Giving up Starbucks on Mondays, Wednesdays and Saturdays can certainly help a student go to their dream college. A mere caffeine addiction isn’t what holds the student back; it’s the minor financial decisions–whether the $15 goes to lattes or savings accounts–that add up. Knowing how to invest and grow savings is fundamental for students striving for financial independence and will be a valuable skill long after.
“That’s good information for sixteen, seventeen and eighteen-year-olds to have and for them to see the real impact of it,” US Physical Education & Wellness teacher Mr. David Martin said. “With exponential growth, all of a sudden, it goes way up. A little sacrifice in your younger years will pay huge dividends later on.”
Despite its diverse curriculum and extracurricular opportunities, Germantown Academy overlooks a critical program–financial literacy. It appears as a niche course offered only to seniors as a non-honors Personal Finance elective.
Implementing a more comprehensive financial literacy program can equip students with the necessary skills to make informed and responsible financial decisions. This initiative would enhance their prospects and contribute to a financially literate society.
Before COVID-19, GA had a personal finance ‘minimester’ meeting two to three times a rotation. Taught by Mr. Martin, it advised students on properly managing money in today’s 21st-century society. For instance, one particular activity in the minimester was simulating the costs of living in New York. However, the program was discontinued due to schedule changes led by the former Head of Upper School.
Without proper education, many students who navigate independent lives and major decisions after high school risk falling into financial traps laid by other people.
“My philosophy is that the more information you have across all avenues, the better decisions you can make,” said Mr. Martin. “So let’s give students as much information as possible, so they can start to decide how this might impact them in the short term, mid-term and long term.”
While the personal finance ‘minimester’ doesn’t exist anymore, a lesser-known personal finance class still exists. Taught by history teacher Mr. Jamie Murray, the elective informs students on making responsible financial decisions as adults by covering the foundations of banking, credit, saving, insurance, investing, budgeting, taxes, and entrepreneurship.
“I think it’s important because, in the not-too-distant future, students are leaving the safe environment of living at home,” Mr. Murray says. “Having a lot of support to be on their own, whether it’s in college or beyond their first jobs, and oftentimes, financial matters aren’t discussed as much as maybe they should be.”
However, the course is underutilized as a non-honors elective. In fact, only one-fifth of seniors will have taken this class this year, leaving the other four-fifths to leave Upper School without a basic financial education. The skills taught in this course are equally, if not more, critical than those gained from honors-level classes. Thus, all students should have the opportunity to take this course.
Meanwhile, freshmen and sophomores generally have more time in their schedules to take this course than upperclassmen. According to the Germantown Academy Course Handbook 24-25, the ninth-grade seminar meets once per rotation and focuses on building community and 21st-century skills. Effective money management is equally significant in the long term–a similarly mandatory financial literacy class for all freshmen or sophomores could significantly prepare students for life beyond Upper School.
“I think the biggest help has been making students feel comfortable with the terminology associated with finances,” said Mr. Murray. “It can be a little bit intimidating, but once you spend some time talking about it and asking questions, you realize it’s not that intimidating.”
Steps were taken in the past to implement a financial literacy program for younger students, but these efforts faced specific challenges.
“Earlier in high school; there aren’t as many openings because other things fill in, such as Health and Wellness and 9th-grade Seminar,” said Mr. Murray. “And through junior year, it’s pretty loaded, and then senior year, there’s a little more room and flexibility for some students.”
However, with the right strategies, we can overcome these challenges. Offering honors credit or incorporating interactive projects could make the current elective appealing to more upperclassmen. Additionally, the class could be made compulsory for freshmen or sophomores by integrating it with a 9th-grade Seminar, Digital Wellness, PE, or other non-academic courses.
In addition, the future promises a significantly favorable change in the curriculum–Senate Bill No. 843, recently passed by the Commonwealth of Pennsylvania, requires schools, private and public alike, to provide a mandatory course in financial literacy starting in the 2026-27 school year. The first class with a financial literacy graduation requirement will be the class of 2030.
The administration is still discussing logistics regarding curriculum, instructors, and scheduling. Implementing a comprehensive and widespread financial literacy program takes time. While the scheduling and feasibility of offering this course are complex, if implemented successfully, it can empower all GA students with the financial skills they need to navigate their future successfully.