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Economics And Personal Finance Education Are Complements Not

Leo Migdal
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economics and personal finance education are complements not

Short answer: No. "Economic reasoning can be used to make decisions in all areas of life, but especially when making personal finance decisions. In fact, personal finance can be viewed as the application of the economic way of thinking to everyday decisions. If anything, economics and personal finance are complements, not substitutes." #EconEdMonth #FinLit Is personal finance instruction a substitute for economics? I don't think so.

If anything, economics and personal finance are complements, not substitutes. #TeachEcon #economics Mary Suiter Lily Levin We investigate this question empirically, and find that their relationship is complicated. Personal finance does seem to take instructional time away from economics which hurts economics scores. But personal finance testing can motivate students to learn basic economic reasoning which increases econ scores, especially for students with low SATs. Read more here: https://www.richmondfed.org/publications/research/working_papers/2022/wp_22-03

Addresses: School of Education, The Richard Stockton College of New Jersey, 101 Vera King Farris Drive, Galloway, NJ 08205, USA Abstract: Personal finance and economics are two distinct subjects, with some common characteristics, that require instruction by highly qualified teachers. Both are critical to well-being of households, businesses, and the macro economy. The author discusses the evolving curricular requirements for economics and personal finance content and the importance of including both subjects in grades K-12 education. Keywords: economics education; personal finance education; high school curricula; economic literacy; financial literacy; K-12 education; United States; USA. International Journal of Pluralism and Economics Education, 2012 Vol.3 No.4, pp.354 - 360

When we think of personal finance, it’s easy to box it into one neat academic category: economics. But money—how we earn it, spend it, save it, and think about it—intersects with nearly every part of our lives. So why limit it to just one classroom? By weaving personal finance into subjects across the curriculum, schools can prepare students not just to ace their tests, but to make smarter decisions in the real world. Here’s how personal finance naturally fits into the broader school experience: Personal finance builds directly on the math students already learn.

Calculating interest rates, budgeting expenses, comparing discounts, or understanding loan repayments—all of these bring math to life. Financial concepts make classroom math practical, helping students connect equations to real-world consequences. The history of money tells us a lot about the evolution of society. Students can explore the barter system, the creation of currencies, the rise and fall of economies, and the impact of financial crises like the Great Depression. These topics show how money has always shaped—and been shaped by—human behavior and policy. Geography classes explore natural resources, trade routes, and economic disparities between regions.

Adding a financial lens helps students understand how where you live affects access to jobs, housing, education, and more. It’s a natural fit that deepens geographic thinking.

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Short answer: No. "Economic reasoning can be used to make decisions in all areas of life, but especially when making personal finance decisions. In fact, personal finance can be viewed as the application of the economic way of thinking to everyday decisions. If anything, economics and personal finance are complements, not substitutes." #EconEdMonth #FinLit Is personal finance instruction a substit...

If Anything, Economics And Personal Finance Are Complements, Not Substitutes.

If anything, economics and personal finance are complements, not substitutes. #TeachEcon #economics Mary Suiter Lily Levin We investigate this question empirically, and find that their relationship is complicated. Personal finance does seem to take instructional time away from economics which hurts economics scores. But personal finance testing can motivate students to learn basic economic reasoni...

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