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California Mandates Personal Finance Education in High Schools

California Mandates Personal Finance Education in High Schools

California has just made personal finance a mandatory course for high school graduation. This means that 64% of U.S. high school students will now take a semester-long class on managing money.

Previously, only 1% of California students had this requirement. Now, every student in the state will learn about budgeting, credit, and financial planning.

Research indicates that students who take these courses experience a $127,000 benefit over their lifetime. The skills they acquire help them make smarter financial decisions and avoid common pitfalls.

This change is significant. It means more young people will be prepared for the financial challenges of adulthood. It's a step towards a more financially literate future.

Explanation of Terms:

  • Financial Literacy: The ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
  • Compounding: The process of generating earnings on an asset's reinvested earnings. For example, if you earn interest on a savings account, that interest is added to your total, and future interest is calculated on this larger amount.

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