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Does state-mandated financial education reduce high school graduation rates?

Author

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  • Urban, Carly

Abstract

Concerned about low levels of financial literacy among teens and the importance of their looming financial decisions as emerging adults, state policymakers have expanded high school personal finance graduation requirements. Did these added requirements create an additional barrier for students? Comparing students in states with and without standalone personal finance course requirements before and after the requirements went into place, I provide evidence that these requirements did not reduce graduation rates overall, by race, by gender, or by family income. Existing research quantifies improvements in debt and credit behaviors, and these findings suggest there are not simultaneous adverse effects overall or for at-risk students.

Suggested Citation

  • Urban, Carly, 2023. "Does state-mandated financial education reduce high school graduation rates?," Economics of Education Review, Elsevier, vol. 95(C).
    • Handle: RePEc:eee:ecoedu:v:95:y:2023:i:c:s0272775723000742
    DOI: 10.1016/j.econedurev.2023.102427
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    Cited by:

    1. Collins, J. Michael & Urban, Carly, 2025. "The Devil Is in the Details: State-Mandated Personal Finance Education and Financial Well-Being," IZA Discussion Papers 18268, IZA Network @ LISER.
    2. Lusardi, Annamaria & Kaiser, Tim, 2024. "Financial literacy and financial education: An overview," CEPR Discussion Papers 19185, Centre for Economic Policy Research.

    More about this item

    Keywords

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    JEL classification:

    • G53 - Financial Economics - - Household Finance - - - Financial Literacy
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • I24 - Health, Education, and Welfare - - Education - - - Education and Inequality

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