LOGAN — Utah high schools are leading the nation in preparing students to manage their money, according to a new report from the personal-finance website WalletHub.
The Beehive State ranked first overall in WalletHub’s 2024 study of budgeting education across the 50 states and the District of Columbia. Utah was the only state to earn top marks in multiple categories, including requiring students to take both personal finance and economics courses and achieving the highest share of eighth-graders proficient in math.
The analysis evaluated 11 metrics, from financial literacy test scores to the percentage of high schools ranked nationally. Utah scored first or near the top in nearly every major category, including:
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1st in Personal Finance Course Requirement
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1st in Economics Course Requirement
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1st in High School Financial Literacy Grade
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1st in Eighth-Grade Math Proficiency
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1st in Projected Financial Literacy Grade by 2028
Although Utah ranked 17th for average national financial literacy test scores and 25th for share of top-ranked high schools, the state still secured the overall No. 1 position due to its comprehensive curriculum and strong policy mandates.
Idaho ranked 23rd while Wyoming ranked 48th in the study.
“Utah schools have the most robust budgeting education, in part because students are required to take personal-finance and economics courses,” said WalletHub analyst Chip Lupo. “To top things off, Utah has the highest share of eighth-graders who are proficient in math, which means they are well prepared to start learning about financial concepts in high school.”
Experts cited in the report emphasized the importance of making financial education relevant to students’ real-world experiences.
“Personal finance should be a mandated subject in high schools, not just an optional module,” said JC Phelps, a business administration instructor at Lindsey Wilson College. “Urgency with a real-world connection allows students to engage much deeper and meaningfully.”
Phelps added that teaching students about college costs, student loans and managing their first job can help create lifelong financial habits and promote emotional well-being.
Lora Reinholz, an instructor of practice at Marquette University, agreed.
“When students are aware of how and why they are spending their money the way they do, they can be deliberate with each transaction,” Reinholz explained. “They learn both the impact as well as the consequences that saving or spending provides.”
The report arrives as more than 90% of Americans say budgeting should be taught in schools, highlighting growing consensus that financial literacy is essential for long-term success.