Legislation could make financial literacy education permanent in DE high schools
DELAWARE – “We have 166 bankruptcies per 100,000 people which is one of the highest in the nation. We have the fourth highest need for financial education in the country,” said Rep. Hilovsky.
Delaware lawmakers are pushing to start financial literacy education earlier with the introduction of House Bill 203 also known as The Equity and Inclusion in Financial Literacy for All High School Students in Delaware Act. The bill would require all high school students complete one semester of coursework on the subject to graduate.
It’s a move local Financial Planner Jonell Malone says is crucial. “It gets them more immersed in to how the economy works so when they do get into the workforce, they’re not ill-advised,” said Malone.
75% of American teens lack confidence in their knowledge of personal finance, according to annunity.org.
Bill Sponsor Representative Jeff Hilovsky says the course would dive into topics like personal budgeting, investments, and the importance of a credit score. “This is practical stuff that’s going to get them started in life without maybe making a big financial mistake that would be an albatross around their neck that they can’t get rid of years later,” said Rep. Hilovsky.
Delaware State University Finance Professor Nandita Das says not having that knowledge prior to college isn’t a recipe for success for students. “They understand that money is important and financial aid is available, but what does that entail? That part is lacking,” said Professor Das.
Professor Das says that’s what leads many students into things like student loan debt and potentially facing harsh consequences of other financial decisions down the line. “Until it’s too late. It’s not until they get their first job and then they don’t understand how to budget or even how to pay their credit card bill,” said Professor Das.
“Every parent wants that. My kid, my daughter, my son has to be better off financially. You don’t have to leave them trust money for that.”
Professor Das also tells 47ABC a continuing course requirement for high school teachers in financial literacy is currently in the planning stages. DSU currently offers a Financial Planning and Wealth Management Degree program which allows students to take courses relevant for them to become a financial advisor.
Rep. Hilovsky says opposition to the bill focused on whether local school districts would have control over the curriculum, which he says they would. He says coursework would be tailored to that specific district and their needs.
If passed, the bill would go into effect with the start of the 2025-2026 academic school year.
The bill now sits in the house education committee where it awaits consideration.
