SC Initiates Requirement for High School Personal Finance Class

The South Carolina General Assembly included a proviso in the FY2022-23 state budget that requires high school seniors to complete a personal finance course as a graduation requirement. In addition to passing the measure, they instructed the S.C. Department of Education to develop regulations for the course as a new graduation requirement by September 30, 2022. Although a few schools throughout the state already required personal finance courses, the majority of the Palmetto state’s schools did not. This new directive is a step up from the state’s economic and financial literacy social studies standards, and it will be the first time a full course for personal finance has been added to the state’s requirements.

According to The Post and Courier newspaper, South Carolina is the 15th state in the country to require a personal finance course. Lawmakers and advocates in South Carolina have long stressed the importance of learning financial responsibility at a young age due to the seriousness of bad financial habits and debt carry. “Good personal finance instruction should teach students about saving, investing, how credit and interest rates work, and about college loans. Students need to be able to evaluate the risk and reward associated with each of their financial decisions,” said Jim Morris, the S.C. Council on Economic Education’s Chief Executive Officer.

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