In a significant shift in Indiana’s high school graduation requirements, personal finance education is replacing economics as a mandatory course. This change is designed to equip students with practical financial skills that will help them navigate their adult lives, according to current personal finance teacher Scott Seavers.
“What will the personal finance class provide to students? An opportunity to learn about credit, budgeting, saving, investing, insurance, buying a car, buying a house, student loans, [and more],” Seavers said.
Current business teacher Laura Daily explains how these topics will be applicable immediately out of high school.
“What we’re really teaching is how to make smart decisions with money, whether it’s about choosing a credit card, buying a car, or figuring out a budget,” Daily said. “These are decisions they will face right out of high school, and this class will give them the tools to approach those decisions responsibly.”
The two courses differ in several key ways, with personal finance focussing more on individuals, according to Seavers.
“This is Personal Finance, so it is about what an individual or family needs to do to be financially successful,” Seavers said. “Economics is a broad category of economic concepts in a macro sense. Everyone needs to know how to manage money, save, avoid the debt trap, and invest. It doesn’t matter what profession they choose, but we all have to learn to be good stewards of our money to help ourselves and our family.”
Daily agrees with Seavers’s view on the importance of financial education.
“Personal finance education can help students manage their money and avoid financial stress,” Daily said. “It teaches budgeting, saving, retirement planning, and managing credit, which are all critical skills for their future.”
Daily believes that the shift allows for a more hands-on approach to financial education.
“While economics teaches broad concepts, personal finance focuses on real-world applications that students can use right away,” Daily said. “Personal finance education will help students understand the consequences of their spending and decision-making.”
Despite the many benefits of financial literacy, both Seavers and Daily agree that the teaching of economics should not be entirely dismissed.
“I think everyone needs to learn personal finance so it is a positive,” Seavers said. “However, I like economics as well. I wish they could take both.”
Seavers further emphasizes how this class will benefit students as they enter adulthood.
“All students will have to face these financial decisions in their future,” Seavers said. “The more education they can have in this area, the better. They will be better prepared to make better decisions, whether it’s choosing a loan option, deciding where to invest, or planning for retirement.”
He believes the course will teach students to make informed financial choices that can have long-lasting positive effects on their lives. Seavers’s ultimate goal is for his students to learn how to manage money in a way that sets them up for long-term financial independence.
“I want students to make good decisions early in their lives so they can ultimately become financially independent earlier and provide the best life for themselves and their family,” Seavers said. “I also hope they can discuss and plan with their spouse before they get married to avoid money fights.”
Daily is equally optimistic about the course’s potential, stating that financial literacy can have far-reaching benefits.
“Students will leave this class knowing how to prioritize their spending, how to save for the future, and how to make smart investments,” Daily said. “I hope that by the end of this course, they will understand the importance of making intentional, long-term financial decisions.”
