Instruction in economics and personal finance is essential for individuals to function effectively as consumers, savers, investors, entrepreneurs, and active citizens. It helps them understand how economies and markets work and how the U. S. economy is interconnected with the global economy.
On a personal level, they learn that their own human capital (knowledge and skills) is their most valuable resource and that investing in education and training improves their chances of economic success in the future. The learning standards in economics and personal finance also help students develop thinking skills that include analyzing real-world situations, economic reasoning, decision-making, and problem solving. Sterling, Virginia offers several programs and resources to help individuals learn about personal finance and budgeting. The Virginia Department of Education has included personal finance education in the high school curriculum so that students can learn financial education skills and have equitable access to personal finance skills. Starting with students graduating in the 2028-29 school year, a one-semester course on personal finance will be added to graduation requirements, even for students enrolled in a charter school.
The Committee on Education, Arts and Culture has also investigated whether the Secretary of Education has included topics oriented to financial planning and management in the public school curriculum. These topics include debt management, savings, credit management and importance, buying a home, preventing fraud and planning for retirement. School districts can apply for education-related financial education for professional development scholarships. The total amount of funding received by a school district cannot exceed the amount specified per student enrolled in the school district. The Tennessee Financial Education Commission has organized a webinar on financial education for students in grades six to eight that is appropriate for their age and grade.
This webinar educates students on budgeting, savings, spending, credit, debt, insurance, investment, and other topics related to personal financial responsibility. Public school students in any of grades six to eight must participate in this webinar. The Empire State Development Corporation has established a nonprofit development office to help nonprofit organizations with business development, capacity building, technical support and education, including financial education. All public and private schools must provide financial education to eleventh graders. This educational program must cover certain topics such as budgeting, savings, spending, credit, debt, insurance, investment, and other concepts related to personal financial responsibility. The labor compensation rate for inmates in state correctional companies must be no lower than the state minimum wage.
Certain classes for inmates must also be included in the mandatory job training program administered by the State Department of Labor. Participating institutions must grant an annual stipend to a student-athlete who participates in an interuniversity sport and maintains a good academic position during the previous year. Starting with the cohort of students who are expected to graduate from a public school or charter school in a specific year, an individual must successfully complete a personal financial responsibility course before they can graduate. The State Board of Education will develop implementation guidelines and deadlines to help schools implement this course and determine what can be counted as a graduation requirement for this course. The department may require that an eligible veteran participate in or complete activities related to financial education as a condition of acceptance into the program. The Virginia Department of Education also requires that all public school students entering ninth grade in the 2027-2028 school year complete a separate one-semester course or equivalent on personal finance as a requirement for graduating from high school.