Note: This article originally aired on KNOE on Aug. 29, 2024.
By: Sophia Ridley

Louisiana is among the least financially literate states, but lawmakers are hoping to change that with education.

A new law requires all high school students in Louisiana to take a financial literacy course. Dr. Patrick Scott, Director of the Center for Economic Research at Louisiana Tech University, says the majority of adults in Louisiana don’t have a college degree, so making it available for teenagers is crucial.

“We need to be teaching that financial literacy component in high school where we have them … This is a policy actually geared for economic growth in Louisiana,” Scott said.

Dr. Scott said one crucial aspect of financial literacy is it’s long-term effects both fiscally and socially.

“When you do put in programs that mandate financial literacy, we do tend to see higher savings rates, growth in net worth and we do also tend to see lower delinquency rates,” Scott said.

Monroe City School Board’s curriculum committee will soon meet to discuss their financial literacy course. One board member said she believes this class will propel financial futures.

“It’s a workforce skill as well … They’ll be learning all about income, taxes, investing and spending and saving. All of that is important,” said Betty Ward-Cooper, a Monroe City School Board member.

The law was signed by former Louisiana Governor John bel Edwards and goes into effect for students who graduate in 2026.