The article presents the author’s personal experience: when buying a prom dress, she almost opened a credit card just to get a 20% discount. But her mother stepped in and explained that impulsively opening accounts can damage your credit history. The incident shows how easily young people without financial literacy make expensive mistakes.
According to a 2023 survey by the SPARK Institute, only 37% of high school students were able to correctly answer at least three out of five simple questions about credit scores, loans, and interest rates. Only 11% of respondents said that school prepared them well or excellently for making financial decisions. Without this knowledge, graduates enter adulthood with a serious disadvantage.
The consequences last for years. The National Council on Financial Education calculated that, in 2021, Americans lost an average of nearly $1,400 due to a lack of financial literacy. And, according to the Federal Reserve Bank of New York (November 2025), young people aged 18–29 have more past-due credit card debt than any older age group. The author emphasizes that many graduates begin independent life already stuck in a debt trap.
That is why the article calls for financial literacy to be a mandatory requirement for receiving a high school diploma. State lawmakers in Washington submitted relevant bills starting in 2024, but after four attempts over three sessions, none passed both chambers. State Sen. Adrian Cortes, who represents the 18th legislative district (southwest Washington, including Vancouver), was the sponsor of this year’s bill. He explained that the initiative is getting lost amid larger political and budget problems. In addition to the financial literacy law, Cortes promoted efforts to expand access to technical and vocational education programs, as well as measures to support students from low-income families.
Although since 2015 every school in the state has been required to offer some form of financial literacy, the law does not specify the format—it could be a standalone course, a module within economics, or online lessons. Students may not receive it if the course is not required for graduation, if there is no room in the schedule, or if the school formally includes it in the curriculum but does not ensure every student actually completes it. The author admits that she herself did not study the topic, focusing instead on getting into college and other responsibilities. Online resources exist, but they are easy to overlook. As a result, students graduate without knowing how to manage their own money.
Other students from Henry M. Jackson High School confirm this gap. The school is in Mill Creek, a wealthy suburb north of Seattle in Snohomish County, where the median household income is significantly higher than the statewide average and the population is well educated. Still, junior Twisha Mishra says that the only “financial preparation” she has had is advice to fill out the FAFSA in the graduation year. District officials mention a college readiness seminar and separate topics in other classes, but Mishra notes that students often ignore these conversations because they don’t know what to ask. This example shows that even in well-funded schools, personal finance may not be among the priorities.
In more affluent areas, the situation is sometimes better, but not everywhere. For example, in Pierce County—socially and economically diverse—an обязательный semester-long financial literacy course was introduced in 2022 for graduates of 2026 and later. The initiative’s success is likely tied to the active stance of the local school board, pressure from parents, and support from local businesses. In other districts, disagreements over curriculum, teacher shortages, or competition with other required subjects may have arisen. Students in Pierce County learn about buying a first home, the real cost of homeownership, and in two schools they even manage a branch of a student credit union. Teacher Yesika Pak says: now financial education is no longer “something secondary” and has moved to the forefront.
The author concludes that schools do not need to wait for instructions from above. Financial literacy can be built into math or social studies lessons, and free online lesson plans can be used. The best option is a mandatory semester-long course that gives all students the same knowledge, regardless of their family’s income. “The longer we wait for lawmakers to make it mandatory, the more graduates leave unprepared,” the author summarizes.
Based on: Invest in students’ futures by mandating financial literacy