Kansas ZIP code should not be destiny when it comes to financial education
Kansas ZIP codes 67056 and 67420 have it. But 67547 and 66106 don’t. Then there’s 66439, which is about to get it.
The state has more have nots than haves when it comes to guaranteeing personal finance education before a high school student crosses that graduation stage.
We shouldn’t let ZIP code be destiny when it comes to this critically important subject. Here is a map of the state showing the uneven access to financial education that currently exists.
Kansas can change the destiny of two-thirds of its youth by supporting a recent amendment to House Bill 2039, which would “require a personal financial literacy course for high school graduation.”
I’ve seen similar bills flounder and die, or pass in some watered-down fashion, far short of requiring a full semester course.
Some Kansas high schoolers learn personal finance largely because teachers, students, parents, board members, principals, superintendents or the local business community elevate their voices and say this must be a priority. It’s time for more Kansans to do the same.
It’s clearly something we want. Multiple surveys show 90 percent of parents, students and teachers believe personal finance should be an integral part of any high school curriculum that is committed to 21st century skills.
What could be more valuable than learning to manage your money?
Research that will be released later this month from Dr. Carly Urban at Montana State University finds that only one-third of students in Kansas attend a school where they are guaranteed to take a personal finance course. Who’s prepared to tell the other two-thirds of high school students and their parents why they are withholding this course from them? With growing concerns that this pandemic-induced recession is leaving too many behind, Kansans can act now to ensure all students will have the opportunity to thrive in their financial futures.
This is not only an economic issue, but also an equity issue. We know from our research to be released later this month that just 1 in 14 students in low-income districts nationwide will take this course in high school.
We also know that personal finance education works, based on outcomes such as these:
- Increases in applications for need-based aid for college
- Increases credit scores
- Better choices about lower interest rate credit products
- Lower credit delinquency rates
- Decreased likelihood of carrying a credit card balance
- Increases in savings and other assets
The good news is that Kansans are close to ensuring that ALL students have a guarantee that they will take a personal finance course. House Bill 2039 cleared the Senate last week by a 24-15 vote. I can’t pretend to know the ins/outs of how this bill gets from here to the governor’s desk but support from voters can only help.
I applaud Kansas legislators for reflecting the wishes of their constituents by proposing and passing this bill. This puts Kansas in line with nearby states Missouri, Iowa and Arkansas which have already made this commitment. In fact, 25 state legislatures introduced bills in the past three months to increase access to financial education.
If you think that managing your money is a skill that all students should leave high with, reach out to your school boards and elected officials. The next generation will thank you.