Michigan high school freshmen now required to take personal finance course

LANSING, Mich. (WILX) – The ability to manage finances is a lifelong skill.

All Michigan high school freshmen are now getting a much-needed crash course in personal finance. Getting that knowledge early could lead to financial success later in life.

“It’s probably one of the most valuable classes any student can take in high school. I love teaching other classes, but this class is, I think probably really useful for life right off the bat,” said Lothar Konietzko who teaches personal finance at Waverly High School.

Konietzko says requiring Michigan students to take a personal finance course readies them to enter the real world, aware of how to manage their money and avoid debt.

“Get kids to be able to step out into the real world without hopefully making the financial mistakes that previous generations have made with their money management or mismanagement decisions,” said Konietzko.

Laura Lutterbeck, CFO for Junior Achievement of the Michigan Great Lakes says the organization spent the past year working with policymakers and educators to make the requirement possible. Helping schools build a program based on its needs.

“We often will partner with teachers who are providing what they might term as practical math, in some schools we partner with business teachers, career readiness teachers, it just depends on where that best fit is,” said Lutterbeck.

Dan Shanahan, bank manager with Eaton Community Bank has volunteered for several schools in Mid-Michigan. He says students learn the basics of what they need to know to handle their money.

“Budgeting and how to save and kind of pay yourself first. What is credit, how do you get a credit score, how do you earn credit, how do you make some mistakes that can cause bad credit,” said Shanahan.

Requiring a personal finance course helps all students build a foundation that leads to financial stability that lasts a lifetime.

Beginning this school year, all incoming freshmen will be required to take a semester-long course on personal finance for credit to walk the stage and receive their high school diploma.

Junior Achievement is always looking for additional volunteers to work in the schools to teach personal finance courses to students.

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