Personal finance in Michigan high schools: Financial literacy classes are now a new requirement for Michigan high school graduates, giving students a head start in money management. According to Section 380.1278a of the Revised School Code, starting with students entering 9th grade in 2024, a 1/2 credit personal finance course will be required for graduation.
While many high schools already offer such courses as electives, this new requirement will focus on essential topics like financial investing, paying taxes, budgeting, saving, and using credit. Todd Mora, a professor at Western Michigan University, points out that using credit improperly is a common financial mistake among young people.
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“Nothing says adulthood like managing money,” Mora said. “Unfortunately, in the U.S., there are a fair number of adults who don’t have that capability, which is a problem we need to work on.”
In addition to leading WMU’s Dollars and Sense summer camp, where she teaches students the fundamentals of personal finance, Mora is the program manager for the Sanford Center for Financial Planning and Wellness.
“The earlier you start, the greater the ability to compound or add on to the knowledge of students in the area of finance. If you start early, you can add to that every year and help students after they graduate so they are in a better place than adults that are out there currently,” Mora said.
She advises parents of students in all grades to begin teaching their children about financial at home as it can be very helpful for them in the future.
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“Talk to your kids about finance, talk about ‘what is insurance, how do you manage a budget, what bills do you pay,'” Mora said. “Additionally, help kids recognize some of the mistakes you made when you were young.”
In response to News Channel 3, Mora suggested that the best times for students to complete their personal finance requirement are during their sophomore and junior years. This timing allows them to apply their new knowledge practically before graduating from high school.
