By Cora Smith | Community News Service

A new bill would require Vermont public school students to take a personal finance course to graduate high school.

If the bill, H.228, passes, the mandate will go into effect July 1 and apply to all public high school students graduating during or after next school year.

The proposed legislation comes as Vermonters seem increasingly interested in making sure teens graduate high school knowing how to manage money.

More than nine out of 10 Vermonters believe personal finance education should be taught in high schools, according to a poll by Public Policy Polling and the Center for Financial Literacy at Champlain College released in January.

Close to 90% of Vermonters think guaranteed access to a personal finance class is necessary and that a law requiring such a course is an urgent issue, the poll also says.

Few schools require a finance course, despite the public support.

“Thirty-eight percent of the schools in Vermont offer an elective in personal financial literacy, but only about 11% make it a requirement or guarantee that each student can take the class,” said Rep. Stephanie Jerome, D-Brandon, one of the bill’s sponsors.

U-32 High School in Montpelier is one of the schools that requires students to take a personal finance class to graduate. It was one of the schools to do so in the state.

“This is a lot more than a math class,” said George Cook, who has taught a financial literacy class at U-32 for 12 years.

The class includes topics such as money management, financial planning, careers, credit and debit, risk management, insurance, saving and investing. Cook also notes the importance of teaching the psychological side of handling money.

“Money can be something that’s very psychological and affects people emotionally,” Cook said. “And it’s important to teach kids how to deal with that.”

Cook spoke passionately about his teaching. He considers himself a “money mentor” to his students.

“This is without hesitation as important as any other class in the building,” he said. “It’s actually a class that affects every single kid in the building. And it’s literally a skill for a lifetime.”

Courtney Poquette, a personal finance teacher at Winooski High School, gave testimony at the Statehouse on Feb. 8 in support of the bill.

Poquette began developing the curriculum for her personal finance class in 2007 and has been teaching the class for 16 years.

“On the first day of my class students often think they will be ‘rich’ if they make $40,000 a year, but quickly discover the expenses associated with the lifestyles they dream of, so it is a reality check and one that gets students to really question the decisions that they are making now and how that will impact their futures,” Poquette said then. “Many students have reported that they have changed their life directions as a result of the class.”

She added that there are free or low-cost resources available for teachers, including through the Center for Financial Literacy at Champlain College.

But some in education circles are hesitant to make it a requirement.

Jay Nichols, executive director of Vermont Principals Association, said he sees the importance of teaching personal finance but advocates for more choice in schools, rather than requirements.

He said research suggests it’s better for students when they have more choices in their education.

Nichols said students should have the option to count financial literacy as one of their math requirements.

For H.228, Nichols is worried about the bill’s scant details on qualifications for teachers, and he thinks it will be difficult to fit another required course into students’ schedules. He also said that any time a bill changing education policy is proposed, local school boards should have a say.

If the mandate goes into effect, the Vermont Agency of Education will provide guidance for how to implement the new curriculum changes, which could address the concerns Nichols mentioned.

Agency officials cautioned that implementing a new education requirement would take time.

“The difficulty in education is that requiring a course is one thing,” said Ted Fisher, director of communications and legislative affairs for the agency. “Making sure that the program is resourced enough and providing the professional learning and the supports to schools or to individual educators to actually provide good, high quality instruction is a very different thing.”

Fisher declined to comment on the specifics of the proposed legislation since the bill has not been passed.

H.228 is in the House Education Committee. Rep. Michael Marcotte, R-Coventry, the other lead sponsor of the bill, said it is possible the committee will hear that the timeline to implement the change is too quick.

“I think we need to really start at the high school level to make sure that students receive that education so that they make good decisions with their money when they graduate or even before they graduate,” Marcotte said.

Jerome said she has heard from fellow legislators and constituents about how much students need a personal finance class.

“I just feel like it’s really healthy to get people on the right footing for their future so they understand finances,” said Jerome. “I think people are understanding that in order for people to be successful in life, you need to understand money and understand savings and expenses.”

The Community News Service is part of the Reporting and Documentary Storytelling Program at the University of Vermont.