Senate panel advances Rep. Farrington’s plan for personal finance education

Senate panel advances Rep. Farrington’s plan for personal finance education

The bipartisan Senate Committee on Education and Career Readiness today unanimously approved State Rep. Diana Farrington’s plan to require high school students to take a course on personal finance.

“Graduation season is upon us,” said Farrington, R-Utica. “As high school graduates begin the next stage of their journey, each of them will face new challenges, and managing their own finances can be an abrupt transition for many. My plan will provide future Michigan graduates with a solid foundation in basic financial principles, so they’ll be ready for their new responsibilities — and opportunities.

Farrington’s Bill 5190 would require public high school graduates to have taken a half-credit course in personal finance. At the discretion of the school board, the personal finance requirement could meet one-half credit of the four-credit math requirement, the two-credit non-English language requirement, or the requirement of a credit in visual, performing or applied arts. The personal finance course could also be taken as part of an approved vocational and technical training program.

The proposed change would first apply to students beginning eighth grade in 2023. HB 5190, which previously passed the House of Representatives with bipartisan support, is now before the full Senate for consideration.