A new study by the University of Tennessee’s Department of Family and Consumer Sciences suggests that Tennessee’s high school financial education requirement should be expanded to a full credit, promising to better equip students with critical financial skills.
A new study conducted by the University of Tennessee’s Department of Family and Consumer Sciences (FCS) is calling for significant changes to Tennessee’s high school financial education curriculum. This study suggests that the current half-semester credit be expanded to a full-year credit to give students the time needed to master essential financial skills.
Implemented 15 years ago, Tennessee mandates that public high school students complete a half-semester course in personal financial education before graduating. While teachers across the state recognize the value of financial education, as one educator noted, “I don’t give homework. I give life work,” the recent study points out room for improvement.
Expanding the Curriculum
The researchers, including Ann Berry, assistant head and professor at FCS, and Christopher Sneed, associate professor at FCS, emphasize that extending the course to a full credit will better prepare students for real-world financial challenges.
““From Mountain City to Memphis in high school classrooms across our state, personal finance educators are making a difference covering these critical personal finance topics. They help prepare students for life in the real world,” Berry said in a news release.
Backed by Significant Partners
Supported by grants from the National Endowment for Financial Education (NEFE) and the FINRA Investor Education Foundation, this study sheds light on both the successes and potential enhancements of Tennessee’s financial education program.
Joshua Caraballo, managing director of research at NEFE, highlighted the importance of the project, noting its alignment with NEFE’s research priorities focused on actionable educational improvements.
Actionable Recommendations
In addition to the proposed course extension, the study outlines several recommendations:
- Involve Teachers: Including teachers in revising and updating curriculum standards for financial education.
- Curated Resources: Creating and maintaining lists of vetted personal finance lesson plans and websites.
- Resource Sharing: Encouraging teachers to share successful curriculum materials and resources.
The Best Timing for the Course
The report also suggests that the ideal time for students to complete the finance course would be during their junior year.
“By this point, students are more likely to have some exposure to the workplace and experience with financial decision-making,” added Sneed.
National Implications
Gerri Walsh, president of the FINRA Foundation, underscores the broader significance of the study.
“The UT FCS study identifies pathways for making financial education even more effective. It leverages the collective wisdom of hundreds of teachers who work every day to ensure their students graduate well-prepared to make careful financial decisions in a complex world. The lessons from this study are important not just for Tennessee, but for every state,” she added.
The full report, “Listening to Learn: Assessing the Needs of Personal Finance High School Teachers,” is available here.