By Stella Dombrow ‘25

Do you know when to start saving for retirement? Do you know the difference between a Roth IRA and a Traditional IRA? What should you invest in?

These questions might help you reflect on your financial literacy and better prepare yourself for the future.

Financial literacy refers to one's knowledge of basic financial concepts and ability to apply them effectively. It includes topics such as budgeting, investing, and managing debt. Financial literacy is essential for success for many reasons.

For example, it can help you avoid making poor financial decisions, like overspending. If you don’t have a strong understanding of personal finance, you might be prone to overspending, a habit that can cause you to accumulate an unmanageable amount of debt. This could lead to further consequences such as a low credit score, which can limit housing options.

Additionally, financial literacy will prepare you for the unpredictable future. If you lose your job, for example, knowing how to budget and save money can help alleviate the financial impact.

Furthermore, learning these skills can increase your agency over your life. By understanding how to make your money work for you, you can be better equipped to make major financial decisions and achieve your financial goals.

Many people attempt to teach themselves these skills or wait until later in life, however, they should be taught in high school.

Last year, Sue Phillips, the Catlin Gabel (CGS) Upper School Librarian, co-led the immersive “How to Be a Millionaire.” When asked why high schoolers should learn about financial literacy, Sue said, “It's particularly helpful to students whose families don't talk about this with them at home, and I think that's a common situation whether families have significant resources or don't have very many resources.”

Sue also pointed out that college is often the first time people encounter financial difficulties. “They get like two credit cards and then they run up a debt on them. And then basically you're paying ridiculous extortionate interest rates on your credit cards and now you don't realize how much of a hole you can dig for yourself” said Sue.

CGS should prioritize a financial literacy class as it aligns with its educational philosophy. The school follows the principles of progressive education: inquiry based, educating for democracy, teaching for the whole child, and experiential learning. A financial literacy elective aligns with these values as students can pursue a topic of interest and learn about real-life topics.

Moreover, many American high school students already have the opportunity to take financial literacy courses. As of March 2025, 27 states require public school students to take a financial literacy course, one of which is Oregon. In 2023, the Oregon legislature passed Senate Bill 3, which requires public high school students to take a semester course in financial literacy.

Interim Upper School Academic Dean, Shannon Rush, said, “I think in general we should try to offer at least something similar to what's being offered elsewhere.” By not offering similar courses, CGS students are missing out on learning important life skills.

When asked about the possibility of taking a financial literacy course at CGS, students expressed its practicality. Sophomore Sammy Wells said, “I think it's important for students to be well rounded not just in a school smart kind of way. School is supposed to prepare you for the world and that is a class that is different from many other classes at CGS.”

While offering a financial literacy class at CGS would better prepare students for the future, introducing a new class can be challenging. Rush expressed concern about a financial literacy course taking time away from classes that might be more appealing to colleges. Rush said, “It's really tricky because we are a college prep school, we're balancing like what the colleges are looking for.”

However, this does not align with CGS’ values as the school does not explicitly state or advertise itself as a college prep school. As mentioned earlier, CGS is founded on the principles of progressive education, which closely aligns with a financial literacy course.

Despite the known benefits of a financial literacy course, introducing this class is not on the administration’s horizon, said Rush. However, for those interested in learning more about financial literacy, there are opportunities to take courses at Global Online Academy (GOA). Next school year, they are offering semester-long investing and personal finance courses.

OPINION: CGS should offer a financial literacy course