Buffalo, NY (WBEN) - A new state education requirement will mean students starting next school year will learn about money management. One financial expert says it's about time.
The Board of Regents this week officially adopted regulations requiring instruction in personal finance and climate education for public school students in grades K-12. It's phase two of the NY Inspires Plan, which advances the recommendations from the Blue Ribbon Commission on Graduation Measures. Phase 1, adopting the NYS Portrait of a Graduate, was completed in July 2025.
Mike Lomas of the Financial Guys likes this. "We've been arguing and shouting to the rooftops for the last 20 years on the radio. What's frustrating is we're teaching these kids Spanish. We're teaching them French, but they don't know how to balance a checkbook," says Lomas.
What are his hopes? "I hope it's understanding what interest rates and debt does to you, and understanding credit cards and start to understand investing and what compound interest and compounding your money can do," says Lomas. He says it's something he's done in the past. "We'll pop into schools and try to do our best to sort of bring the kids up to speed on what's happening. That's really challenging to do and I'm all for it 100% if it's the right thing," he adds.
Lomas says understanding debt is the most important thing students should take away from the class. "These kids come out of school and they have college loans with a degree, they are not going to earn the amount of money they need to pay those loans back. So to me, understanding what debt is all about, understanding interest rates and how easy it is to all of a sudden accumulate $10,000 worth of debt, and that debt turns into 20 and 30 real quick if the interest rate is high," says Lomas.
He says understanding how to live within your means would be number two. "Do you need the $800 cell phone a month, or can you live with the cheap one and put a little extra money away? Then number three, would be 'How do we start an investment plan at a very young age,' whether it's 5% or 10% of the money you make when you come out of college or your trade school, and you start earning money, how do we get that to grow over time? And how do we set some goals? So at age 30, we're here 40 and 50 and 60 and, you know, and that's how you retire with a nice lump sum of money and security."