Just make sure we don’t just make the… how shall I put this… not-so-academically-advanced kids take the class. My high school, and from what I’ve heard some other high schools, offered a class called “Consumer Math”. But what it was was a third year of math for kids not smart enough to take Algebra II (when I was in high school, when dinosaurs roamed the Earth, most kids didn’t take Algebra I until ninth grade). The smart kids need this class, too. There are too many cases of smart people going off to college and managing to get into crippling debt to say that any kid smart enough to understand exponentials is automatically going to understand compound interest and how it applies to credit cards. For that matter, the mathematical details aren’t as important as saying “if you carry a balance on your credit card, you will end up paying a lot of money (interest) and getting nothing in return.” Yes, some smart kids could have figured this out for themselves, but too many of them don’t figure it out until they’ve already made some bad choices and experienced the consequences.
You could say “Well, the parents should teach them this stuff.” One problem with that is the taboo on financial discussions in our society, that makes some parents uncomfortable discussing finances with their kids. When I was in high school, I didn’t know how much money my father made, or how much money my parents spent every month or what they spent it on. Yes, parents should teach their kids about finances, but, in the real world, at least some of them won’t. We have sex education in schools for similar reasons.
I doubt we’ll get something like this, though. There are too many entrenched interests (credit card companies and the like) with too much lobbying money that like having a financially ignorant population…