Starting next school year, high school students in North Carolina will be required to take and pass a personal finance course in order to graduate.

WTVD reports the mandate from the state board of education was approved earlier this month and will apply to freshman students entering into the 2020-2021 school year.

To make room for the new course, students now only have to take one class on American history instead of two.

State officials say the change won't result in less student knowledge of American history. A revamped high school civics class also will contain history.

Supporters of the personal-finance course believe it will help students become savvy consumers as adults.

The financial literacy course would require students to learn about:

  • The true cost of credit
  • Choosing and managing a credit card
  • Borrowing money for an automobile or other large purchase
  • Home mortgages
  • Credit scoring and credit reports
  • Planning and paying for post-secondary education
  • Other relevant financial literacy issues