Georgia, Texas, and Idaho passed mandates around 2003 and 2004 that required at least a half-year course in financial education for high school graduation. The mandates varied somewhat in intensity; for example, Georgia required testing while Idaho did not. However, all mandates included curriculum standards and model curriculum. Students from all three states who took the required personal finance course showed improved credit scores and less delinquency on credit accounts after graduation. This study also revealed an important point related to implementation: some of the first student cohort to graduate with the requirement in place showed small, or in some cases even negative, effects, demonstrating that teachers and students might need time to adjust to changes in the curriculum. More on this research can be found in a report published by the FINRA Investor Education Foundation.