Michigan may become the last state to mandate a financial literacy course for high school graduation. Michigan State House passed a bill requiring all high school students to take at least one half-credit financial literacy course before graduation. The bill is now before the State Senate.
Bill 5190 introduced by Rep. Diana Farrington, R-Utica would amend Michigan’s merit program to include completion of a half-credit course in personal finance as a requirement for graduation. The requirement would apply to students graduating from high school in public schools, including charter schools. Farrington said in a statement:
If you are not learning at home or learning it yourself, this is a topic that can be missed. And financial education is so important in building a set of skills and good habits for our young adults in their day-to-day lives.
Research shows that students who get high-quality personal finance education in high school manage their finances better as adults. This year, the states of Florida and Georgia made personal finance education mandatory before graduation. The new bill, if approved, will make Michigan the 13th state in the nation to include financial literacy as a mandatory requirement for graduation. Currently, 47 states include personal finance in their high school curriculum.
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