(WHTM) -- Many say that schools are essential in showing students skills that will help them in life, however one skill seems to be falling through the cracks.
Money management is a skill that isn't taught in many schools. However, now there is a new push to change that.
"No one should launch, from their home, from their schools, without a fundamental knowledge of how to navigate a very complicated financial system."
Dr. Billy Hensley is the President and CEO of the National Endowment for Financial Education.
The goal of the non-profit organization is to make financial literacy a bigger priority in schools.
"The data is clear on this, if you take a class in personal finance, you borrow better for college, your credit scores are higher, your debt is lower, and you graduate with less debt as college student for example," explained Hensley. "The word is out and people want this. It is an essential life component."
According to a recent survey, 88% of adults agree that a personal finance class should be taught in high school. In fact, 80% of adults say they wish they would've taken a class themselves.
"We live in a risky financial landscape now, there are lots of people trying to get every dollar you have," stated Hensley. This makes it all the more important to learn about financial literacy.
Hensley also mentioned that teaching younger generations how to manage credit and debt is crucial, as our financial lives are more difficult than ever.
"We can get access to anyone, at any time, and try to convince them to buy our product or invest in our materials. We want students to be armed with the right information," explained Hensley.
Hensley also explained that cumulative financial education is the most effective, meaning that individuals should start learning about financial literacy at an early age, and then continue their learning throughout life.
Parents, teachers, and principals are also urged to get involved. Hensley mentioned that children who grow up in an environment where they aren't learning about finances are vulnerable to predators in the financial world.
"As a society we are living paycheck to paycheck and we need to help equip our students to navigate this system. I think we have great momentum right now," said Hensley.
Currently, 15 states require high school students to take at least one financial course to graduate. Pennsylvania is not one of those states.
State Senator Chris Gebhard of Lebanon has introduced legislation to make that a requirement in the state. It passed in the Senate back in Oct. 2022, however it still needs approval from the house.
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