New Requirement: Michigan High Schools Must Now Offer Personal Finance Classes

While managing personal finances is something all of us get thrust into, it's a lesson that's more or less been missing from high school. That, however, is now changing in Michigan.

All Michigan freshmen are now required to take a personal finance course.

Finance Classes Have Been Lacking in Michigan Schools

I, like many other adults, left high school knowing how to build a kidney-shaped wood trivet with a handle on it, but no knowledge whatsoever about how car loans worked, how to reconcile a checking account, or how to save for retirement.

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Many of us have been doomed to make the same - or worse - financial mistakes that our parents and grandparents did for the most part because of lack of education.

Personal Finance Class Required for All Freshmen in Michigan

The Michigan Department of Education revised its school code, making it a requirement for all high school freshmen to take a one-semester (1/2 credit) class on personal finances.

The MDE is providing guidance to school districts and will be working closely to help schools design curriculum to meet the new requirements.

Lothar Koniezko teaches a personal finance class at Waverly High School near Lansing. He tells WILX-TV that requiring students to take a personal finance class is crucial as students prepare to enter the real world.

"It’s probably one of the most valuable classes any student can take in high school," Konitzko said. "I love teaching other classes, but this class is, I think probably really useful for life right off the bat."

Students will learn how to create a personal budget, how to save, and get a basic understanding of investing among other valuable financial skills.