As a senior at The Bronx High School of Science, I’ve spent the past four years immersed in rigorous academics. Yet, only now, in my final year, am I encountering formal education on money management. Our school offers an optional Financial and Actuarial Mathematics course, and financial literacy is briefly touched upon in our economics class. Even in that economics class, the focus is largely on macroeconomic theories and market structures, rather than the everyday financial decisions we’ll soon be making. Bronx Science is one of the better high schools in terms of teaching financial literacy, as this limited exposure is not unique to our school; it reflects a much broader issue in New York and across the United States: a significant lack of comprehensive financial education in high schools. Without structured instruction on budgeting, credit, taxes, and student loans, we are graduating into the real world underprepared.
The National Landscape: Progress and Persistent Gaps
Nationally, there has been progress in integrating financial literacy into high school curricula. As of 2023, 35 states require students to take a course in personal finance to graduate, up from 23 in 2022. This expansion means that over 10 million additional K–12 students—21% of current students—will gain guaranteed access to financial education. This wave of change is largely driven by bipartisan support and growing public awareness of financial mismanagement among young adults.
However, this still leaves a significant portion of students without mandatory financial education. Currently, only 26.3% of U.S. public high school students are guaranteed to take a personal finance course. That means nearly three out of four students could graduate without understanding how compound interest works or how to file taxes. Projections suggest this number will double to 53.3% by 2030, but until then, many students remain without essential financial knowledge—knowledge that could protect them from predatory lending, chronic debt, and poor financial planning.
New York’s Shortcomings in Financial Education
In New York, the situation is particularly concerning. The state received a “D” grade in financial literacy instruction, primarily because it does not provide substantial K-12 instruction. Financial education is minimally integrated through embedded standards in the required high school economics course, and there is no mandate for a standalone personal finance class. This leaves financial education up to the discretion of individual schools, creating disparities in access and quality.
This lack of comprehensive financial education has real-world consequences. New York residents carry an average of $8,964 in credit card debt, ranking fourth highest in the country. Additionally, the average student loan balance in the state is $37,678, higher than the national average. Many of these loans are taken out without a clear understanding of interest rates or repayment plans. Financial missteps early in life can spiral into long-term consequences, such as damaged credit scores and chronic financial instability.
At Bronx Science, students are often juggling Advance Placement classes, competitive extracurriculars, and college applications. Yet even in one of the most academically advanced public schools in the country, few leave with a strong understanding of how to budget a monthly income, open a Roth IRA, or compare insurance plans. That should concern all of us.
The Impact of Financial Literacy Education
Research consistently shows that financial literacy education leads to improved financial behaviors. Students who receive financial education are more likely to save, budget effectively, and avoid high levels of debt. A 2023 study found that when teens receive financial literacy lessons in school, they manage their money more effectively well into adulthood. Even just one semester of personal finance can dramatically change a student’s outlook on money.
Furthermore, a personal finance course can result in an average per-student lifetime benefit of approximately $100,000, through reduced debt and better financial decision-making. That is a substantial return on investment for a subject that could be taught using already-available curricular materials and teacher training modules. In fact, programs such as Next Gen Personal Finance (NGPF) offer free, teacher-friendly curricula for high school educators. With financial education, students are also more likely to invest in retirement earlier, avoid payday loans, and build emergency savings—skills that have ripple effects across their entire lives.
Student Demand for Financial Education
Students recognize the importance of financial literacy. A survey by Intuit found that 85% of U.S. high school students are interested in learning about financial topics in school, and 95% of those who currently receive financial curriculum find it helpful. These aren’t just passive statistics. At Bronx Science, many of my peers have expressed anxiety about student loans, credit cards, and taxes. We crave practical, real-world knowledge that connects our education to life beyond high school.
“I’ve learned more about budgeting, credit scores, and retirement accounts in this one semester than I have in all my years of school,” said Nika Pekarsky ’25, a senior enrolled in Financial and Actuarial Mathematics. “It’s eye-opening—and honestly kind of frustrating—that something this essential isn’t taught more broadly. Everyone’s going to need at least some of this knowledge, not just the students who choose this elective.”
Despite this interest, access to financial education remains limited and inequitable. High schools with greater than 75% of students being Black or Hispanic are half as likely to guarantee a personal finance course as schools with fewer than 25% of such students. In schools where over 75% of the student population is eligible for Free & Reduced-Price Lunch, just 4.6% of high school students are guaranteed to take a personal finance course. This gap threatens to perpetuate cycles of generational poverty and economic disenfranchisement.
It’s also worth noting that many students without access to financial literacy are the ones who most urgently need it. Students whose families are already navigating financial hardship often don’t have the safety net to recover from a mistake. Giving these students tools for economic mobility should be a priority, not an afterthought.
A Call to Action for New York Schools
Given the clear benefits of financial literacy education and the expressed interest from students, it is imperative that New York takes action. It has been proposed that the state might consider mandating a standalone personal finance course for high school graduation, ensuring that all students, regardless of background, have access to essential financial knowledge.
At Bronx Science, we pride ourselves on preparing students for college and beyond. Yet for all our academic rigor, we are graduating students who may not know how to read a paycheck, understand APR, or avoid overdraft fees. This is not a criticism of our school alone, but a reflection of the system-wide blind spot. Schools can’t continue to rely on parents or outside experiences to fill this gap—especially when so many families are financially struggling themselves.
There is a growing coalition of parents, educators, and students calling for change. Organizations such as the Financial Literacy Youth Summit and the Jump$tart Coalition are advocating for broader mandates and equitable access. New York has the resources to do better. What it needs is the political will.
Financial literacy is not a luxury; it is a necessity. As students, we deserve an education that prepares us for all aspects of adult life, including managing our finances. The consequences of inaction are already visible—in credit card debt, in student loan default, in young adults feeling overwhelmed by their own bank accounts.
New York has the opportunity to lead by example and prioritize financial education in its schools. Let’s not wait until students are already in debt to teach them what they should have learned at 17. We deserve a curriculum that values not just academic achievement, but life readiness. Let’s seize this opportunity to invest in our future—before the cost of ignorance gets any higher.
Financial literacy is not a luxury; it is a necessity. As students, we deserve an education that prepares us for all aspects of adult life, including managing our finances.