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High School Students Learn Financial Literacy Through Rigorous Program
Keith Harris, a 17-year-old high school senior, has gained valuable financial skills through his school’s NAF Academy of Business program. The three-year finance program, which includes a work-based learning component, has taught Harris how to manage his finances, invest in stocks, and develop a good foundation for his future.
The program, which is paid for in part through federal and local funding, is administered by the DC Office of the State Superintendent of Education. It is designed to “break cycles of poverty” and provide students with the knowledge and skills they need to make smart financial decisions.
Harris is one of over 160 students who have enrolled in the program, which covers topics such as budgeting, saving, investing, and managing risk. Some students also participate in the First Generation Investors program, which pairs them with students from Georgetown University’s McDonough School of Business for capstone projects.
The program has been successful in preparing students for college and the workforce. In fact, 100% of the senior class at KIPP DC College Prep, where the program is located, are accepted into at least one college.
Donyae Vaughan, an 18-year-old senior, has also benefited from the program. She has learned about accounting, investing, and budgeting, and has even landed a summer internship at consulting firm Accenture.
The program’s focus on financial literacy is a trend that is gaining momentum across the country. As of 2024, about half of all states require or are in the process of requiring high school students to take at least one financial literacy course before they graduate.
Financial literacy is not only important for individuals, but also for society as a whole. A 2018 report by the Brookings Institution found that teenage financial literacy is positively correlated with asset accumulation and net worth by age 25. Additionally, adults with greater financial literacy are more likely to make ends meet, save for retirement, and plan for the future.
Overall, the NAF Academy of Business program is providing students with the skills and knowledge they need to succeed in the financial world. By teaching financial literacy in high school, we can help break cycles of poverty and set students up for long-term financial success.