Michigan will be the 14th state to mandate personal finance education
Michigan Governor Gretchen Whitmer poses at an event where General Motors announced an investment of more than $7 billion in four Michigan manufacturing sites on January 25, 2022 in Lansing, Michigan.
Jeff Kowalski | AFP | Getty Images
High school students in Michigan will soon be taking a course in personal finance before they graduate.
The Michigan House of Representatives on Tuesday approved HB 5190 by 94 votes to 13. The bill passed the Senate in May by 35 votes to two. After that, it will be sent to Governor Gretchen Whitmer to sign the act.
Signing will make Michigan 14The tenth A mandate to enforce personal finance education at the high school level, according to the Next Gen Personal Finance bill tracker.
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“At a basic level, high school education should prepare students for adult life,” Representative Diana Farrington of the Republic of Utica, a sponsor of the bill, said in a statement.
“Personal finance should be part of this educational setting,” she added. “The financial literacy class will introduce students to basic financial concepts, and help them understand how to handle their personal budgets.”
Invoice details
Michigan’s Personal Finance Act was first passed by the state House of Representatives in December by 57-43 votes. It was amended and sent to the Senate, where it passed 35-2 in May.
Because the bill was amended, the House had to vote on it again before it was sent to the governor for signature.
The Michigan Bill requires that all high school students take a half-credit course in personal finance before graduation. This course may be considered as Mathematics, Arts, Language or Language other than English language requirements at the discretion of local school boards.
When the bill is signed, it will take effect for students starting from 8The tenth class in the 2023 school year.
The legislation was supported by the Michigan Association of Bankers, the Michigan State Credit Union Association and the Michigan Board of Economic Education. In addition, two of the state’s largest school districts, Oakland Schools and Wayne RESA (Regional Educational Services Agency) supported the bill.
growing trend
The legislation is the latest to pass with overwhelming bipartisan support. Earlier this year, Florida and Georgia passed similar laws ensuring access to a personal finance course for all students.
“In an age of polarization, that seems to be something everyone could agree on,” said Tim Ranzita, co-founder of Next Gen Personal Finance.
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