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Researchers are finding there is a different educational problem to be tackled in West Virginia: personal finance.
In WalletHub's "2023's Most and Least Financially Literate States," West Virginia ranked 43rd. Only eight states (the survey includes the District of Columbia) are worse at understanding personal finances. The Mountain State was 47th in a category labeled "WalletLiteracy" (calculated based on the grades earned by respondents to WalletHub's WalletLiteracy Survey); 38th in financial planning and habits; and 24th in financial knowledge.
We are dead last for the share of adults who have rainy-day funds.
"After the Great Recession, it became clear that more people needed to learn financial literacy. The housing market collapse and following financial crisis reminded Americans of our obsession with debt and the dangers of quick access to finances for under-informed consumers. The importance for people to be smart about their finances became even more pronounced during the COVID-19 pandemic, and remains crucial in the present during this period of high inflation," WalletHub wrote.
Perhaps it is the nature of being in a state with a perpetually sluggish economy that year after year is plagued by lawmakers who work against its growth and diversification. Perhaps it is a generational mistrust of financial institutions and traditional financial-planning methods. Whatever the reasons, it is clear West Virginia has some work to do -- and better financial education for middle and high school students would be an excellent place to start. If we hope to see better paying jobs and more revenue flowing into the state, we'd better know what to do with our money.
If we strive for one without the other, we are setting ourselves up for failure.