SUMMARY OF GRADE
Significant Accomplishments: Required stand-alone high school course Georgia Milestone Economics/Business/Free Enterprise End-of-Course Assessment; Some K-12 financial literacy standards
Needs Improvement: Needs to implement grade-specific K-8 financial literacy standards
AN IN-DEPTH LOOK
In 2014, the Georgia House passed House Resolution 1186, which requested “the State Board of Education and the State Department of Education to impose as a requirement for high school graduation the successful completion of a SKILLS FOR SUCCESS financial literacy class.” Up until recently, in order to graduate high school in Georgia a student needed to complete a one-half credit economics course which included personal finance instruction. In April of 2022, SB 220 was signed into law.; this bill requires students to take a half-credit personal finance course in order to graduate as opposed to a course that only includes aspects of financial literacy.
Any student enrolled in an economics course, therefore each student who graduates from a Georgia high school, is required to take the Georgia Milestone Economics/Business/Free Enterprise End-of-Course Assessment. The state-wide assessment counts as 20% of the student’s final grade in the course. Personal Finance Economics is 19% of the material tested, out of five total categories. The assessment is intended to test the student’s knowledge of the state standards.
Financial literacy is somewhat embedded in Georgia’s K-12 standards, but not thoroughly. Under Social Studies Georgia Standards of Excellence, there are economics standards for each grade, K-8. There are specific personal budget and money management standards in Grades 4, 5, and 8. While Georgia students are therefore exposed to financial literacy, it is not a guaranteed component of their education in each grade.
Because it provides some financial literacy but does not ensure thorough foundational learning, Georgia receives a “B.” Georgia now requires a stand-alone financial literacy course for graduation, however, in order to receive an “A,” Georgia should financial literacy standards for elementary grades.