Michigan may become the latest state to mandate a financial literacy course for high school graduation. Michigan state House passed a bill mandating all high school students to take at least a half-credit financial literacy course before graduation. The bill is now before the state Senate.
Bill 5190 introduced by Rep. Diana Farrington, R-Utica would modify the Michigan Merit Curriculum to include successful completion of a half-credit course in personal finance as a graduation requirement. The requirement would apply to students obtaining their high school diplomas from public schools, including charter schools. Farrington said in a statement:
If you're not learning at home, or teaching it to yourself, it's a topic that can be missed. And financial education is so important in building a set of skills and good habits for our young adults in their everyday life.
Research shows that students who acquire high-quality personal finance education in high school manage their finances better as adults. This year, the states of Florida and Georgia made personal finance education mandatory before graduation. The new bill if approved will make Michigan the 13th state in the country to include financial literacy as a mandatory graduation requirement. Currently, 47 states include personal finance in their high school curriculum.
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