Do You Think Financial Literacy Should Be Mandatory In School? We Asked, You Answered

Twitter has spoken — and everyone is in agreement. Financial literacy should be a mandatory part of education.

The responses Benzinga received after posing the question, “Do you think teaching financial literacy should be mandatory in schools?” were overwhelmingly positive. Let’s talk about it.

In our Twitter survey, a resounding chorus of voices called for the integration of financial literacy into our education system. Many followers pointed out that financial literacy can bring about social and economic good, comparing it to essential skills like driving. They argue that it’s essential for young people to understand the fiscal realities that govern so much of life.

While the need for financial literacy seems apparent to our Twitter audience, are schools catching up? The short answer is — they’re trying.

Some 18 states currently guarantee personal finance education before graduation, according to CNBC. While that's just 36% of the U.S., it marks an improvement from just a year ago, as the number of high schoolers guaranteed to take a personal finance course has almost doubled from 22.7%.

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It's worth noting that the curriculum varies widely from state to state. As per the National Council for Economic Education, the subjects covered can range from earning income and spending to managing credit and risk. Though, there’s a consensus that decision-making should be at the heart of all personal finance education.

What are the implications of instilling financial literacy at a young age? For starters, according to the Financial Industry Regulatory Authority (FINRA), a higher financial literacy tends to correlate with better financial habits like spending less than one's income and maintaining an emergency fund.

States that have implemented financial literacy requirements have seen encouraging outcomes, according to CNBC, including an increase in credit scores and a decrease in delinquency rates.

Our audience’s call for mandatory financial literacy in schools aligns with increasing recognition of the importance of this skill. While there’s much progress to be made, it’s encouraging to see more states making this a mandatory part of the curriculum.

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