NGPF'S 2022 ANNUAL REPORT

The 2022 State of Financial Education Report was produced in April 2022 and shows national progress from the 2021 - 2022 school year. Any changes in national access to personal finance education since then can be found on the Got Finance page here. Please look forward to our next annual report coming in April 2023 for updates post-April 2022.

NGPF

NGPF’s 2022
State of Financial
Education Report

How guaranteed access to Personal Finance courses expanded to nearly 1 in 4 high school students in 2022

Today, 22.7% of high school students in the U.S. have guaranteed access to Personal Finance courses. This means that nearly 1 in 4 students are going to graduate in 2022 having received the education they need to be financially capable!

% of U.S. high school students who graduated having taken a standalone Personal Finance course

2018
16.4%
2019
16.9%
2020
18.3%
2021
20.6%
2022
22.7%
FUTURE**
39.7%

States guaranteeing standalone Personal Finance courses for all high schoolers

2018
5
States
2019
5
States
2020
6
States
2021
7
States
2022
8
States
FUTURE**
15
States

Gold Standard

Gold Standard
(GUARANTEED ACCESS)

22.7%

of U.S. high school students were guaranteed to take a standalone Personal Finance course of at least one semester* prior to graduation in 2022.

silver Standard

Silver Standard
(ELECTIVE OR CLUSTER ACCESS)

48.2%

of U.S. high school students had access to a standalone Personal Finance course of at least one semester* either as an elective or as one option to fulfill a graduation requirement (cluster) in 2022.

bronze Standard

Bronze Standard
(EMBEDDED ACCESS)

24.3%

of U.S. high school students had access to some instruction in Personal Finance as part of another course in 2022.

No Financial Education Offered

No Financial
Education Offered

4.8%

of U.S. high school students had no access to financial education in any of their courses in 2022.

* One semester = at least 60+ consecutive instructional hours

** 7 states (Florida, Ohio, Rhode Island, Nebraska, Georgia, Michigan, South Carolina) are currently implementing statewide guarantees that ensure all students in the state will take a semester long Personal Finance course prior to graduation

15 States

now guarantee, or have committed to guaranteeing all high school students will take a standalone Personal Finance course of at least one semester prior to graduation. Eight of the fifteen states have fully implemented their guarantees statewide while seven of the fourteen are currently in the beginning stages of working with schools and districts to execute their new guarantees.

8
Fully-implemented
guaranteed states

Alabama

Alabama

Mississipi

Mississippi

missouri

Missouri

iowa

Iowa

North Carolina

North Carolina

tennessee

Tennessee

utah

Utah

Virginia

Virginia

 

7
BEGINNING
IMPLEMENTATION STATES

florida

Florida

Nebraska

Nebraska

Rhode Island

Rhode Island

Ohio

Ohio

georgia

Georgia

Michigan

Michigan

South Carolina

South Carolina

Florida: A Momentous Shift in the Sunshine State

Momentum for financial education continued in state capitol buildings in 2022, with twenty-six legislatures introducing sixty different bills to expand access to Personal Finance instruction.

After unanimous votes in both chambers of the Florida legislature, the Dorothy Hukill Financial Literacy Act made Florida the largest state yet to guarantee a personal finance course for all high schoolers.

Interpreting the Dorothy Hukill Financial Literacy Act

The law is a fitting tribute to the late State Senator Dorothy Hukill, who had long championed this effort. In order to make room for the course in students’ schedules, the law reduced the number of required electives from 8 credits to 7.5 credits. The 2023-2024 school year’s entering ninth grade class will be the first to be guaranteed to take the course before graduation under the new law, giving districts several years until full-scale implementation.

An earlier Florida law required all districts to offer a personal finance course as an elective, but only about 5% of high schoolers took that elective. This year’s landmark legislation closes the gap so that no matter a student’s zip code, they’ll take a one-semester course in personal finance.

Yanely Espinal, Next Gen Personal Finance

The work ahead

Before full-scale implementation begins, school districts throughout Florida will:

  • Reorganize Await the Florida DOE’s implementation guidance regarding teacher certifications & standards
  • Assign Choose which grade levels (e.g. 9, 10, 11, 12, or a range) in which to place the course and adjust masterboard schedules for students and teachers
  • Ensure Ensure personal finance teachers have access to high quality Personal Finance curriculum and professional development opportunities
  • Share Share implementation best practices through local & national networks

Philanthropic partnership creates incentives for in-depth Professional Development

Next Gen Personal Finance has teamed up with the Stiles-Nicholson Foundation to invest $1 million in teacher professional development in Florida in advance of full-scale implementation. This grant funding will provide Florida Personal Finance teachers stipends for participating in NGPF professional development including Certification Courses, OnDemand modules and Virtual PD sessions, all of which will be aligned to the new course and already offered at no cost.

Outside the fully implemented guarantee states**

When looking at national numbers, nearly 1 in 4 students currently have guaranteed access to a Personal Finance course. However, when we remove the 8 states with fully implemented statewide guarantees, we find that fewer than 1 in 10 students in the remaining 42 states have guaranteed access. It is critical that educators, community advocates, and lawmakers prioritize Personal Finance courses to increase access nationwide.

US Map

Gold Standard
(GUARANTEED ACCESS)

9.3%

of high school students were guaranteed to take a standalone Personal Finance course of at least one semester* prior to graduation in 2022.

Silver Standard
(ELECTIVE OR CLUSTER ACCESS)

56.6%

of high school students had access to a standalone Personal Finance course of at least one semester* either as an elective or as one option to fulfill a graduation requirement (cluster) in 2022.

Bronze Standard
(EMBEDDED ACCESS)

28.5%

of high school students had access to some instruction in Personal Finance as part of another course in 2022.

NO FINANCIAL EDUCATION OFFERED

5.6%

of high school students had no access to financial education in any of their courses in 2022.

WHEN ALL 15 STATES ARE IMPLEMENTED

Currently, only 8 of the 15 guarantee states have fully implemented their legislation statewide. 7 are in the beginning stages. When all 15 are finished with implementation, here’s what guaranteed access to Personal Finance will look like nationwide.

As evidenced by the movement of seven states in 18 months, statewide guarantees have the power to dramatically affect student access. Soon, an additional 2.7M students in Florida, Nebraska, Ohio, Rhode Island, Georgia, Michigan, and South Carolina will gain guaranteed access to Personal Finance education thanks to legislation in those states.

 

Students

39.7%

of high school students will have access when 15 states are fully implemented.

* One semester = at least 60+ consecutive instructional hours

** Alabama, Missouri, Mississippi, Virginia, Tennessee, Utah, North Carolina, Iowa

Access to Personal Finance education is still divided by locale, race, and socioeconomic status

While 1 in 10 students outside Guarantee States will take a standalone Personal Finance course prior to graduation, this number dips significantly among students in schools with higher percentages of Black or Brown students or students eligible for federal Free and Reduced Lunch programs. This inequity is also evident amongst schools by locale. Students across the country are not getting equitable access to Personal Finance education.

HIGH SCHOOLS OUTSIDE OF GUARANTEE STATES*

BLACK & BROWN STUDENTS

Access of Black & Brown Students who were guaranteed to take a standalone Personal Finance course prior to graduation

Black & Brown Students

In schools with >75% Black and Brown student population

1 IN 20

students were guaranteed access

In schools with <25% Black and Brown student population

1 IN 7

students were guaranteed access

FREE AND REDUCED LUNCH

Access by Free and Reduced Price Lunch eligibility where students were guaranteed to take a standalone Personal Finance course prior to graduation

In schools with >75% Free and Reduced Lunch eligibility

1 IN 20

students were guaranteed access

In schools with <25% Free and Reduced Lunch eligibility

1 IN 8

students were guaranteed access

Free and reduced Lunch

 

ACCESS BY LOCALE TYPE


Access by locale type
1 IN 7

students in rural locales are guaranteed to take a standalone Personal Finance course.


1 IN 10

students in suburb + town locales are guaranteed to take a standalone Personal
Finance course.


1 IN 20

students in city locales are guaranteed to take a standalone Personal Finance course.

* Guarantee States: States that have fully implemented legislation guaranteeing a stand-alone Personal Finance course for all students (Alabama, Missouri, Mississippi, Virginia, Tennessee, Utah, North Caroline, Iowa)

U.S. Public High School Students with Gold Access and Gold + Silver Access

TRANSITIONING TO GUARANTEE STATE
GUARANTEE STATE

U.S. Public High School Students with Gold Access and Gold + Silver Access

State Gold Access Silver Access Bronze Access

Missouri*

100.00%
0.0%
0.0%

Utah*

99.64%
0.0%
0.36%

Tennessee*

99.66%
0.0%
0.0%

Virginia*

100.0%
0.0%
0.0%

Alabama*

99.65%
0.35%
0.0%

* Guarantee States

** Transitioning to Guarantee State

Note: State percentages may not add up to 100% because schools with no Personal Finance offerings are not reflected

Top 5: States with Top Growth from SY 2020-2021 to SY 2021-2022

  • 2020-2021
  • 2021-2022
State Growth % Change
Mississippi**
0.0% 100%
100%
North Carolina**
49.00% 89.15%
40.15%
Iowa
67.5% 91.34%
23.84%
Kansas
33.7% - 40.81% 40.81%
7.11%
Nevada
5.6% - 10.96% 10.96%
6.36%
State Growth % Change
Mississippi**
67.6% - 100.00% 100.00%
32.40%
Arizona
48.2% - 79.52% 79.52%
31.32%
North Carolina**
80.50% - 96.27% 96.27%
15.77%
Nebraska
81.9% - 97.03% 97.03%
15.13%
Iowa
82.4% - 93.81% 93.81%
11.41%
SHOW MORE

The Path to Mission: 2030

The surge in new statewide financial education guarantees - from 5 states in 2018 to 13 states in 2022 - will continue as expected in the coming school years. However, the nationwide community of educators who are expanding access to Personal Finance courses locally must also accelerate.

Mission: 2030 - By 2030, ALL students will take a one semester Personal Finance course before graduating from high school

the path to 2030

Ensure all students get a high quality financial education

With insights from bold educators who have helped guarantee Personal Finance courses for their students, Next Gen Personal Finance has built a 5-step roadmap for advocates.

Whether you’re starting from scratch, already have a Personal Finance elective in place, or are looking to expand your reach at the district or state level, NGPF’s How to Expand Access page has your back.

Methodology

  1. The data underlying this report is course catalogs from 11,927 public high schools serving 12,135,504 high school students nationwide. The most recent NCES data estimates that there are 15,100,000 public high school students in the U.S. today. Therefore, this data covers an estimated 80.4% of U.S. public high school students.
  2. Sources: 79.6% of school level data is from Dr. Carly Urban and her research team’s latest study (2022) at Montana State University. The remaining 20.4% of school level data is from:
    1. data collected as part of NGPF’s grant programs, prior research, and teacher surveys [14.5% of course catalogs collected],
    2. the previous year’s research (2020-2021 school year) from Dr. Carly Urban [5.1% of course catalogs], and
    3. teacher-reported, NGPF-vetted update requests on NGPF’s Got Finance? School Search Tool [0.8% of course catalogs collected].
  3. All school level data reflects the most recent data that NGPF currently houses for each school. While 80%+ of the report’s underlying data is from the most recent school year, some school data reflects the 2020-2021 school year or prior (where course catalogs were unavailable for the current school year).
  4. For the purpose of this report, all ‘Gold Standard School’ data includes both current Gold Standard Schools as well as FUTURE Gold Standard Schools. FUTURE Gold Standard Schools are high schools that have proven their intent to guarantee a standalone Personal Finance course for all their students by providing School Board Minutes and additional documentation for NGPF grant programs.
  5. A ‘Guarantee State’ is a state with a statewide, standalone, one semester (+) Personal Finance graduation requirement. Currently, NGPF recognizes 8 states (AL, IA, MS, MO, NC, TN, UT, VA) as ‘Guarantee States’ and 7 states (FL, NE, OH, RI, GA, MI, SC) as future ‘Guarantee States,’ as they have begun to transition schools to new graduation requirements.
  6. Year over Year Growth shows 2020-2021’s total number of students with guaranteed access to a standalone Personal Finance course vs 2021-2022’s total number of students with guaranteed access to a standalone Personal Finance course.
  7. Paths to Mission: 2025 and Mission: 2030 growth models assume:
    1. states with the largest percentage of students attending ‘Gold Standard Schools’ in the 2021-2022 school year will approve legislation guaranteeing Personal Finance courses soonest.
    2. increasing numbers of states will add personal finance course guarantees each year, and
    3. grassroots advocacy (schools and districts independent of state guarantees) will guarantee access for an additional:
      1. 100,000 students from 2022 to 2023,
      2. 200,000 students from 2023 to 2024,
      3. 300,000 students from 2024 to 2025, etc.