Financial literacy program in Spartanburg

SPARTANBURG, S.C. (FOX Carolina) - All students in South Carolina will soon be required to take a personal finance course before they graduate. We took a look at a local credit union that is already teaching financial literacy in the Upstate.

It all comes after state leaders approved a provision to the budget requiring the Department of Education to develop regulations for a required high school course.

The Carolina Foothills Federal Credit Union already offers courses at schools like Cleveland Academy in Spartanburg.

The credit union says for younger students the focus is saving and the importance of having an emergency fund. For the older students, it’s understanding the gravity of your credit score or taking out loans.

In the course, the credit union does financial simulations so students understand how much it costs to live on a certain salary. As they get older, they learn specific banking terms.

So far, the Federal Credit Union has 384 student accounts and more than $57,000 on deposit that can go towards a first car, college, or an emergency fund.

When the finance course requirement goes into effect, South Carolina will be the 15th state to require a personal finance class.

MORE NEWS: Personal finance course to be required in the future for SC students to graduate high school

Copyright 2022 WHNS. All rights reserved.