Opinion: It’s Time to Go Back to School — for Financial Literacy

Students are returning to classrooms this month, making it an ideal time for families to focus on teaching financial literacy at home. In today’s fast-changing economy, financial literacy should be treated as an essential part of education, not an afterthought.

Whether it’s managing a checking account, saving for the future, investing, or creating and sticking to a budget, studies show the need for financial literacy remains long overdue for Pennsylvanians — and for individuals across the nation.

America is already paying the price for financial illiteracy, a reality that shows why financial education for children is more important than ever. A 2023 survey of 1,200 adults by the National Financial Educators Council found that a lack of personal finance knowledge cost respondents an average of $1,015. When projected across the United States, that lack of knowledge translates to as much as $243 billion lost in a single year (according to the Financial Educators Council).

Pennsylvania lawmakers have taken notice. Legislation signed by Gov. Josh Shapiro requires that, beginning with the 2026-27 school year, all students must complete a financial literacy class in order to graduate from high school. Act 35 of 2023 will put this requirement in place to better prepare students with personal finance knowledge before moving on to college. The curriculum is being developed by the Pennsylvania Department of Education in conjunction with financial literacy organizations.

But parents don’t need to wait until the 2026-27 school year to begin teaching their children the fundamentals of personal finance. Financial literacy is most effective when it is taught over time, and many resources already exist to support that learning.

While Pennsylvania schools prepare for mandatory financial literacy courses, the North Allegheny School District has taught a required course since 2016. In the district, fourth- through sixth-graders also participate in Junior Achievement BizTown, which combines classroom lessons with a field trip where students run a simulated town. There, they operate banks, restaurants and other businesses while practicing money management skills such as writing business checks to cover company expenses.

Plenty of online education is available as well. At abcya.com, kindergarten students learn to count money by playing bingo, and as they progress through grade school, they strengthen their skills in games that match their age and ability. At bizkids.com, children take on the role of a community banker and help customers manage their money. Programs such as Banzai also provide online financial literacy courses that students can use to build real-world money skills.

The NFL helped to create financialfootball.com, an interactive game that allows players to move the football forward as they make sound financial decisions. Older students can compete at stockmarketgame.org to see who can build the most successful financial portfolio.

Our commonwealth’s banking industry also plays a role in promoting financial education. The American Bankers Association (ABA), along with local community banks, support programs such as Get Smart About Credit, where bankers volunteer to teach students the importance of using credit wisely. Lights, Camera, Save! is a video contest that encourages teenagers to teach their peers how to save and use money responsibly. Local banks also offer programs to help students understand the value of money and how to create a responsible budget, including tracking expenses. They provide resources on opening savings and investment accounts, planning for retirement, and learning the basics of the stock market.

Pennsylvania families do not need to wait until financial literacy is required in their schools. The time to start teaching your children is now. When they grow up, they will thank you for giving them the tools to build a better future.

Rory Ritrievi

President and CEO of Mid Penn Bank