Provides that juniors and seniors at secondary schools and students at the state and city universities of New York must take a financial literacy course

BILL NUMBER:S1525A

Title of bill

An act to amend the education law, in relation to requiring that secondary school students and students enrolled at the state university of New York or the city university of New York complete a financial literacy course

Purpose or general idea of bill

Provides that juniors and seniors at secondary schools and students at the state and city universities of New York must take a financial literacy course to better prepare themselves to prudently manage their finances in the future.

Summary of specific provisions

Section 1. Education Law Section 305 is amended by adding a new subdivision 43 to authorize the Commissioner of Education to develop a course or courses in financial literacy. Such course in financial literacy shall be completed by juniors or seniors in secondary schools and students enrolled at the state university of New York or the city university of New York in order to graduate. The course shall include, but not be limited to, instruction on obtaining and using credit and credit cards, investing, saving, and planning for retirement.

Section 2: Effective Date

Justification

In certain instances, the lack of financial literacy lead many unsuspecting individuals to enter into home or condo purchases, mortgages, other financial arrangements, or to select investments or retirement plans that they were later to regret. The purpose of this bill is to increase the financial literacy of our students and to give them a better base of information to prudently manage their financial affairs and to save for the future for themselves and their families.

Prior legislative history

2010: S.6345 Referred to Education - A.5506 Referred to Education

Fiscal implications for state and local governments

None.

Effective date

This act shall take effect immediately.