OPINION: Lawmakers must require finance classes in schools

This editorial was published in the Yakima Herald-Republic.

For some time now, both sides of the aisle in the Washington Legislature have been intent on guaranteeing that public school students learn some personal finance basics.

So far, though, legislation drawn up to do just that hasn’t made it to the governor’s desk for a signature. Last-minute quibbling over whether some measure of financial literacy should be a graduation requirement left House Bill 1915 hanging last session.

Now, with another session coming up in January, lawmakers are getting ready to take another run at it.

We hope they get it done this time. So does newly re-elected state Treasurer Mike Pellicciotti.

“I’ve yet to meet a single person, any Washingtonian in the state, who believes that they know everything they need to know about financial education,” he recently told the Longview Daily News. “What has become clear to me is that we need to ensure at least a foundational baseline that everyone who’s leaving school has.”

Unsettling statistics bear him out. For example, according to a 2021 study by the FINRA Investor Education Foundation, 47% of adults haven’t set aside money for surprise expenses.

Oregon lawmakers made successful completion of basic financial courses a high school graduation requirement in 2023, and several Washington schools have already started incorporating the basic principles of Oregon’s rules. Current Washington law requires school districts to offer, but not require, financial classes.

That should change — especially considering the challenges facing the American economy in the coming years.

Personal financial crises can hit with little or no warning. A lost job, a costly home or vehicle repair bill or a catastrophic medical event can damage credit ratings, wipe out fragile finances or obliterate dreams.

Whether they’re consumers, employees or entrepreneurs, it’s critical that community members comprehend the basics of banking and budgeting. It’s understandable that teenagers living at home might not see the relevance of finance classes, but that doesn’t make the lessons any less important.

Obviously, school districts will need adequate time and support to accommodate any changes to curriculum or diploma requirements — state officials must keep that in mind. And it should be considered at the front end of next session’s discussions, not brought up at the last second, as it was in the 2024 session.

The bottom line: We urge Washington’s lawmakers to make personal finance courses a must for students as soon as possible.

It’s a change that will pay off for all of us.

TNS