LANSING, Mich. (WJRT) – Michigan lawmakers passed a bill this week requiring high school students to complete a personal finance course before graduation.
The Michigan House and Senate both passed House Bill 5190, which would mandate all students pass a half-credit financial literacy class to graduate. It would cover topics like earning, spending, borrowing, saving and investing money.
“At the most fundamental level, a high school education must prepare students for adult life,” said Republican State Rep. Diana Farrington, who sponsored the bill. “Personal finance should be part of that educational preparation.”
She believes the personal finance class will help set up graduates for success later in life. It would be mandated for all high school students beginning with the freshman class of 2024.
“A financial literacy class will familiarize students with key financial concepts, helping them understand how to handle their personal budgets,” Farrington said.
Students in public and charter high schools currently must take a course in economics, which can be substituted with a personal finance class. Farrington’s bill would remove the option and require both an economics and personal finance course.
To make way for the addition of a personal finance class, the bill allows schools to reduce math, foreign language or visual arts requirements by a half credit.
Farrington’s bill now heads to Gov. Gretchen Whitmer, who can sign it into law or veto it.