Our children spend an enormous part of their early years learning everything from science to math to the history of our country. But as test scores have become a baseline for success, soft skills seemed to have gone by the wayside. In the past several decades, students who graduated from our schools did so without much thought of how to manage their finances; a crucial skill to being a successful adult. Once they enter adulthood and start attending college, start a trade school or enter the workforce, suddenly they’re responsible for rent, groceries, tuition payments and other expenses they never thought about. With so much going on and our economy becoming more complex, it’s easy to become overwhelmed as financial responsibility takes a back seat. That’s why it is crucial, and my goal as your State Treasurer, to educate our students about living within a budget.
As your current State Treasurer, former State Revenue Secretary under former Gov. Jim Justice, and a CPA, I believe the earlier we start teaching our students to make smart financial choices, the better. My wife, Lisa, and I know firsthand thoughtful financial planning for our family. Having a plan can help manage stress, as well as help make necessary investments in your future. But the earlier someone starts this process, the more likely they will be financially sound throughout their life.
That’s why my office is growing our “Get a Life” program, which is an interactive budget simulation that helps middle school students understand needs versus wants. The program promotes economic literacy with realistic financial situations forcing students to come up with practical solutions. Students see how to manage an expense ledger and learn how their choices affect their financial futures. Also, “Get a Life” engages local business leaders who volunteer at the various stations. This creates a commitment from local businesses, while being a real-life training opportunity for our students. This academic year, the program is expected to reach more than 15,000 students.
There is additional good news. West Virginia joins a growing number of states adopting financial literacy coursework as a requirement for graduation. In 2023, the state legislature passed a law requiring students take a personal finance course before they graduate high school. As a result, the most recent national report card focusing on financial education in high schools published by Champlain College’s Center for Financial Literacy shows West Virginia soaring to a grade “A” by 2028. That’s when the new state requirement will be fully implemented. As state leaders, we need to capitalize on this momentum and continue to empower West Virginians and educators with financial literacy resources.
As we join others around the nation in celebrating Financial Literacy Month, we should renew our sense of urgency. When we come together to focus on financial education initiatives, we move beyond the individual and add value to the entire community. Financial literacy plays an important role in decreasing generational poverty and uplifting the collective. Good budgeting is a foundation for a good life. The sooner our youth understands that financial literacy goes beyond the basics, the more resilient we will be as individuals and as a society. The time for prioritizing financial literacy in West Virginia is now. I hope you will support our efforts.