Enhancing Financial Knowledge Through High School Education: The Effect of Mandated Economics and Personal Finance Courses

Taufiq Hasan Quadria and Israt Jahan

Journal of Consumer Affairs, 2025, vol. 59, issue 3

Abstract: This study examines the impact of state‐mandated economics and personal finance education policies on individuals' financial knowledge, measured through subjective financial knowledge (SFK) and objective financial knowledge (OFK). Using data from the National Financial Capability Study (NFCS) and state‐level policy records, we apply regression analysis and matching techniques to evaluate the effects of these mandates. The findings reveal that economic education standards significantly enhance OFK, particularly when implemented as district requirements, while personal finance education shows smaller yet positive effects. The results show that younger individuals, who are directly exposed to personal finance courses, benefit more with improvements in SFK and OFK. Despite limitations related to data periodicity and potential biases, the results support increasing high school financial education requirements to help people make better financial decisions.

Date: 2025
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https://doi.org/10.1111/joca.70019

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