Jeff Clabaugh | jclabaugh@wtop.com

April 14, 2025, 11:18 AM

Financial literacy courses are now required in 27 states, and studies have shown the benefits.

A report by the Financial Industry Regulatory Authority’s Investor Education Foundation said students who have taken personal finance courses in high school have better average credit scores and lower debt delinquency rates in early adulthood.

But the courses may still be missing the mark.

A recent survey by Junior Achievement of students who’ve completed financial literacy courses found many still struggled to correctly answer basic questions, like understanding what a credit score is, or what is considered a high-interest rate loan.

Many financial literacy curriculums developed for teens also focus only on the basics of personal finance, not necessarily real-world experiences.

“We need to go beyond just basic concepts and start to address practical applications,” said Monica Goldson, president and CEO of Junior Achievement of Greater Washington. “For example, integrating lessons on emotional spending, and talking about long-term financial planning and the psychological impact of having debt.”

Junior Achievement provides a personal finance curriculum for middle school students in Montgomery and Prince George’s Counties in Maryland and Fairfax County, Virginia, called JA Finance Park, which focuses on real-world, role-playing personal finances.

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