Mandating education

All three states made financial education mandatory after 2000 and previously had not required it in high schools.

According to Finra, credit scores were most improved among graduates from Idaho, Georgia and Texas who took financial education classes in the second and third years following mandate implementation, when coursework was better integrated into the academic curriculum.

As I’ve mentioned on this blog, my memories of non-mandatory preschool are limited to a swing set and “my dad can beat up your dad” disputes. That doesn’t mean that non-mandatory preschool wasn’t important, though, at least according to a study recently released by the National Education Policy Center (NEPC) and authored by Dr. “Such preschool participation is also associated with a wide range of more positive adult outcomes, including less drug use, less welfare dependency, higher graduation rates, higher college attendance, and higher employment.” But the brief doesn’t stop there.

It goes on to make policy recommendations based upon study results.

The higher the score, the less interest a borrower will have to pay on home, car and private student loans.

Credit scores for those individuals in Georgia jumped nearly 11 points, or 1.8 percent, compared to average credit scores prior to the mandate, while young adults from Idaho increased their credit scores by 16 points, or 2.6 percent.

In Idaho, for example, former students saw delinquency rates drop by 1.9 percentage points in young adulthood, relative to their peers in neighboring states where financial education is neither taught nor required, representing a decrease of 15.6 percent.The number of states that require high school students to complete a course in economics has dropped over the last two years, and mandates for personal finance education in the upper grades remain stagnant, a new survey shows.The biennial Survey of the States by the Council for Economic Education, released exclusively to CNBC.com, found 20 states currently mandate that high school students take economics — two fewer than in 2014.(Alaska, Connecticut, Kansas, Massachusetts, Oklahoma and Wisconsin are the holdouts.) Financial education varies widely by state.Some require that standards be implemented starting in primary school.

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