Kalamazoo, Mich. A new graduation requirement for Michigan high school students is to start students learning how to manage money with financial literacy courses.
Section 380.1278a of the Revised School Code states that beginning in ninth grade in 2024, a 1/2 credit personal finance course is required to earn a high school diploma.
While many high schools already offer such courses as an elective, this requirement focuses curriculum content on topics such as budgeting and savings, financial investing, paying taxes, and using credit. Which is one of the most common financial mistakes that people make in the early stages. According to Western Michigan University professor Todd Mora.
“Nothing says adulthood like money management,” Mora said. “Unfortunately, in the United States, there are a lot of adults who don’t have that ability, which is a problem we need to work on.”
Mora serves as the program director for the Sanford Center for Financial Planning and Wellness, and also chairs WMU’s Dollars and Sense summer camp aimed at teaching students how to understand and apply basic personal finance concepts.
“The earlier you start, the more ability you have to incorporate or add to students’ knowledge of finance. If you start early, you can add to it every year and help students become better off after graduation.” “Local to the adults that are already there,” Mora said.
Mora also encourages parents of students in all grades to start learning about finances at home.
“Talk to your kids about finances, talk about ‘what is insurance, how do you manage a budget, what bills do you pay,'” Mora said. “Also, help kids avoid making some mistakes.” recognize what you committed in your youth.”
Channel 3 News asked Mora what year he recommends for students to meet their personal financial needs, and he said sophomore and junior year are the most effective years for students to put into practice what they’ve learned before graduation. Experience from high school.