This study investigates perception-bias in financial knowledge, defined as the misalignment between subjective and objective financial knowledge, and evaluates how state-level mandates for high school economics and personal finance education shape this bias. Using pooled data from the 2009–2021 National Financial Capability Study merged with the Council for Economic Education’s Survey of the States, the analysis applies a two-stage residual-based approach to quantify over- and underconfidence. Results show that while implementing economics courses is associated with greater underconfidence, rigorous economics standards and personal finance mandates significantly reduce perception-bias. However, heightened rigor in financial education requirements yields no measurable effect, and for young adults (ages 18–24), rigorous economics mandates may even increase underconfidence. These findings suggest that curriculum design and rigor influence not only knowledge levels but also the accuracy of self-assessment. The study highlights implications for educators, policymakers, and researchers by showing how educational mandates affect confidence calibration in financial literacy, a factor critical for informed consumer behavior and household economic well-being.
