Norris Williford, a 22-year-old college student, not only works at the MBM Kicks shoe store in downtown Richmond, Virginia, he owns it. And it was a high school class this helped him gain the skills needed to open a business at such a young age.
“MS. Hayer was actually one of my biggest influences. She taught me a financial literacy class,” Williford said.
Charlotte Hayer teaches at Richmond Community High School, where a course covering topics such as investing, budgeting and saving is required for graduation.
“I shamelessly tell my students that this is the most important course they will take,” Hayer said.
While 85% of high school students nationwide say they want to learn more about financial topics, according to business software company Intuit, only 10 states require such a courseaccording to the Center for Financial Education at Champlain College. But by 2031, that number is expected to increase to 26 states.
“They’re entering this phase of life where not a day goes by without thinking about money: how to earn it, how to save it, how to spend it,” said John Pelletier, director of the center.
Students who take these courses learn much more than just how to budget their money at the mall. Studies show that requiring financial education improves credit scores, reduces loan delinquency rates, and reduces the likelihood of late credit card payments.
“If a young person understands how to maximize their credit score to get lower interest rates on their credit cards, auto loans and mortgages, it could literally save them over $100,000 in interest payments for life,” said Mr. Pelletier.
Mohagany Rogers, a 16-year-old junior, is currently taking Hayer’s class and has started her own business doing hair for other classmates.
“This class, she kind of teaches us how to get into the mindset that you don’t always have to buy something you want. It’s more about what you need,” Rogers said.
This is a valuable course that helps students earn dividends for years to come.
