Grading Method

The Center’s research includes detailed reviews of high school graduation requirements, state academic standards for personal finance education, and laws, regulations, and guidelines that relate to how each state delivers personal finance education in its public high schools. We also report on each state’s policy regarding the teaching of personal finance to students in grades Pre-K to 8.

• Class of 2023 Grade: This grade is given to a state for its current public policy on personal finance education in public high schools for the graduating Class of 2023.
• Projected Grade: This grade is given to a state for its new public policy that has not yet been fully implemented for a graduating high school class. This grade makes assumptions based on a reasonable reading of a law or regulation and written guidance from regulators. For states with no pending policy changes, their projected grade will be the same as their Class of 2023 grade. The projected grade is dated with the year when the new policy is scheduled to be fully implemented or is dated 2028 for states without any proposed policy changes. This is done because as of August 1, 2023, there were no pending policy changes in any state beyond 2028.

Quick Guide to the Grading System

A	The state requires personal finance instruction as a graduation requirement that is equal to a one-semester, half-year course (minimum of 60 hours of personal finance instruction in an academic year).
B	The state mandates personal finance education as part of a required course or as a clearly defined graduation mandate. In some of these states, local school districts determine whether the personal finance instruction requirement is met through a stand-alone course offering or is embedded in another course or courses.
C	The state has substantive personal finance topics in its academic standards that the local school districts are expected to teach. Implementation is left to local school districts with no material oversight by the state. There is no specific delivery mechanism identified for financial literacy instruction. A state may also receive a C grade if it requires a stand-alone personal finance elective course.
D	The state has modest levels of personal finance education in its academic standards that local school districts are expected to teach. Implementation is left to local school districts with no material oversight by the state. There is no specific delivery mechanism identified for financial literacy instruction. A state may also receive a D grade if it requires schools to offer an elective course that includes some personal finance education.
F	The state has virtually no requirements for personal finance education in high school. Students in these states are able to graduate without ever having the opportunity to take a course that includes financial literacy instruction.