SCRANTON, Pa. – Auditor General Timothy L. DeFoor today joined Scranton School District officials, state and county representatives, and members from the Scranton YMCA to highlight how financial literacy can be integrated into educational curriculum for Pennsylvania students.
“West Scranton and Scranton High School are showing schools across of the Commonwealth how to successfully incorporate financial education into their curriculum, so students are prepared for life after high school,” DeFoor said. “One of the keys to Pennsylvania’s future success is for all of us to know where our money is going, and how it’s being spent and invested. If that means we need laws and regulations to require schools to teach our kids financial education, then we need to write the laws and get them passed now.”
Beginning next school year, the Scranton School District will offer a financial literacy course for senior students. The course will reinforce general mathematics topics and applies the skills to consumer problems and situations such as budgeting, credit, banking services, insurance, buying and selling products and services, home and/or car ownership and rental, managing personal income, and investment.
“In the Scranton school district, we believe that it is our responsibility to prepare our students for success in all areas of their lives, and that includes financial success,” Scranton School District Superintendent Missy McTiernan said. “Financial literacy is a critical skill that can help our students make informed decisions about their finances, avoid debt, and achieve their financial goals.”
DeFoor has spent the last two years promoting financial literacy across the state as part of his Be Money Smart initiative. Since initiative launched in 2021, DeFoor has:
- Visited all state and state related universities in Pennsylvania to talk about job and internship opportunities within the department and the importance of knowing how your money works;
- Met with students participating in the State YMCA of Pennsylvania Youth and Government program and visited several YMCAs across the state to talk about financial literacy;
- Worked with Junior Achievement to emphasize financial literacy messages to elementary school students;
- Partnered with local financial institutions to provide financial literacy resources to the public; and
- Partnered with Harrisburg University of Science and Technology and Members 1st to coordinate a statewide financial literacy competition for high school students in Pennsylvania.
“When I became Auditor General, I quickly saw that basic accounting errors were happening with auditees because of a general lack of understanding of finances,” DeFoor said. “What has become clear is that this education needs to start while our kids are in school so they can become adults who are financially secure and fiscally smart.”
According to the American Public Education Foundation’s Nation’s Report Card on Financial Literacy, Pennsylvania’s current financial literacy grade is a “C”. Thirty-two other states received a grade of “C” or lower. The Foundation states that if Pennsylvania requires a stand-alone personal finance course for high school graduation and adopts grade specific K-12 academic standards, its grade will rise to an “A”.
For more information on the Department of the Auditor General’s financial literacy efforts, visit www.PaAuditor.gov/BeMoneySmart
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