With over 9 in 10 Americans agreeing that budgeting should be taught in schools, the personal-finance company WalletHub has released its report on the States With the Best Budgeting Education in High Schools, highlighting where students are best prepared to make smart financial decisions.
WalletHub evaluated all 50 states and the District of Columbia across 11 key metrics, including whether students are required to take a personal-finance course, financial literacy test scores, and overall school rankings.
| Best Budgeting Education | Worst Budgeting Education |
| 1. Utah 2. Virginia 3. Florida 4. North Carolina 5. Tennessee 6. New Jersey 7. Georgia 8. New Hampshire 9. Alabama 10. Minnesota | 42. Maine 43. Washington 44. Oklahoma 45. Hawaii 46. Massachusetts 47. District of Columbia 48. Alaska 49. Wyoming 50. Montana 51. South Dakota |
To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/
“All high schools should have mandatory personal-finance education, including instruction in budgeting. Students who learn to budget before they join the workforce will be able to make much better financial decisions. They will also be able to save more for the future and are likely to have higher credit scores than their peers who never learned how to budget or who had to figure things out on their own without instruction.”
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“Utah schools have the most robust budgeting education, in part because students are required to take personal-finance and economics courses during high school. Utah also conducts standardized testing on both personal finance and economics. To top things off, Utah has the second-highest share of eighth-graders who are proficient in math, which means that they are well prepared to start learning about financial concepts in high school.”
- Chip Lupo, WalletHub Analyst
Expert Commentary
What are the most effective ways to teach personal finance in high schools?
“In my opinion, the most effective way to teach personal finance in high schools is to move beyond theory and into practical, experience-based learning. Students often struggle to connect abstract concepts such as budgeting, saving, credit, or investing to their daily lives unless they can see how those concepts apply to real-world decisions. Financial education should be integrated into everyday scenarios that students will encounter, such as managing a paycheck, comparing student loan options, understanding credit card debt, or planning for future expenses. Simulation-based learning is particularly impactful. Activities such as mock budgeting exercises, investment games, and real-life case studies encourage students to actively engage in decision-making rather than passively memorizing concepts. Financial literacy is best developed through repetition, habit formation, and practical application.”
Dr. David Spohn, DBA, MBA, MJUR, CWM® – Associate Professor, Lynn University
What are the long-term benefits of budgeting education for youth?
“Budgeting education provides benefits that extend far beyond adolescence. Students who learn how to budget at a young age are more likely to develop healthy financial habits that reduce stress, improve decision-making, and promote long-term financial stability. Budgeting creates awareness of spending behavior and teaches delayed gratification, an essential skill in an environment where instant purchasing and consumer debt are increasingly common. Young people who understand budgeting are often better prepared to avoid high-interest debt, build emergency savings, and make more informed decisions related to college costs, housing, transportation, and retirement planning. Financial literacy also supports stronger mental well-being, as financial stress remains one of the leading contributors to anxiety among adults.”
Dr. David Spohn, DBA, MBA, MJUR, CWM® – Associate Professor, Lynn University
Why are some states still failing to provide adequate basic financial literacy education?
“Many states continue to struggle with financial literacy education due to curriculum limitations, competing academic priorities, and a lack of trained educators in personal finance. Schools often face pressure to prioritize standardized testing in subjects such as mathematics, science, and language arts, leaving limited room for personal finance coursework. Another challenge is inconsistency in implementation. While some states require financial literacy coursework, the depth and quality of instruction vary widely. In many cases, personal finance is embedded within broader economics or business classes rather than offered as a dedicated course. This often results in fragmented exposure rather than meaningful mastery. Additionally, there is sometimes a misconception that financial literacy is a responsibility best left to families. However, not all students grow up in environments where budgeting, saving, or investing are discussed openly. Schools can play a critical role in creating equitable access to foundational financial knowledge.”
Dr. David Spohn, DBA, MBA, MJUR, CWM® – Associate Professor, Lynn University
What policies should the government enact to encourage Americans to practice healthy financial habits from a young age?
“Government policy should focus on creating consistent, accessible, and practical financial education opportunities beginning early in a student’s academic journey. One important step would be to establish financial literacy as a required graduation component nationwide. Financial education should not be viewed as optional because it directly impacts long-term economic mobility and household stability. Policies should also encourage experiential learning. Grant programs could support schools in implementing simulations, financial technology tools, and partnerships with community organizations or financial professionals. Incentives for teacher certification in personal finance could improve instructional quality and ensure that educators feel equipped to teach the material. In addition, policies could promote healthy habits through early savings programs. For example, matching contributions for youth savings accounts, tax incentives for financial literacy participation, or school-based investment clubs could help students establish positive financial behaviors at a young age.”
Dr. David Spohn, DBA, MBA, MJUR, CWM® – Associate Professor, Lynn University
5 Tips for Learning About Budgeting
- Take classes: Even if your high school didn’t offer courses on budgeting or personal finance, it’s not too late to take a class! You can take a course from your local community college, or take online courses from various schools or even organizations such as AARP, in order to improve your knowledge of key financial concepts.
- Read articles: There are tons of free resources online that can teach you how to make a budget and why it’s important. Making a budget isn’t hard – you just need to be aware of the basic steps.
- Talk to friends and family: Discussing personal finance and budgeting with your friends and family can help you expand your knowledge and find out what strategies work best for other people. You can also ask people close to you to help keep you accountable once you do have a budget.
- Try online tools: Many apps allow you to create a budget for free online, and they may even be able to sync with your accounts to track your progress in real time. You may even be able to choose from a few different budget templates, which can make budgeting as easy as just plugging in a few numbers.
- Test your knowledge: You can take a financial literacy quiz to see how much you already know and identify the areas where you need to expand your understanding.
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