Is Your State Flunking Financial Education?

Education high school
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School may be out for the summer, but the states just got a new report card.

A new report grades states' efforts to provide financial education, and the results aren't pretty.

"Just 40 percent of states were given grades that you would want your children to bring home from school—grades A or B," the report says. And 11 states, or 22 percent, earned an F.

The center's report follows an analysis of national financial literacy published earlier this year by the Financial Industry Regulatory Authority. That study found that nationwide, financial literacy actually declined slightly from 2009 to 2012.

(Read More: Financial Literacy Education Efforts Get Failing Grade)

The good news is that there are some changes afoot. The Council of Graduate Schools is making grants to some colleges and universities to design financial literacy programs. And in Arizona, which got a B in the report, will this fall start requiring personal finance teaching starting in first grade.

"We would not allow a young person to get in the driver's seat of a car without requiring drivers education, and yet we allow our youth to enter the complex financial world often without any related education," the center's report said. "An uneducated individual armed with a credit card, a student loan and access to a mortgage can be nearly as dangerous to themselves and their community as a person with no training behind the wheel of a car."

By CNBC's Kelley Holland