HFEC principal discusses financial literacy class on CW50

Recently, Majed Fadlallah, principal of the Henry Ford Early College (HFEC) spoke to Jackie Paige on CW50 to speak about the new Financial Empowerment Curriculum, which teaches young people the basic principles of money management.

Starting in the Fall 2021 semester, all students enrolled in one of HFC's dual enrollment programs with the Dearborn Public Schools, such as HFEC, will be required to take this class. It will count as a fourth-year math requirement for high school seniors. The State of Michigan has empowered HFC and the Dearborn district to pilot a program that teaches financial literacy. This is to be the start of anticipated programs and partnerships between other Michigan school districts and community colleges.

The Winter 2021 semester marked the first term the Personal Finance course was taught. The 3-credit college course is taught by HFC instructors or by Dearborn district teachers who are qualified to teach at the College. Students attending one of the Dearborn district’s three high schools – Dearborn High School, Edsel Ford High School, and Fordson High School – can enroll in a Personal Finance class concurrently with HFC, gaining valuable financial life skills while earning college credit.

Nearly half of the states in the nation require financial literacy classes to be taught in high school. Michigan is not one of these states. This program is the first step into finding a comprehensive plan for financial literacy in the state. The financial empowerment curriculum will include money management concepts such as budgeting, setting financial goals, insurance, loans and savings. Other lessons within the course include investing, employee benefits, and retirement funds. The long-term goal is to give students the skills to build a financially healthy life from a young age.

“Students love this class when they take it,” Fadlallah said during the interview. “There’s a need for it.”