Michigan Gov. Gretchen Whitmer has officially signed into a law a plan to add a financial literacy course to the state’s high school curriculum.
House Bill 5190, introduced by State Representative Diana Farrington (R-Utica), adds a half-credit personal finance course as a high school graduation requirement, starting with ninth-graders in 2024.
The course requirement could fulfill a half credit of the four-credit mathematics requirement, the two-credit language other than English requirement, or the one-credit visual, performing, or applied arts requirement. The course could also be completed as part of an approved career and technical education program.
“As a mom, I want every kid who graduates in Michigan to enter the world with a diverse set of skills and knowledge, and that must include financial literacy,” said Governor Whitmer. “I am proud to sign this bipartisan bill requiring all public school students to take a personal finance course. 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. Since I took office, we have worked side by side to put Michigan students first, making historic investments in preK-12 education to improve every kid’s in-class experience and school facilities. Today’s bill will bolster the state’s education curriculum and I look forward to signing another balanced budget so we can build on our bipartisan education investments.”
“Personal finance education will serve as a launchpad for Michigan graduates lifting off into adulthood, so they won’t be caught off guard by the financial decisions that await them,” said State Representative Diana Farrington, R-Utica. “The course will teach students how to manage their finances. They’ll be prepared to make smart, everyday budget choices — and equipped to handle the challenges that come their way. 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.”
Michigan joins eight other states that will or already do require it, but more states are in the process of adding it.