Financial literacy should continue beyond traditional school years according to several state governors.
New Jersey Gov. Phil Murphy told CNBC that it was a lifelong experience.
Steve Sisolak is the governor of Nevada.
He said that it is a skill that is necessary for your entire life.
It is up to individual states to set their own rules for personal finance education in schools. According to the Survey of the States from the Council for Economic Education, there are 23 states that mandate a personal finance course for students.
In New Jersey, personal finance education is taught in middle school and classes in financial, economic business and entrepreneurial business literacy are required to graduate.
Murphy said that financial literacy education should be included in the middle school curriculum.
Invest in You can teach your kids about money. Americans are forced to rethink their financial choices if prices continue to go up.
Nevada students are taught about personal finance topics in social studies class starting in grade 3 and going through high school. In Mississippi, a college and career readiness class that includes personal financial education is required for high school graduation.
The governor of Mississippi, a Republican, said that each state has to make their own decisions on what classes are appropriate for their young people.
It also means that states can change their guidelines as they please.
Sisolak said a mandatory class may be the next step. He said that it was important for the curriculum to be in schools because many students can't get financial education at home from their parents.
One of the reasons that personal finance curriculum is important in schools is because many students aren't taught about money at home or aren't talking about money enough.
New Jersey residents have access to more personal financial education outside of school. Murphy said during the CNBC event that the state has launched a financial wellbeing platform.
Murphy said financial literacy is important for Americans to secure their personal financial footing, to be better positioned to provide for their families and set themselves up for future success.
The platform was developed by Enrich and powered by iGrad. Personal finance courses include budgeting, saving, retirement, student loans, and real-time budget tools. All adult New Jersey residents are free to use it.
States have made sure that educators have the resources to keep up with the ever-changing financial environment and field questions about things such as meme stocks and cryptocurrencies.
Mississippi has a master teacher in personal finance.
The best way to get a quality education is to have a good teacher.
Each state has areas in which they could improve their personal finance education offerings for students, training for teachers and resources for adults. Each state will come up with their own solutions and offerings for their residents.
Many states are requiring personal finance education for their students. There are 54 personal finance education bills pending in 26 states.
The governors agreed that personal financial education is an important investment in the future success of residents, especially children.
Sisolak said that they have to get the kids in the shallow end of the pool before dropping them into the deep end.
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