In a push to improve financial literacy education across the country, Tennessee has emerged as a leader, becoming one of the first states to enact a high school mandate for personal finance courses. Since 2013, Tennessee has required a half-semester personal finance course for high school graduation, setting a precedent for other states to follow.

According to Jackie Morgan, outreach senior advisor for the Federal Reserve Bank of Atlanta's Nashville branch, Tennessee was an early adopter of the mandate, being among the first three states to implement it. Tennessee Jump$tart, an independent affiliate of the national Jump$tart Coalition for Personal Financial Literacy, played a crucial role in championing this policy, earning national recognition in 2009.

The COVID-19 pandemic further accelerated the nationwide wave of financial literacy legislation, prompting states to prioritize personal finance classes in public schools. As a result, as of November 28, there are now 23 states, including Tennessee, guaranteeing at least one semester of personal finance before high school graduation. In fact, Tennessee is among the select few, only eight states, that have fully implemented what is considered the gold standard: a stand-alone half-semester course dedicated specifically to personal finance.

However, despite Tennessee's early adoption and progress in financial literacy education, there is still more work to be done. Bill Parker, director of the Tennessee Financial Literacy Commission, stresses that "the work is never done." The Commission aims to incorporate personal finance into school curriculums as early as possible, ensuring students have a strong foundation in financial literacy before they reach high school.

While Tennessee leads the way in requiring both economics and personal finance courses, other states may prioritize one over the other. The Council for Economic Education's annual survey reveals that in 2022, 25 states required an economics course for graduation. This highlights the importance of recognizing the complementary nature of these subjects and the need to provide a well-rounded education to students.

The Tennessee Financial Literacy Commission has outlined its priorities in a five-year strategic plan, which includes thought leadership and state-level advocacy for expanded financial literacy programming. Numerous studies have shown the advantages of teaching children financial literacy from an early age, and the commission aims to provide support to teachers and ensure their enthusiasm for incorporating financial literacy into their classrooms.

As the demand for financial literacy education grows, Tennessee serves as a model for other states seeking to enhance their curriculums. With ongoing efforts and collaboration between educators, policymakers, and organizations like Tennessee Jump$tart, the path to a financially literate generation becomes clearer.