Virginia requires financial literacy education for public school students, with mandates effective since 2023. The state has 70 financial literacy standards spanning 9 topic areas, covering grades 3-5, 6-8, 9-12.
Last updated: March 2026
Does Virginia Require Financial Literacy Education?
Yes. Virginia requires financial literacy instruction for public school students. Virginia requires financial literacy education as part of the Standards of Learning (SOL). The state integrated personal financial literacy standards across multiple grade levels, and some school districts offer standalone courses.
Mandate Details
- Status
- required
- Effective Year
- 2023
- Standalone Course
- Yes
- Grade Levels
- 3-5, 6-8, 9-12
- Legislation
-
SB 950 (2005); codified as Va. Code § 22.1-200.03 (2005)
HB 2112 (2009); 2009 Virginia Acts Ch. 802 (2009 (graduation requirement effective for 9th graders starting fall 2011; first graduating class 2015))
Key Agencies
What Are Virginia's Financial Literacy Standards?
Virginia has 70 financial literacy standards organized across 9 topic areas. These topics range from Education & Career Planning and Credit & Debt Management to Insurance & Risk Management, covering the full spectrum of personal finance education.
How Virginia School Districts Adopt Financial Literacy Curriculum
Virginia is a state adoption state, meaning curriculum must appear on a state-approved list before districts can purchase it with state funds. Virginia maintains a state-level textbook and instructional materials adoption process for certain subject areas, particularly mathematics, science, social studies, and English language arts.
Purchasing Process
Virginia operates a state adoption list system where the Virginia Department of Education (VDOE) reviews and approves instructional materials; districts must select from the state-approved list for designated subject areas, though they have discretion within that list.
Decision Level
The state establishes approved adoption lists for core subjects, but individual school districts make final selection decisions from the state-approved materials. Districts have flexibility in non-adoption-list subject areas.
Textbook Adoption Cycle
6 years
2030
Mathematics, Science, Social Studies, English Language Arts, and Financial Literacy
Virginia operates on a staggered adoption cycle. Different subject areas are reviewed in different years. The state typically cycles through core subject adoptions over a 6-year period. Vendors should verify specific adoption windows with VDOE for their subject area.
Cooperative Purchasing Options
Curriculum That Meets Virginia's Financial Literacy Standards
Districts looking for a standards-aligned financial literacy curriculum can use iKnowFi Academy — a self-paced, online platform built on the Absorb LMS that maps directly to Virginia's learning objectives. iKnowFi Academy covers 60 of 70 standards (85.7% coverage) across 10 courses.
Virginia Standards Coverage
85.7%Aligned Courses
Borrowing Money
Establishing Credit
Financial Building Blocks
Financial Preparation and Recovery
Making Housing Decisions
Managing Your Debt
Managing Your Money
The Importance of Saving
Using Credit Cards
Your Financial Future
Virginia's Financial Literacy Standards & iKnowFi Academy Alignment
All 70 standards — 60 covered by iKnowFi Academy.
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.4 | The student will demonstrate knowledge of the many factors that affect income by a) examining the market value of a worker's education, skills, training, knowledge, and credentials | 9-12 | Your Financial Future |
| EPF.4 | The student will demonstrate knowledge of the many factors that affect income by c) explaining the relationship between a person's own human capital and the resulting income potential | 9-12 | Your Financial Future |
| EPF.4 | The student will demonstrate knowledge of the many factors that affect income by d) performing an analysis of expenses and financial aid required for continuing education to expand human capital | 9-12 | Your Financial Future |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by a) identifying costs and benefits of postsecondary education | 9-12 | Your Financial Future |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by b) identifying sources of postsecondary education funding | 9-12 | Your Financial Future |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by d) describing types of aid which do not require repayment, including federal, state, and institutional grants | 9-12 | Your Financial Future |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by e) examining types of student loans, including federal and private, and understanding the associated risks | 9-12 | Your Financial Future |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by g) explaining repayment requirements and options for student loans, including income-appropriate repayment plans and options for loan forgiveness, cancellation, and discharge | 9-12 | Managing Your Debt |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by h) describing the options for borrowers struggling to make payments and the consequences of failure to repay student loans | 9-12 | Managing Your Debt |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by j) identifying the multiple pathways to postsecondary education and career preparedness | 9-12 | Your Financial Future |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by k) describing appropriate income levels needed to support student loan borrowing | 9-12 | Borrowing Money |
| EPF.4 | The student will demonstrate knowledge of the many factors that affect income by b) identifying the impact of human capital on production costs | 9-12 | — |
| EPF.4 | The student will demonstrate knowledge of the many factors that affect income by e) describing how changes in supply and demand for goods and services affect income | 9-12 | — |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by c) identifying the purpose of the Free Application for Federal Student Aid (FAFSA) in determining eligibility for grants, scholarships, and loans and the essential information needed to complete it | 9-12 | — |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by f) examining the requirements to remain eligible for financial aid | 9-12 | — |
| EPF.18 | The student will demonstrate knowledge of financing postsecondary education by i) describing benefits, eligibility requirements, and tax implications of state-sponsored tax-advantage-qualified tuition plans as investment options for postsecondary education (e.g., Virginia529 Plan) | 9-12 | — |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by a) evaluating the various methods of financing a purchase | 9-12 | Borrowing Money |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by b) analyzing credit card features and their impact on personal financial planning | 9-12 | Using Credit Cards |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by c) identifying qualifications needed to obtain credit and the information needed to complete a credit application | 9-12 | Establishing Credit |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by d) examining basic provisions of credit and loan laws | 9-12 | Borrowing Money |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by e) comparing terms and conditions of various sources of consumer credit | 9-12 | Borrowing Money |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by f) identifying strategies for effective debt management, including sources of assistance | 9-12 | Managing Your Debt |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by g) explaining the ways to build and maintain a good credit rating and the ramifications of an individual's credit score | 9-12 | Establishing Credit |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by h) comparing the costs and conditions of secured and unsecured loans | 9-12 | Borrowing Money |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by i) comparing the types of voluntary and involuntary bankruptcy and the implications of each | 9-12 | Managing Your Debt |
| EPF.13 | The student will demonstrate knowledge of credit and loan functions by j) comparing amortization schedules for a loan based on principal, time, annual percentage rate (APR), and different credit ratings | 9-12 | Borrowing Money |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.10 | The student will develop consumer skills by a) examining basic economic concepts (such as scarcity and opportunity cost) and their relation to product prices and consumer spending | 9-12 | Managing Your Money |
| EPF.10 | The student will develop consumer skills by b) describing common types of contracts and the implications of each | 9-12 | Making Housing Decisions |
| EPF.10 | The student will develop consumer skills by c) demonstrating comparison-shopping skills | 9-12 | Using Credit Cards |
| EPF.10 | The student will develop consumer skills by d) examining the importance of maintaining a system for personal financial records | 9-12 | Financial Building Blocks |
| EPF.10 | The student will develop consumer skills by e) examining the impact of advertising and marketing on consumer demand and decision making in the global marketplace | 9-12 | Managing Your Money |
| EPF.10 | The student will develop consumer skills by f) accessing reliable financial information from a variety of sources | 9-12 | Financial Preparation and Recovery |
| EPF.10 | The student will develop consumer skills by g) explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance | 9-12 | Financial Preparation and Recovery |
| EPF.10 | The student will develop consumer skills by h) examining precautions for protecting identity and other personal information | 9-12 | Financial Preparation and Recovery |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by a) differentiating among sources of income | 9-12 | Financial Building Blocks |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by b) calculating gross and net pay | 9-12 | Financial Building Blocks |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by c) investigating employee benefits and incentives (e.g., pretax savings opportunities) | 9-12 | Financial Building Blocks |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by d) describing the types and purposes of local, state, and federal taxes and the way each is levied and used | 9-12 | Financial Preparation and Recovery |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by e) exploring how tax structures affect individuals of different income levels | 9-12 | Financial Preparation and Recovery |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by f) computing local taxes on products and services | 9-12 | Financial Preparation and Recovery |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by g) completing standard employment tax forms | 9-12 | Financial Building Blocks |
| EPF.15 | The student will demonstrate knowledge of income earning, taxes, and reporting by h) describing information relevant to the completion of state and federal income tax forms | 9-12 | Financial Preparation and Recovery |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by c) comparing the costs and benefits of renting vs. purchasing a residence | 9-12 | Making Housing Decisions |
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by d) describing the process of renting a residence | 9-12 | Making Housing Decisions |
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by e) describing the process of purchasing a residence | 9-12 | Making Housing Decisions |
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by f) calculating the cost of utilities, services, maintenance, and other residential expenses | 9-12 | Making Housing Decisions |
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by g) evaluating discretionary spending decisions | 9-12 | Financial Building Blocks |
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by a) comparing the costs and benefits of purchasing vs. leasing a vehicle | 9-12 | — |
| EPF.11 | The student will demonstrate knowledge of planning for living and leisure expenses by b) calculating the total costs of owning and operating a vehicle | 9-12 | — |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.16 | The student will demonstrate knowledge of personal financial planning by a) identifying short-term and long-term personal financial goals | 9-12 | Managing Your Money |
| EPF.16 | The student will demonstrate knowledge of personal financial planning by b) identifying anticipated and unanticipated income and expenses | 9-12 | Financial Building Blocks |
| EPF.16 | The student will demonstrate knowledge of personal financial planning by c) defining terminology associated with inheritance and estate planning | 9-12 | Financial Preparation and Recovery |
| EPF.16 | The student will demonstrate knowledge of personal financial planning by d) examining components and purposes of a personal net worth statement | 9-12 | Financial Building Blocks |
| EPF.16 | The student will demonstrate knowledge of personal financial planning by e) developing a personal budget | 9-12 | Financial Building Blocks |
| EPF.16 | The student will demonstrate knowledge of personal financial planning by f) investigating the effects of government actions and economic conditions on personal financial planning | 9-12 | — |
| EPF.16 | The student will demonstrate knowledge of personal financial planning by g) explaining how economics influences a personal financial plan | 9-12 | — |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.12 | The student will demonstrate knowledge of banking transactions by a) evaluating services and related costs associated with personal banking | 9-12 | Managing Your Money |
| EPF.12 | The student will demonstrate knowledge of banking transactions by b) differentiating among types of electronic monetary transactions | 9-12 | Managing Your Money |
| EPF.12 | The student will demonstrate knowledge of banking transactions by c) reconciling bank statements | 9-12 | Managing Your Money |
| EPF.12 | The student will demonstrate knowledge of banking transactions by d) comparing costs and benefits of online and traditional banking | 9-12 | Managing Your Money |
| EPF.12 | The student will demonstrate knowledge of banking transactions by e) examining how financial institutions affect personal financial planning | 9-12 | Managing Your Money |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.17 | The student will demonstrate knowledge of investment and savings planning by a) comparing the impact of simple interest vs. compound interest on savings | 9-12 | The Importance of Saving |
| EPF.17 | The student will demonstrate knowledge of investment and savings planning by b) comparing various options for investment and savings | 9-12 | The Importance of Saving |
| EPF.17 | The student will demonstrate knowledge of investment and savings planning by c) examining the fundamental workings of Social Security and the system's effects on retirement planning | 9-12 | Your Financial Future |
| EPF.17 | The student will demonstrate knowledge of investment and savings planning by d) comparing various options for long-term planning (e.g., Virginia529 Plan, retirement plans) | 9-12 | Your Financial Future |
| EPF.17 | The student will demonstrate knowledge of investment and savings planning by e) describing how the stock market works | 9-12 | Your Financial Future |
| ID | Standard | Grade | iKnowFi Academy Course |
|---|---|---|---|
| EPF.14 | The student will demonstrate knowledge of the role of insurance in risk management by a) identifying different ways to manage risk | 9-12 | Financial Preparation and Recovery |
| EPF.14 | The student will demonstrate knowledge of the role of insurance in risk management by b) evaluating insurance as a risk management strategy | 9-12 | Financial Preparation and Recovery |
| EPF.14 | The student will demonstrate knowledge of the role of insurance in risk management by c) distinguishing among the types, costs, and benefits of insurance coverage, including identity theft, automobile, life, property, and health | 9-12 | Financial Preparation and Recovery |
| EPF.14 | The student will demonstrate knowledge of the role of insurance in risk management by d) examining potential ramifications of lifestyle choices on premiums, insurability, and employability | 9-12 | — |
Virginia Financial Literacy FAQ
Yes. Virginia requires financial literacy instruction, effective since 2023.
Virginia requires financial literacy education as part of the Standards of Learning (SOL). The state integrated personal financial literacy standards across multiple grade levels, and some school districts offer standalone courses.
Virginia's financial literacy requirements are established by SB 950 (2005); codified as Va. Code § 22.1-200.03 and HB 2112 (2009); 2009 Virginia Acts Ch. 802.
Directed the Virginia Board of Education to establish objectives for economics education and financial literacy required of all students at the middle and high school levels, and provided for systematic infusion of economic principles into Standards of Learning. Required local school boards to implement educational objectives emphasizing economics education and financial literacy at the middle and high school levels, and established one standard unit of credit in Economics and Personal Finance as a graduation requirement beginning with students entering 9th grade in fall 2011.
Virginia's financial literacy standards apply to grades 3-5, 6-8, 9-12. A standalone course is required.
Virginia has 70 financial literacy standards spanning 9 topic areas including Education & Career Planning, Credit & Debt Management, Consumer Skills & Protection, Income & Taxes, Budgeting & Money Management.
Virginia's 70 standards are organized across 9 topics: Education & Career Planning, Credit & Debt Management, Consumer Skills & Protection, Income & Taxes, Budgeting & Money Management, Banking & Financial Services, Financial Planning & Goal Setting, Saving & Investing, Insurance & Risk Management.
Virginia uses a state adoption process. Districts select from a state-approved vendor list.
Virginia operates a state adoption list system where the Virginia Department of Education (VDOE) reviews and approves instructional materials; districts must select from the state-approved list for designated subject areas, though they have discretion within that list.
iKnowFi Academy covers 60 of Virginia's 70 financial literacy standards (86% coverage) across 10 self-paced online courses.
Each course is aligned to Virginia's specific learning objectives, built on the Absorb LMS, and includes built-in assessments. Teachers assign them and students work independently.
Virginia's next curriculum review is scheduled for 2030 on a 6-year cycle.
Virginia operates on a staggered adoption cycle. Different subject areas are reviewed in different years. The state typically cycles through core subject adoptions over a 6-year period. Vendors should verify specific adoption windows with VDOE for their subject area.
Get Your Free Virginia Standards Alignment Report
See exactly how iKnowFi Academy maps to each of Virginia's 70 financial literacy standards — standard by standard, module by module.
- 60 of 70 standards covered
- 10 self-paced courses, ready to assign
- Built-in assessments and progress tracking
- No schedule changes needed — students work independently
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