Whitmer signs bill to add financial literacy course to Michigan high school curriculum

Requirement takes effect in 2024

Classroom, generic. Photo by Katerina Holmes (Pexels)

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.

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Ken Haddad has proudly been with WDIV/ClickOnDetroit since 2013. He also authors the Morning Report Newsletter and various other newsletters, and helps lead the WDIV Insider team. He's a big sports fan and is constantly sipping Lions Kool-Aid.