In a recent Friday morning in December, students at Westwood High School were actively engaged in a financial literacy class, exploring the effects of inflation and researching historical price trends. Through group projects, they discovered that the median house price in Massachusetts was just under $14,000 in the 1960s, while a Toyota Corolla cost only $3,500. Another group found that eggs were priced at just $0.88 in the 1980s, with the median family income then being around $21,000. These revelations highlighted the stark differences in economic conditions over the decades.

Empowering Youth Through Financial Education

Westwood High School, nestled in an upper-middle-class town near Boston, has taken a proactive approach to financial education. Over the course of an academic quarter, students delve into essential topics such as taxes, debt management, and credit card usage. They are also challenged with real-world problems like budgeting and saving. This initiative is part of a broader push to introduce financial literacy courses in high schools nationwide, aiming to address income disparities and equip young people with crucial life skills.

According to a report from the Champlain College Center for Financial Literacy, by 2028, 23 states will offer comprehensive financial education to high schoolers. However, Massachusetts, which does not mandate these classes, received an F grade in the same report. Despite this, Westwood High School stands out as one of the few public schools in the state offering robust financial literacy programming. The class, initially launched as an elective in 2022, is now a graduation requirement for all students, emphasizing the district's commitment to equity.

The program has garnered significant interest, with students finding it both practical and enlightening. For instance, Layla Shanshiry, a 16-year-old student, gained valuable insights into college loans and even learned how to file for tax refunds. Other students have followed suit, seeking guidance on similar financial matters. Teachers Brianne Mehigan and her colleague have witnessed a surge in student engagement, noting that the class provides a tangible application of mathematical concepts.

Addressing Racial Wealth Disparities Through Education

From a broader perspective, financial literacy education plays a crucial role in addressing racial wealth disparities. Studies show that adults with low financial literacy are more likely to struggle with debt and lack emergency savings. In response to this, Westwood High School's financial literacy program aims to provide a solid foundation for all students, regardless of their background. Superintendent Timothy Piwowar emphasized that making the class mandatory helps mitigate existing inequalities, ensuring that every student has access to this vital knowledge.

The success of Westwood's program has inspired other schools in the region to consider implementing similar initiatives. As Principal Amy Davenport fields inquiries from neighboring districts, it's clear that financial literacy education is gaining momentum. With plans to introduce an advanced version of the class starting in fall 2025, Westwood continues to lead the way in empowering its students for the financial challenges of the future.

Ultimately, the importance of financial literacy cannot be overstated. As John Pelletier, director of the Center for Financial Literacy, aptly noted, "Not a day will go by when these kids aren’t thinking about money once they leave high school." By equipping students with the tools to manage their finances effectively, we can help bridge the gap between different socioeconomic groups and create a more equitable society.