Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course

BILL NUMBER:S3040A

Title of bill

An act to amend the education law, in relation to requiring secondary school students to complete a financial literacy and personal finances course

Purpose or general idea of bill

Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances 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 subdivi- sion 44 to authorize the Commissioner of Education to develop a course or courses in financial literacy and personal finances. Such course in financial literacy shall be completed by juniors or seniors in secondary schools. The course shall include, but need not be limited to, instruc- tion on obtaining and using checking, debit and savings accounts, under- standing the use of credit and credit cards for both large and small purchases, investing, saving, and planning for retirement.

Section 2: Effective Date

Justification

In certain instances, the lack of financial literacy and a working knowledge about personal finances may lead many unsuspecting individuals to enter into home or condo purchases, auto loans, mort- gages, other financial arrangements, or to select investments or retire- ment 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 2012: S. 1525 Referred to Education A.9802 (Heast- ie) Ref. to Education

Fiscal implications for state and local governments

None.

Effective date

This act shall take effect September 1 the year after it shall have become law.