Money matters: Kootenai schools bolster financial education

The Coeur d'Alene School District is seeking public comment through Sunday on a proposed High School Graduation Requirements Policy that would incorporate financial literacy into its economics curriculum.

"This procedure change just cleans up our procedures to reflect what we are already doing and demonstrates our compliance with state requirements," said Stefany Bales, executive director of community relations for the district. "The amended procedure was presented to the board at their regular July meeting."

House Bill 92 was signed into law by Gov. Brad Little on March 21, 2023, and went into effect July 1, 2023. The law established provisions for requiring courses in financial literacy for high school students.

Instruction under this law requires students to be educated about bank accounts, the influence of money on human behavior, investment options, net worth, credit and credit ratings, financing college educations, income and tax systems, insurance and budgeting. They must complete financial literacy courses in order to graduate.

"I saw the news that Idaho had passed mandated financial education for students, and I was really excited about that," said Jon Maroni, a financial engagement manager with Numerica Credit Union. "I am so stoked this is happening in classrooms."

Numerica is one of several local financial institutions that offer financial education workshops and expertise for youths. The credit union's $tarting off Right program includes workbooks that go over budgeting, credit, fraud and paying for college.

"We’ve been very active in this space for a number of years," Maroni said. "We're often brought in as guest speakers for classes."

He and his colleagues who speak at area schools help supplement teachers' lessons regarding banking and finances and provide industry perspectives on these topics.

"There’s been a strong demand for it, which I think is wonderful,” Maroni said.

He said the passage of House Bill 92 was a win for the community, for students and for financial institutions alike.

"These prospective members, they're going to know more about their money earlier on, which puts them in a much stronger position if they want to borrow a loan," Maroni said.

He said as more young people are versed in finances, banks and credit unions will have fewer instances when they are asked to help untangle issues such as overspending or bad credit choices.

"It's really powerful when you can interact with someone from a young age," Maroni said. "When it comes to money, time is an incredibly precious asset. So many of us look back and say, 'I wish I would have learned about this earlier.'"

At Post Falls High School, a two-pronged approach to financial education has been in place for many years. Principal Chris Sensel said no curricular changes were needed following the implementation of the financial literacy law.

"Our econ teacher spends a lot of his instructional time on financial literacy and uses many guest speakers locally," Sensel said. "This is a required class for graduation."

The second approach is a money management class, taught by a career technical education teacher.

"This is an extremely popular full-year class," Sensel said.

Mountain View Alternative High School in the Lakeland Joint School District bolstered its financial literacy education throughout the 2023-24 school year and is expected to expand its educational opportunities for students in the upcoming academic year.

"We took it to heart that it meant ninth through 12th grade, so basically what me and some volunteers did is we mapped out what it would look like over four years," Mountain View economics and financial literacy teacher Mark Gorton said Thursday.

Freshmen sit in on a basic economy class for an hour a week. Sophomores pick up where the freshman courses left off and participate in a bank day, where different banks and credit unions come to the school for the kids to "shop around" for their ideal financial institution. Juniors start learning about insurance, budgeting methods and entrepreneurship.

"We put them through a mini 'Shark Tank' situation," Gorton said. "It was really neat to see the different concepts the kids come up with."

He said the hopes are to partner with a local car dealership this school year to provide students with a simulated vehicle purchasing experience where they learn about warranties and insurance options.

"With the seniors, it all builds on itself. We tied all four years into their senior project," Gorton said. "In the end, they have to write a 20-page research paper. It's pretty amazing when it’s all said and done."

Financial literacy as a high school requirement is a national trend, as more states are understanding the importance of preparing their students for lives as adults who make wise decisions with their money. Just recently it was announced California will be the 26th state to require high school students to take financial literacy courses so they can graduate.

"I’m looking forward to what we’ve got coming up for next year," Gorton said. "Now all of our kids know what’s expected. Lots of cool stuff going on."

      

    Maroni