Va. high school grads should be economically literate

REQUIREMENTS FOR high school graduation are based on judgments about what best prepares young people for successful careers and lives. So it’s understandable that Virginia officials, reviewing requirements two years ago in the midst of a deep recession, saw a need for students to leave high school economically and financially literate. Their decision to require high school students to complete a course in personal finance is being criticized by some who fear a loss of local school control, but there’s nothing wrong with state officials wanting to add new rigor to education standards.

Starting with this fall’s class of ninth-graders, a one-credit course in economics and personal finance will be added to the list of courses students must pass to earn a standard or advanced diploma. The state Board of Education approved the change in 2009, but the General Assembly delayed it for a year to give local boards more time to adjust. An effort was made, as The Post’s Kevin Sieff reported, to get this year’s legislature to water down the requirement, but lawmakers wisely decided not to interfere with policy that is rightfully the prerogative of the state education board. Gov. Robert F. McDonnell (R) gave his approval in March, giving rise to grumbling from some Northern Virginia officials and parents.

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No one involved in the current debate disputes the need for students to understand the basics of economics and be able to manage their own finances. Critics, though, argue that there is no need for a separate course, that the material can easily be incorporated into current offerings and that the requirement will mean less time for electives for students with already crowded schedules. However, past efforts that simply encouraged districts to provide financial education did not prove effective. In reaching its unanimous decision, the state board got comments from more than 300 people and groups and undertook an economic analysis that found the requirement could be implemented with minimal costs. Fiscal organizations across the state that lobbied for the change have offered to provide funds, training and other resources.

There is more to money matters than balancing a bank account. Local officials should embrace the requirement and work together to develop a course that proves a wise investment of students’ time.