Bill requiring students to take personal finance classes in Michigan high schools shows legislature

Lansing, Michigan (Fox 2) – Not only will math, English, writing, and reading be required to graduate from high school in Michigan. A bill destined for a possible signature from the governor will now require students to complete a personal finance course before they can graduate.

By law, students entering eighth grade starting in 2023 will be required to complete a half-credit course in financial literacy.

Bipartisan popularity was on display on Wednesday when 94 lawmakers voted in favor of the bill — only 13 voted against it. It received a similar reception in the state Senate, where 35 senators voted in favor of the bill.

The bill’s appeal contrasts with the political tensions that have plagued the legislature in recent years.

Under the amended version of the bill, school boards that oversee each district’s curriculum can decide whether the personal financial credit meets math, visual arts or language requirements.

Diana Farrington, R-Utica, the bill’s lead sponsor, cited a survey by the National Endowment for Financial Education that showed widespread support for similar instructions.

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“At the most basic level, secondary education should prepare students for adult life,” Farrington said. “Personal finance should be a part of this educational setting. The financial literacy class will introduce students to basic financial concepts, and help them understand how to handle their personal budgets.”