Eight in 10 Americans say they wish they had been required to take a basic financial literacy course in high school, according to the National Endowment for Financial Education. Meanwhile, in its annual TIAA Personal Finance Index survey, just 48% of the 28 questions on the survey are answered correctly by the average adult. For many of us, financial lessons are learned through painful and costly experience.
In response, 30 states now require some level of personal financial instruction in high school. Yet the emphasis and rigor of coursework varies greatly, often relegated to a cursory “check the box” exposure during the freshman year that carries limited impact later in life. So, it is notable that Hamilton County Schools has taken the lead in financial education in Tennessee, providing a model for systems across the state.
Hamilton County’s promotion to the head of the class did not happen by accident. In 2022, Bruce Stubblefield believed that the county’s students deserved better. Stubblefield, the district’s social studies content lead, along with his director, Jamason Parris, pushed to make finance a core competency, beef up the content and move the course closer to graduation where it was more likely to move the needle in young adulthood.
The district found a great partner in NextGen Personal Finance, developer of a relevant, interactive financial education curriculum and highly engaging learning tools. NextGen is a not-for-profit organization dedicated to the ambitious mission of delivering essential financial education to every student by 2030. The organization was established in 2014 by a California entrepreneur and provides a rich array of additional resources for students as well as teachers, all free of charge. NextGen worked closely with Hamilton County to tailor lessons to match the Tennessee learning objectives and offers certification and professional development opportunities to educators as well.
According to the National Financial Educators Council, financial illiteracy costs the average American over $1,800 per year, translating into $430 billion across the adult population including over $120 billion in credit card interest and fees. Nearly 1 in 20 retirees on Social Security are still making student loans payments. Closer to home, rates of personal bankruptcy in Tennessee are the fifth-highest in the nation behind Alabama, Kentucky, Mississippi and Nevada. Hamilton County Schools has taken up the challenge to improve those dismal statistics for the next generation.
But leadership from the district office can only make a difference if the challenge is taken up by dedicated teachers on the front lines. One example of a rock star teaching the course is Brandon Lowry at Chattanooga School for the Arts and Sciences. Coach Lowry, who is also the athletic director at CSAS, brings to life his infectious passion for personal finance, and the lessons stick.
“My students really enjoy the investment unit,” Lowry said. “Two girls asked if they could start an investment club. I have a fidelity account, and I gave them $1,000 to invest. They developed an investment pitch using information from the curriculum. We talk about the market every day.”
In addition to NextGen Personal Finance, the school district has partnered with two organizations that share the commitment to help young adults make sound financial decisions and avoid debt traps. The Tennessee Financial Literacy Commission was created in 2010 to improve financial outcomes by introducing critical money concepts in schools. The brainchild of State Treasurer David Lillard and led by Director Bill Parker, the commission is a committed advocate and resource for Tennessee literacy instruction and continues to work with legislators to secure critical financial support. Parker was instrumental in introducing the school district to the NextGen curriculum.
The district has also teamed up with the Chartered Financial Analyst Society of East Tennessee, which helped evaluate the NextGen proposed curriculum, serves as a professional development resource and offers volunteers to visit classrooms. The society has adopted an outreach mission to improve financial literacy within its footprint, complementing the efforts of Hamilton County Schools.
These partnerships have helped place Hamilton County in the vanguard of Tennessee financial education.
“As we move forward,” Stubblefield said, “we are elevating personal finance as one of the most important classes a student can have, and we are always seeking ways to provide an even better learning experience for students and more resources for teachers. One of the ways we have accomplished this is through our partnership with the CFA Society of East Tennessee. Our teachers now have access to a host of financial experts who are willing to visit schools to teach on a variety of subjects from investing to budgeting and even cryptocurrency.”
Hamilton County’s efforts are already serving as a model. The school district and the Chartered Financial Analyst Society were recognized with the Financial Literacy Commission’s 2024 Financial Literacy Leadership Award at a reception attended by Gov. Bill Lee and Lillard, the treasurer. And several other Tennessee school districts have reached out to Stubblefield and to NextGen.
April is financial literacy month, an occasion to focus on deficiencies but also an opportunity to celebrate successes. Stubblefield and Lowry welcome inquiries from anyone interested in gaining more insight or wishing to visit a class to witness the students in action. Chances are, you too will learn something that you wish you had been taught in school.
Christopher A. Hopkins, CFA, is a co-founder of Apogee Wealth Partners in Chattanooga.
