Vermonters endorse personal finance education: Poll finds overwhelming positive support; Civics education also important to residents

FUTURE
Contact: John Pelletier
(802) 860-2744 [email protected]

January 17, 2023, Burlington, VTMore than nine out of 10 Vermonters believe that personal finance education is an important topic that should be taught in high school. It arose from a statewide poll of 541 voters held this month Public policy voting for Center for Financial Literacy at Champlain College.

John Pelletier, director of the center, noted that polls show 93 percent of Vermont residents agree that special financial education should be offered in high schools. Pelletier also noted that 88 percent of Vermont adults believe there is an urgent need for financial literacy courses for all Vermont high school students. However, despite these views, today few high school students in Vermont have secured admission to high school for full-time courses in finance. especially before graduation.

Pelletier believes this survey data will help state education policymakers, legislators, state boards of education and education agencies make informed decisions about special education funding. in public schools in Vermont.

“Personal financial education changes behavior in a positive way,” Pelletier said. “Research it shows High school students with this knowledge improve how they manage their own money, and share that learning with their families, improving parenting knowledge, savings, and behavior. spend.”

He also noted that individual financial literacy means a healthier family balance, which builds a stronger economy. And such learning one show money-savvy employees are happier and stay at work longer.

Courtney Poquette, who teaches personal finance at Winooski High School, said she and her students believe it will be the most important high school subject in 2023. left.” His former student David Klinker, now a student at Champlain College, agrees and writes an idea in VT Digger describes how teaching changed his life.

Pelletier said there is a national movement to bring the course to more high schools, as 1 in 4 students nationwide currently receive safe education.

Personal finance is also an equity issue, Pelletier said. He points it out 2022 study from Next Gen Personal Finance, which shows that in states that do not guarantee access to personal financial education, those who arguably need this training are the least likely to receive it. In those states, which include Vermont, wealthier and less diverse high schools are about three times more likely to have access to this training than poorer middle schools and very different in our country.

On the positive side, he noted that last year, six states passed laws guaranteeing personal finance, bringing the total number of states with such guarantees to 17. in 2023, Vermont is one of them.

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In a state poll, 87 percent of respondents said financial education in high school is important and 12 percent said it is somewhat important. Ninety-three percent of respondents said that courses in budgeting, investing, taxes and accounting should be offered in high school, while 83 percent felt that education should be guaranteed for all students.

Informed that only 12 percent of Vermont high school students have secured personal finance education, 88 percent of survey respondents said it was a pressing issue. the law requires such instruction. Currently in Vermont, Black River, Lamoille, Milton, Missisquoi, Spaulding, Vergennes and Winooski are the only high schools that offer access to personal finance for high school students. BFA St. Albans is looking to join this list of safe high schools.

Champlain College is one of the few colleges that requires college students to take specific financial training as a prerequisite for graduation. The college InSight program teaches students basic financial skills including how to negotiate your salary (including benefits and evaluating compensation packages), create and follow a budget, set up debt, manage debt, invest your money, and more.

“Champlain equips students with the life skills necessary to meet academic and career success,” said Olivia Vittitow, InSight program manager. “Establishing four years of financial, specialized and health-focused workshops, seminars and one-on-one training as part of the baccalaureate requirements has enabled Champlain graduates to avoid loan problems for of students and enjoy financial stability after graduation.”

A bill requiring civics education was introduced in the last session of the Vermont legislature, so the poll also included questions about this issue. Ninety-six percent of respondents believe civics courses — covering the Constitution and matters related to American government — are important, and 92 percent say they should be taught. that’s it. Eighty-five percent of respondents believe that civics should be a safe course.

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Link to Vermont Poll: https://www.champlain.edu/centers-of-experience/center-for-financial-literacy/vt-poll-on-high-school-personal-finance

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About the Financial Information Center: Established in 2010, Champlain College’s Center for Financial Literacy (CFL) is dedicated to promoting and developing financial literacy among individuals, enabling them to make better decisions about expenses, debts, loans, investments and difficult financial situations like buying a house. and saving for retirement. The CFL is nationally recognized for its efforts to increase financial literacy among our citizens and has become a trusted and trusted source for national financial literacy information. -make money.

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About Champlain College: Founded in 1878, Champlain College is a private, not-for-profit university located in Burlington, Vermont, with additional campuses in Montreal, Canada, and Dublin, Ireland. Champlain offers a traditional college experience from a beautiful campus overlooking Lake Champlain and a broad portfolio of online degrees and degrees through Champlain College Online. . The College is known for its unique and innovative approach to career-focused education and its “flipped” curriculum, which helps students become: “Ready for Work. Ready for Life. Ready to Change.” Champlain is ranked in several categories by US News and World Report’s “Best Colleges,” including Best Value Schools, Best Colleges in the North, Best Colleges for Veterans, and Top Performers on Social Mobility. Champlain is listed in The Princeton Review’s “The Best 388 Colleges” in 2023 and recognized as a 2022. College of Distinction for “Involvement, Teaching, Community and Results”. For more information, visit www.champlain.edu.



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