There is school. Then there is the school of hard knocks. And for decades people have complained that the things they learned in the former hasn't helped them much in the latter. When you're doing your taxes and trying to budget for a new home, skills learned in physics class don't come in handy.

That's why Utah schools and Democratic legislators are teaming up to push for "financial literacy education." The program, as it's outlined, would help teachers to incorporate real-world problems into their lessons about fractions, percentages and such. The hope is to avoid another layer of course work and get kids more interested in basic accounting and math skills by showing how current classes can work to their personal advantage.

Statistics point out the need. Only 21 percent of students between the ages of 16 and 22 nationally have taken a personal finance course of any kind. Only 7 percent of parents say their children have any sense about managing money.

In the Utah proposal, school districts would integrate key ideas about money into the course work for grades 7-12. Students can decide if they want to go the "financial literacy passport" route or opt out.

If students sign up, instructors will be able to coach them in savings and investing, banking services, buying insurance, avoiding identity theft, dealing with credit cards, making online purchases and — at the same time — offer some good lifestyle information about the consequences of gambling and the importance of charitable giving.

The need is there, not only in the lives of American students, but in the financial health of society itself. In 2001, American teens spent $172 billion — the equivalent of Mexico's annual exports. They spend, on average, $104 a week and tend to spend 98 percent of their money. Those dollar amounts likely will double or triple over the next decade.

Now is the time to meet the needs. A good practical education in money matters will not only help students to retain information they learn in class but will give them ways to apply that information in the proverbial school of hard knocks.