Personal Financial Literacy Economics and Personal Finance in North Carolina In July 2019 House Bill 924 was passed mandating a course in Economics and Personal Finance (EPF) be developed. The legislation mandates the course be a graduation requirement for all students graduating from a North Carolina public high school and charges the North Carolina State Board of Education to require the course be a full-credit. A passing grade in the course shall be required for graduation from high school in North Carolina. What is financial literacy? Financial Literacy is “the ability to use knowledge and skills to manage one's financial resources effectively for lifetime financial security.” - National Standard for K-12 Personal Finance Education published by Jump$tart What does it mean to be financially literate? Financially literate people use their knowledge and understanding of economics, money, credit, saving, investing, budgeting, etc. to make informed decisions about their personal finances. From everyday spending to long-term financial planning, effective management of money, credit, savings, and investments requires individuals to use their financial knowledge to plan for and further personal goals. In today's automated global society financial literacy expands beyond balancing a checkbook and budget sheet. Financial literacy requires individuals not only be competent and fluent in personal finance but to also have a competent knowledge and understanding of national and global economics as well. Why teach financial literacy in schools? Economic literacy and personal financial literacy allow individuals to possess skills which help them make responsible economic choices and smart money decisions. When the general public thinks about the teaching of economics and personal finance in our schools, most think in terms of teaching this in America's high schools. The most common argument is that most high school students are making financial choices now. The understanding of economics and personal finance are not just knowledge and skills that should be learned and applied by students in high schools. Economics and personal financial decisions are made daily by students K-12, and thus should be taught in classrooms at the elementary, middle, and high school levels. Similar to mathematics, economics and personal finance have fundamental concepts and knowledge that build don't start in high school. These concepts are critical to the everyday life of students and the formal education of such concepts must begin in kindergarten and scaffold and build as students journey through their entire K-12 experiences. Economic and financial education is a lifelong undertaking. Curated Resources You Can Trust Find helpful Personal Finance Instructional Resources on the NCDPI K-12 Social Studies Google Site.