AKRON, NY (WKBW) — Two top state leaders say it's time for high school students across the state to be taught financial literacy at all schools.
New York State Education Commissioner Dr. Betty Rosa and State Comptroller Thomas DiNapoli issued a join op-ed piece and pointed directly to the success a finance course is having right here in Western New York in the Akron Central School District.
7 News Senior Reporter Eileen Buckley met with Akron High School students who are enrolled in personal finance.
“I think it's one of the most important topics that students need to know,” declared Karen Saeli, business teacher, Akron High School.
Saeli tells me it is a "huge plus" that the state is having a conversation about getting a personal finance course into all schools.
“I’ve been teaching personal finance for 16 years. It's my favorite class to teach because I really feel like the students are able to relate immediately to it in some aspect,” Saeli reflected.
The state education commissioner and state comptroller cited Akron High School as an example in their op-ed piece.
Akron started offering a personal finance course in 2016. Two years later the district made it a graduation requirement and just listen to how students say they're embracing it.
“I’ve learned a lot of valuable things. I really wouldn't have much reason to learn anyways — it wouldn't be taught — any other way,” replied Maggie Middaugh, senior Akron High School.
“As much as that is going away, there are still instances where it is useful to be able to write an actual paper check,” Dylan Crockford, senior, Akron High School.
“It’s very helpful because I am the treasurer for Interact Club here and the day we learned how to balance your checking account I had to go do the same thing for the club,” explained Tiana Kabangira Kipendo, junior, Akron High School.
One of the things students learn in this finance course is how to create a personal budget.
“And we just did a budget for a young man today where they had to categorize the spending and they did. He tracked spending for a month, and then they had to make a plan for his following month, and you know, we've just kind of the entertainment and the food and then I hear the kids — my whole paycheck goes to food,” described Saeli.
In the 20-week course, Akron students also learn about credit cards, savings accounts, tax returns, behavioral economics, and digital banking.
“As much as sometimes you might think the class is boring or the information isn't useful, it most certainly is for almost all of it. even if students aren't engaging with stuff yet, they will be,” Crockford noted.
Recommendations have been sent to the state Board of Regents to make financial literacy a graduation requirement state-wide.
"You may not understand everything at first, but teachers, like Ms. Saeli, help us learn everything that we want to know — we need in our actual life that will help us influence it in our daily jobs, like opening a checking or savings account,” remarked Kabangira Kipendo.
“Even the basics can be very helpful. You don't have to go full scale on every single detail about personal finance, but even having some of the basics and even just a mild understanding,” Middaugh commented.
