LANSING, Mich. (WJRT) – Michigan lawmakers are considering changing the high school curriculum by requiring students to take a personal finance course before graduation.
The House education committee heard testimony on House Bill 5190, which would require all students to take a half-credit financial literacy course to graduate. It would cover topics such as earning, spending, borrowing, saving and investing money.
“Michigan schools have an obligation to prepare students for success after graduation,” said Republican State Representative Diana Farrington of Utica. “Personal finances are one of life’s most important responsibilities as graduates move into adulthood, but our curriculum has neglected to prepare our youth to manage their resources wisely. “
Students in public and charter high schools are currently required to take an economics course, which may be replaced by a personal finance course. Farrington’s bill would remove the option and require both a course in economics and personal finance.
To make way for the addition of a personal finance course, Farrington proposed reducing the non-English language learning requirement from two credits to 1.5 credits.
The House education committee did not vote on the personal finance bill. It should be passed there, in the House and in the Senate before Governor Gretchen Whitmer can consider enacting it.
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