Michigan has now officially become the 14th state in the U.S. to require a personal finance education course before high school graduation.
Gov. Whitmer signed House Bill (HB) 5190 which was drafted by republican state representative Diana Farrington, R-Utica. The legislation passed the state’s House of Representatives and Senate with bipartisan support.
In a statement Gov. Whitmer said she was “proud to sign this bipartisan bill” she added, “Every young Michigander deserves to know how to budget, save, and invest their money wisely so they can get off a great start after high school, whether they go to college, start working or open a small business.”
The legislation which is supported by the Michigan Bankers Association, Michigan Credit Union League and the Council for Economic Education is a great step in helping students succeed financially after school.
Michigan’s new law requires that all high school students take a half-credit course in personal finance before they graduate. That course can count as a math, arts, or even a language course, other than English at the discretion of the local school boards.
Representative Diana Farrington, republican from Utica; the primary sponsor on the bill said, having this course requirement will help set up Michigan students for success in adulthood. She went on to say, “Establishing a core class dedicated to financial literacy has been a years-long labor of love for me, and I’m truly excited for the students who will fly to new heights through a fuller, richer education,”
The law will go into effect for students starting at eighth grade in the 2023-2024 school year