Personal Finance Classes To Become Mandatory In Michigan Schools
- How much will I pay if I carry a balance on my credit cards?
- How much will it cost me to finance a car loan?
- How do I know exactly how much money is in my savings or checking account?
The answers to these types of questions are often elusive to high school students and even young adults, but a new bill in Lansing may change that.
A Requirement for Graduation
High school students in Michigan will soon be required to take a personal finance course before they can graduate.
The Michigan House of Representatives just passed House Bill 5190 on Tuesday, which will make the course mandatory for graduation. The measure was approved by the state Senate in May. Governor Gretchen Whitmer's signature will make Michigan the 14th state in the US to make such a requirement for students.
According to CNBC, State Representative Diana Farrington of Utica sponsored the bill. She says it's imperative that students have a minimum understanding of personal finances.
“At the most fundamental level, a high school education must prepare students for adult life,” she said in a statement. "A financial literacy class will familiarize students with key financial concepts, helping them understand how to handle their personal budgets.”
The bill will require all high school students in our state to take a half-credit course on the basics of personal finances. Once the bill is signed, will go into effect for all students entering the eighth grade in the 2023 school year.