These teens learn about money

COEUR d'ALENE - Money-savvy teen.

In many circles, that phrase would be considered a contradiction, an oxymoron.

But not in the Coeur d'Alene School District, where high school students are outpacing their peers nationwide when it comes to financial literacy.

Lake City High and Coeur d'Alene High were each ranked this year among the top 10 high schools teaching personal finance in the United States.

Teaching financial literacy to young people is the goal of the organization that generated the rankings, Working in Support of Education, a New York City-based, national, educational nonprofit.

The organization's Financial Literacy Certification Program is offered in schools in 34 states, and about 85,000 students take the exam nationwide each year.

Lake City High School teacher Russ Blank's students had the fourth highest scores in the nation.

"It's the whole personal, financial gamut," Blank said of the subject matter covered on the Financial Literacy Certification standardized test. "It's everything from goal-setting, to budgeting, to homeownership, purchasing a vehicle, savings, investments, credit."

Coeur d'Alene High School placed 10th on the list this year, and third last year.

Blank and Jon Hastings, Blank's counterpart in teaching marketing, business and finance at Coeur d'Alene High School, were both flown to New York City earlier this month, to attend a ceremony recognizing this year's top schools. It was held at the New York Stock Exchange in Manhattan, and all expenses for the trip were paid by the Exchange.

Lake City High School 2013 graduate Ryann Carlson was also honored at the New York City ceremony. Carlson earned a perfect score last year on the Financial Literacy Certification test.

Hastings said the need to teach personal finance is becoming more obvious, and pointed to statistics published by the Working in Support of Education group. Young adults who are 19-25 are the fastest growing age group declaring bankruptcy.

He points out that at the other end of the spectrum, many baby boomers heading toward retirement aren't adequately prepared. The Investment Company Institute reports that the average balance in U.S. 401k retirement accounts is $60,000.

"We are a material society and credit is easy to get," Hastings said.

The Financial Literacy Program helps them teach students about the actual cost of credit, he said, along with basic budgeting.

Idaho is ahead of many states when it comes to teaching personal finance in high school. There are just 17 states that require financial literacy be taught, and the Gem State is one of them. It is also one of 22 states that require a high school course in economics be offered.

The Financial Literacy Certification exam is given to all seniors at the schools who are DECA students, and to professional-technical education students and others who take the personal finance course that goes with it.

"It's a good one to send the kids out the door with," Blank said.