and Vocational Education Content and Performance Standards

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Wyoming

CLASS OF 2026 GRADE

PROJECTED CLASS OF 2031 GRADE

CAVEAT Although personal financial management is required to be taught, the DOE does not have a financial literacy web page for administrators and educators with guidance, educational standards, resources, tools, and professional development training to help this successfully occur. It is not clear how Wyoming measures student achievement in financial literacy or how the state monitors local school district implementation of the financial literacy education requirement. It is very likely that the quality and quantity of personal finance education in the state varies greatly from school district to school district. According to NGPF’s 2026 State of Financial Education Report only 33.6% of high school students attend schools that require them to take a personal finance course as a local graduation requirement. Nearly 6% of high school student attend schools where personal finance does not appear to be taught at all. Source: • NGPF’s 2026 State of Financial Education Report

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Additional References and Resources Referred to in the Report The following list excludes sources cited in the State Fact Sheets and the citations in the standalone article included in this report because the report includes citations. The citations are listed by order of appearance under the section heading of the report. Certain sources are referred to multiple times, but are only included under the section of the report that the reference appears for the very first time.

ACKNOWLEDGMENTS NEFE (n.d.). NEFE Homepage. Retrieved August 14, 2026, from https://www.nefe.org/.

2026 REPORT CARD INTRODUCTION Pelletier, J. (2013). 2013 National Report Card on State Efforts to Improve Financial Literacy in High Schools™. Champlain College’s Center for Financial Literacy. Retrieved August 14, 2026, from https://www.nefe.org/initiatives/ national-report-card/past-reports.aspx. Pelletier, J. (2015). 2015 National Report Card on State Efforts to Improve Financial Literacy in High Schools™. Champlain College’s Center for Financial Literacy. Retrieved August 14, 2026, from https://www.nefe.org/initiatives/ national-report-card/past-reports.aspx. Pelletier, J. (2017). 2017 National Report Card on State Efforts to Improve Financial Literacy in High Schools™. Champlain College’s Center for Financial Literacy. Retrieved August 14, 2026, from https://www.nefe.org/initiatives/ national-report-card/past-reports.aspx. Pelletier, J. (2023). 2023 National Report Card on State Efforts to Improve Financial Literacy in High Schools™. Champlain College’s Center for Financial Literacy. Retrieved August 14, 2026, from https://www.nefe.org/initiatives/ national-report-card/past-reports.aspx. Pelletier, J. (2025). 2025 Interim Update to the National Report Card on State Efforts to Improve Financial Literacy in High Schools™. Champlain College’s Center for Financial Literacy. Retrieved August 14, 2026, from https://www.nefe. org/initiatives/national-report-card/past-reports.aspx. Federal Reserve Bank of Philadelphia (2023). Understanding the Effects of U.S. Home Price Shocks on Household Consumption and Output. Retrieved August 14, 2026, from https://www.philadelphiafed.org/the-economy/bankingand-financial-markets/understanding-the-effects-of-us-home-price-shocks-on-household-consumption-and-output. Lin, J., Bumcrot, C., Tippy, U., Mottola, G., Walsh, G., Ganem, R., Kieffer, C. & Lusardi, A. (2019). The State of U.S. Financial Capability: The 2018 National Financial Capability Study. FINRA Investor Education Foundation. Retrieved August 14, 2026, from: https://finrafoundation.org/sites/finrafoundation/files/NFCS-2018-Report-Natl-Findings.pdf.

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National Endowment for Financial Education (NEFE) (2025). NEFE Public Opinion Polls: Support for High School Personal Finance Course Requirement March 11-14. Retrieved August 14, 2026, from https://www.nefe.org/research/ polls/2025/Consumer-Poll-2025-Financial-Education-Requirements-Summary-of-Key-Findings.pdf. Hensley, B., Pelletier, J. (2015). Prepped for Success. Champlain College’s Center for Financial Literacy. Retrieved August 14, 2026, from https://www.nefe.org/initiatives/national-report-card/past-reports.aspx. The Financial Literacy Group, JumpStart Coalition for Personal Financial Literacy (2021). Game Changer, The Evaluation of the Jump$tart Financial Foundations for Educators Professional Development Program. JumpStart Coalition for Personal Financial Literacy. Retrieved August 14, 2026, from https://www.jumpstart.org/wp-content/ uploads/2023/04/Game-Changer-JSFFE-Impact-Study.pdf. JumpStart Coalition for Personal Financial Literacy & Council for Economic Education (2021). National Standards for Personal Financial Education. JumpStart Coalition for Personal Financial Literacy. Retrieved August 14, 2026, from https://www.jumpstart.org/wp-content/uploads/2023/04/2021_Natl_Standards_Downloadable_final.pdf. JumpStart Coalition for Personal Financial Literacy (n.d.). JumpStart Clearinghouse database of curated financial education resources. Retrieved August 14, 2026, from https://jumpstartclearinghouse.org/. Next Gen Personal Finance (NGPF) (n.d.). NGPF Homepage. Retrieved August 14, 2026, from https://www.ngpf.org/ Next Gen Personal Finance (NGPF) (2026). NGPF’s 2026 State of Financial Education Report. Retrieved August 14, 2026, from https://www.ngpf.org/annual-reports/. Next Gen Personal Finance (NGPF) (n.d.). NGPF’s Free Semester Course Curriculum. Retrieved August 14, 2026, from https://www.ngpf.org/courses/semester-course/. U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics (2024). 2024 Digest of Education Statistics. Table 219.70.Percentage of high school dropouts among persons 16 to 24 years old (status dropout rate), by sex and race/ethnicity: Selected years, 1960 through 2022. Retrieved August 14, 2026, from https://nces.ed.gov/programs/digest/d23/tables/dt23_219.70.asp. U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics (2023). 2023 Digest of Education Statistics. Table 219.70. Percentage of high school dropouts among persons 16 to 24 years old (status dropout rate), by sex and race/ethnicity: Selected years, 1960 through 2021. Retrieved August 14, 2026, from https://nces.ed.gov/programs/digest/d22/tables/dt22_219.70.asp. T. Rowe Price (2022). 14th Annual Parents, Kids & Money Survey. Retrieved August 14, 2026, from https://www. moneyconfidentkids.com/content/dam/mck/news-and-research/14th-Annual-Parents-Kids-Money-Report-Full-Results.pdf. Lin, J.T., Bumcrot, C., Valdes, O., Mottola, G., Ganem, R., Sarver, S., Kieffer, C., McLaughlin, R., Walsh, G., & Lusardi, A. (2025). Financial Capability in the United States: Results from the FINRA Foundation’s National Financial Capability Study (6th Edition). FINRA Investor Education Foundation. Retrieved August 14, 2026, from https://www. finrafoundation.org/national-financial-capability-study. The Institute for College Access and Success (2021). Student Debt and the Class of 2020, 16th Annual Report. Retrieved August 14, 2026, from https://ticas.org/our-work/student-debt/. U.S. Bureau of Labor Statistics (2023). TED Economics Daily. Retirement Plans for Workers in Private Industry and State and Local Government in 2022. Retrieved August 14, 2026, from https://www.bls.gov/opub/ted/2023/retirementplans-for-workers-in-private-industry-and-state-and-local-government-in-2022.htm.

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Yakoboski, P., Lusardi, A., & Sticha, A. (2025). Financial literacy and retirement fluency in America, Findings from the 2025 TIAA Institute-GFLEC Personal Finance Index. Retrieved August 14, 2026, from https://gflec.org/initiatives/ personal-finance-index/ Dito, J. (2026). FICO Blog. Opportunity: Meeting America’s Demand for Credit Knowledge, Why addressing widespread financial misconceptions isn’t just about education—it’s about building the foundation for sustainable lending growth. Retrieved August 14, 2026, from https://www.fico.com/blogs/informed-borrower-opportunity-meetingamerica-s-demand-credit-knowledge.

THE 2026 REPORT OVERVIEW U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics (2020). 2020 Digest of Education Statistics. Table 203.30. Public school enrollment in grades nine through 12, by region, state, and jurisdiction: Selected years, fall 1990 through fall 2029. Retrieved August 14, 2026, from https://nces.ed.gov/ programs/digest/d20/tables/dt20_203.30.asp. U.S. Department of Education. Institute of Education Sciences, National Center for Education Statistics (2023). 2023 Digest of Education Statistics. Table 203.30. Public school enrollment in grades nine through 12, by region, state, and jurisdiction: Selected years, fall 1990 through fall 2031. Retrieved August 14, 2026, from https://nces.ed.gov/ programs/digest/d23/tables/dt23_203.30.asp.

SIZE MATTERS Wikipedia (n.d.). Wikipedia List of U.S. states and territories by population. Retrieved August 14, 2026, from https:// en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_population.

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