According to the Yankee Institute, Connecticut’s current grade for financial literacy in high schools is an F.
In 2027, the grade for financial literacy is projected to be an A, following the mandatory implementation of a Personal Finance course at every high school in Connecticut.
“It’s something that has been needed for a really long time, and adults always tell me how they wish their school offered that when they were there,” personal finance teacher Emily Feltes said.
In this day and age, being able to buy something with just a tap on your phone can lead people, especially teens, to get carried away very easily.
“I bought something for sale the other day, and it’s those sales and little things like fun drinks and cute clothes that tempt me every day,” junior Madison Perry said. Temptation is one of the biggest problems for teens who just want to spend a quick buck.
“Instant gratification is something that is pretty prevalent with teenagers. And being able to control your impulses and maybe not get the Starbucks is key,” Ms. Feltes said.
Luckily, there are smart decisions teens can make to avoid this problem.
“Every week, put about $20 into your savings or have an automatic transfer that is not available for you to touch. If the balance isn’t there on your card, you’re less likely to use it and blow your paycheck,” personal finance teacher Narciss Greene said.
For students juggling school, jobs, and social lives, putting aside a few dollars from a paycheck or saying no to an extra coffee are baby steps to learning what financial independence really means. This knowledge and early saving serves as a foundation for college, where economic stakes are higher due to being independent. Even in high school, teens who have to pay for college themselves face obstacles and poor planning that makes it harder for them.
“I pay for everything that isn’t a need, but a want. I also have to pay for college myself, so I have to balance that with
saving for college. At the beginning of the school year, I had $4,000 saved, and now I only have $2,000 because I’ve spent so much,” Perry said.
Teens should learn solutions to these problems early so that they can have a steady plan and control of their future.
Starting in Utah, government realized that teaching personal finance was helping the economy of the entire state, which was in debt. The finance class requirement became a law in Connecticut in June 2023, and now it is required in 30 states.
The new course covers how to file taxes, budgeting, insurance, retirement planning, and investing. The course helps give every student a better shot at financial success, particularly those who are not fortunate enough to be given the opportunity or the resources to receive this kind of instruction at home.
Getting a head start can be tough for beginners, and teens may get easily overwhelmed by the complexity of how long-term saving can be. To combat these feelings, Feltes says teens should come up with a compromise with ourselves on what to budget and what to spend. Not only should students be smart with their financial decisions, but
they should also do what they think is right for them because it could significantly impact their future.
“Open a savings account separate from your checking account that is specifically for college spending money, and do your best not to access that money until you really need it. Try to systematically save it and forget it is even there,” said Wealth Advisor Mark White of Carpf White & Associates.
For students, saving money now shows self-sufficiency and sets them up for years to come.
“It could give you a head start once you have your first job. If you have some money already saved, you will not need to have to borrow from parents or use credit cards for things like a first apartment, car, potential student loan payments, or vacations,” Mr. White said.
You can’t excel financially without “knowing how much income you are taking in versus how much is going out,” Ms. Greene said. Savings also plays a role in adult life. For example, having an emergency fund is incredibly important.
Ms. Greene explains that adults should have $1,000 saved, and then from there, they should build it up.
“It takes away stress and gets you out of that survival mode, and with that paycheck to paycheck feeling, it just makes life so much more enjoyable,” Ms. Greene said.
“Once you have an emergency fund set up, you need to invest because your savings account isn’t actually doing anything for you because you’re losing value over time,” Ms. Greene said. Students need to understand how to invest and where to put their money.
By choosing to save now, students lead themselves to make choices on their own terms. Taking charge today means investing in a future where you’re prepared and in control.
