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There are few topics that generate more spirited conversation than economics.

Policy makers, politicians, and pundits all have opinions on the state of the American economy and the forthcoming presidential election. This virtually assures that the future economic health of the country will be discussed daily. Yet there are few subjects about which people are more emotional and yet less informed.

On the personal finance level, a survey conducted by Annamaria Lusardi of George Washington University and Oliva S. Mitchell of the University of Pennsylvania found that 40% of the respondents knew little or nothing about the impact of compound interest; 65% did not understand how inflation can harm their future buying power and 60% did not know about the importance of diversification in their retirement planning. According to Moody’s Analytics, Americans under the age of 35 have a savings rate of negative 2%.

The lack of personal finance knowledge among Americans is disheartening, but it is not the only problem. Also, few citizens fully understand even simple economic concepts that impact their wellbeing. Only 43% of 12th-grade students tested at or above the proficiency level on the most recent National Assessment of Educational progress. A 1998 Minneapolis Federal Reserve study revealed that only 30% of the public knew that inflation can be reduced by lowering government spending.

Both an understanding of personal economic facts and the broader issues surrounding the future economic success of the country have traditionally been poorly understood. Recognizing this fact, some states have stepped up to the plate and made sure that economics and personal finance are part of their school’s curriculum. This trend is growing. According to the Council for Economic Education’s bi-annual Survey of the States, 25 states now require high school students to take a course in economics. This is an increase of three states since 2018. And 21 states require a course in personal finance, four more than in 2018.

Unfortunately, Pennsylvania is not among those states that require either a course in economics or personal finance before high school graduation. As someone who occasionally taught introductory economics at Misericordia University in Dallas, it was relatively easy to discern who had graduated high school in Pennsylvania and who had graduated in another state where the subject was required.

Clearly a basic understanding of economics makes for better decision making on the part of today’s and tomorrow’s consumers, employees and voting citizens. According to the National Endowment for Financial Education and a recent article in the Journal of Money, Credit and Banking, financial education decreases the likelihood that young adults will hold large credit card balances. They are less likely to incur higher-cost loans. These are just a few of the positive outcomes from personal finance education.

Today’s young people often have little idea about the investment returns they can expect from a post-secondary education. They don’t know how to equate the full costs of a college education, technical school or apprenticeship training with the future earnings they can expect to receive. Some basic knowledge of key economic concepts can be invaluable in making those decisions.

Further, all voters have a responsibility to listen to proposed policies of our local, state and national candidates and to analyze them not only in terms of what sounds good, but in terms of what is economically feasible and sustainable.

Understanding how our economy works is not a luxury. It is now time for Pennsylvania to join the 25 other states that require economics and the 21 states that mandate instruction in basic personal finance in our schools.

Michael A. MacDowell is President Emeritus of Misericordia University and a Trustee of the Calvin K. Kazanjian Economics Foundation.