There’s debt, and then there’s debt. Many North Carolinians might not be aware that student loan debt has become the greatest form of debt in the U.S. In a few years there may be more student loan debt in America than there is mortgage debt. As of now, 45 million students owe more than $1.5 trillion for student loans.

Student-loan debt isn’t the only worry. Many Americans can’t seem to get, or stay, above water when it comes to finances. There are many reasons for this, but here are a few facts that point out the severity of the problem:

• 40% of Americans would not be able to financially endure an unexpected $400 bill without going into debt or selling something.
• Half of all Americans have more in credit-card debt than they do in savings.
• The average North Carolina household carries $8,683 in credit card debt.
• 21% percent of Americans have no money saved for retirement.
• A third of all Americans have less than $5,000 saved.
• Only 15% of Americans are on track to fund one year of retirement.

Those are sobering facts that were all pointed out in a social media post last June by North Carolina Lt. Gov. Dan Forest. Forest, at the time, was making a strong statement, not only about crushing debt, but about the need to teach children personal finance before they head out in the working world; before they have the chance to rack up debt.

In June, legislation was passed that requires every North Carolina high school student to take a class on economics and personal finances. They’ll learn about taxes and tax forms, making a personal budget, savings, 401ks, what interest is, how to get a mortgage or grants for college, credit and the true cost of credit-card debt. It’s a class teaching everything every person needs to know to get by as an adult; an education that previously most just muddled through and learned on a need-to-know basis. Students will graduate with practical knowledge that will help them navigate adulthood.

Though some object to economics and personal finance replacing a second American history requirement, the trade is both practical and proactive. Yes, history is important, but so is teaching children to not grow up to be one of those statistics listed above.

Forest’s post ended with this: “This is not political. This is necessary for the future of North Carolina.”

There’s truth in that. It’s not political; it’s crucial to give children the tools to support themselves, to make informed decisions — and that’s what education is all about.