SAN DIEGO — An initiative aimed at enhancing the financial literacy of high school students in California could be on the November 2024 ballot. The proposed course would encompass a wide range of topics that are crucial life skills.
A 2023 report card from the Center for Financial Literacy at Champlain College gave California an ‘F’ in financial literacy. Supporters of the measure say current education standards are not doing enough to prepare students for the future and believe the measure empowers young people with the tools they need to achieve financial independence.
“This is a class that no student leaves saying ‘how am I going to use this in real life’," said Tim Ranzetta, co-founder of Next Gen Personal Finance, a personal finance education nonprofit.
A growing initiative to add financial literacy to the list of high school graduation requirements is gaining momentum across the state.
“Is really, trying to close the gap, level the playing field so that all young people have an opportunity to learn this essential skill," said Ranzetta.
The one-semester course would teach students how to pay for college, how to manage credit scores, online banking, student loans, taxes, budgeting, and other topics.
“In terms of the topics, it’s got to be relevant. We have to give students information that they’re not only going to absorb, but they’re going to be able to apply almost immediately," added Ranzetta.
Ranzetta is a chief backer of the initiative and says the initiative has the support of educators and parents across the state.
“Students love being active learners and this is that kind of opportunity. A course like this would incorporate classroom discussions, game playing, simulations," he said. “If we are not teaching this course, young people will get the information in other ways, and guess what the prevalent way they’re going to get the information – is social media, it’s TikTok, it’s Reddit, it’s YouTube. And without the ability to know what is good advice from bad - we’re leaving them open."
Tara Razi is a teacher at San Marcos High School who teaches a personal finance course as an elective and says the class has proven to be successful.
“California is arguably one of the most expensive states to live in, especially Southern California where we’re located. And I think so many people don’t realize that a lot of the financial decisions that they’re making really impact their futures and their lives. The students are really gaining a lot of it. I have not had anyone come back to me and say ‘oh I wish I didn’t take that class,'" said Razi.
Some San Diegans say the course could be beneficial for students.
“It’s clearly an important life skill and I think that’s what we should be teaching our youngster," said parent, Liz Peters.
Currently, the initiative has over 900,000 signatures in support of it and once the signatures get verified by California’s Secretary of State, the Personal Finance Act can be added to the November ballot, for voters to decide on.
If the measure makes it to the November ballot and is approved by voters, the course would be added to the list of high school graduation requirements beginning with the class of 2030, giving districts across the state time to figure out how to fit the class in with the rest of required courses.
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