WA State House Rep. Skyler Rude (16th District GOP) introduced a financial literacy bill in the legislature in January. HB (House Bill) 1915 would make it a graduation requirement, beginning with the Class of 2031. The class could be imbedded as part of another course or could be taught as a stand-alone.
A new study shows extensive financial gain for students
Teaching students skills such as managing a bank account, balancing skills, how to fill out loans and other applications, and many other methods of managing their money will benefit them greatly down the road, according to a new study.
Tyton Partners, a strategy consulting and investment banking firm that focuses on education matters, teamed up with Next Gen Personal Finance to conduct the study. Next Gen is the leading non-profit financial education entity in the US.
Their study showed nationally, students who take at least one semester of financial literacy can result that student seeing a lifetime benefit of up to $100K, in WA state that figure was $110K. This results from having better money management skills, learning how not to ‘waste’ resources, and avoiding bad expenditures and investments and more.
Financial literacy can help a high school graduate have better control of debt management, often leading to better credit scores and a more well-rounded financial retirement. The latest news on Rude’s bill is that it was referred to the House Rules Committee for review.
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