SUMMARY OF GRADE
Requires high school economic course, which has financial literacy standards
No K-8 financial literacy standards
AN IN-DEPTH LOOK
In order to receive a South Carolina high school diploma, a student must complete a one-half credit of economics. In the South Carolina Social Studies College- and Career-Ready Standards, the standards for the required economics course are entitled Economics and Personal Finance. There are four strands of standards for the course, and one is Personal Finance. The Financial Literacy Instruction Act of 2005 (Act No. 38; House Bill No. 3020) mandates that “the State Board of Education shall develop or adopt curricula, materials, and guidelines for local school boards to use in implementing a program of instruction on financial literacy within courses currently offered in high schools in this State.”
Financial literacy is not embedded in the South Carolina Social Studies College- and Career-Ready Standards for Grades K-8.
In accordance with the Financial Literacy Instruction Act, the South Carolina Department of Education has a Financial Literacy webpage with Curricula, Instructional Materials, and Personal Finance Resources.
South Carolina provides minimal financial literacy instruction through embedded standards in the required high school economics course, earning a “D.” In order to improve its grade, South Carolina needs to create specific financial literacy standards for Grades K-8. Furthermore, South Carolina should mandate that high school financial literacy be taught in a required stand-alone course rather than embedded into multiple courses.