High school economics courses are the best investment for increasing the economic and financial literacy of the community.

According to a study in the Journal of Consumer Affairs, high school economics courses give students proficiency in managing bank accounts and the ability to increase their savings and assets — skills that are an "essential part of fully participating in our market-based economic system, regardless of socioeconomic status."

In light of this information, it is alarming that a study conducted by Louis Harris for the National Council on Economic Education found that 33 percent of young people and 50 percent of adults in the United States would flunk a basic economic literacy test, and that almost two-thirds of those surveyed did not realize that money loses value in times of inflation.

In Hawaii, the state Department of Education does not require completion of any economics or personal finance courses, or testing in these subjects prior to graduation. Fewer than half of Hawaii’s 43 public high schools offer economics lessons within their social studies courses and the recent recommendation from the Board of Education’s Student Achievement Committee to reduce the number of required social studies credits from four to three means that even fewer students will be taking a course in economics.

This shortsighted decision will have long-lasting negative repercussions and does a major disservice to our keiki. If the proposed reduction is passed, fewer students will benefit from course work that provides them with critical-thinking and problem-solving skills, and with the tools needed to make smart, informed personal financial decisions. More of Hawaii’s students will graduate from high school without the essential tools they need to get ahead in the "real world." This can, and should, be avoided.

Granted, economics does not inspire feelings of excitement and fun in most high school students, or in many adults. We can see how students would rather take weightlifting or ceramics. However, it is up to us to help students understand how vital knowledge of Hawaii’s economy, the world economy and public policies affect their lives. There are schools full of teachers who can teach these subjects in interesting, relatable ways; we may even venture to say that some students do find the "fun" in it.

Hawaii’s students are facing increasingly complex financial decisions as members of the state’s workforce, contributors to their families’ resources, voting citizens, and soon-to-be college students with credit cards. Many find these decisions confusing and frustrating because they lack the fundamental tools they need to make wise financial decisions. We, as a community, must support our students as they increase their economic and financial knowledge. The decision to reduce the number of credits needed to complete the social studies graduation requirement only impedes this effort.

We must recognize that we cannot allow changes in the education system that will hamper our children’s ability to create healthy and positive financial futures. Financial education is essential to ensure that our youth are prepared to manage money, credit and debt, and become responsible employees, heads of households, investors, entrepreneurs, business leaders and citizens.