New Report Grades U.S. States on Financial Literacy in Schools

APEF’s 2025 Nation’s Report Card on Financial Literacy Released September 16

Memphis, TN — Today APEF released its 2025 Nation’s Report Card on Financial Literacy, offering a comprehensive review of how each U.S. state, the District of Columbia, and Puerto Rico are preparing K-12 students for financial success. The report reveals both promising progress and troubling gaps in how personal finance is taught in American classrooms.

This year’s report comes at a critical time, as household debt in the U.S. hits an all-time high of $18.39 trillion, student loan debt reaches $1.814 trillion, and Americans continue to grapple with inflation, rising interest rates, and the long tail of financial strain brought on by the pandemic. (Data Sources from the Federal Reserve Bank of New York, Q2 2025).

“Too many students graduate without the financial knowledge they need to navigate adult life,” said David Pickler, Executive Director of APEF. “This is not just an education issue—it’s a national economic issue. Financial literacy is directly linked to mental health, physical wellbeing, and the long-term stability of our communities.”

APEF’s report grades states on a clear set of criteria, including:

• Statewide K-12 financial literacy standards

• Whether states require a stand-alone personal finance course for high school graduation

• Integration of financial concepts across all grade levels, K-12

• The presence of statewide assessments, dedicated resources, and state-level initiatives

Since APEF’s last report in 2023, 12 states and/or territories have improved their grades, signaling growing national momentum toward stronger financial education in schools. However, significant gaps remain. Many states still fail to require basic personal finance instruction, leaving students unprepared to budget, file taxes, manage credit, or understand the long-term implications of student loans.

The report also highlights research linking poor financial literacy to increased stress, poor mental health, strained relationships, and even higher risks of suicide and domestic violence. Meanwhile, Investopedia found that 41% of parents say they hesitate to talk about money with their children, further emphasizing the critical role schools must play in equipping the next generation with essential life skills.

“Our goal is simple: every student in every state should graduate financially literate,” said David Pickler. “This report is both a tool and a call to action for policymakers, educators, and communities.”

The full 2025 Nation’s Report Card on Financial Literacy is available for download at https://www.thenationsreportcard.org/.

About APEF

APEF is a nonprofit organization dedicated to strengthening public education and promoting financial literacy across the United States. Through research, advocacy, and collaboration with educators and policymakers, APEF works to ensure that all students are prepared for lifelong financial well-being.

For media inquiries or to schedule an interview, please contact: Cameron Spann: cspann@theapef.org