What's happening
This bill requires New York secondary school students in grades 11 and 12 to complete a financial literacy and personal finance course.
Why it matters
Could help address widespread financial illiteracy. by mandating that all high school juniors and seniors take a financial literacy course, the bill aims to equip young adults with essential life skills before they graduate, potentially reducing future financial mistakes and debt.
Flexible integration into existing curricula. the course does not have to be a standalone class, allowing schools to incorporate financial literacy into social studies, math, or other subjects, which could make implementation easier and more efficient.
Covers practical, real-world topics. the curriculum may include managing bank accounts, using credit and debit cards, securing loans, investing, saving, and retirement planning, giving students knowledge they can use immediately and throughout adulthood.
Statewide standards and oversight. the bill requires the New York Commissioner of Education to develop and oversee the course content, helping ensure consistency and quality in what students across the state learn.
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Who cares
Headline styles
Require High School Finance Class
Plain English, a few words. Used as the page title.
Sponsors
No co-sponsors yet.
History
- Referred to education
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8460
IN SENATE
May 8, 2018
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Education
AN ACT to amend the education law, in relation to requiring secondary school students to complete a financial literacy and personal finances course
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 305 of the education law is amended by adding a new subdivision 57 to read as follows:
57. The commissioner is authorized and directed to develop a concise course of instruction in financial literacy and personal finances, and require that such course be completed by pupils in grades eleven and twelve. Such course of instruction may be incorporated into other class work or courses of instruction provided to such pupils. The financial literacy course may include, but need not be limited to instruction on using checking and savings accounts, obtaining short or long term credit, securing a loan for high cost items such as a motor vehicle or a home, obtaining and using credit and debit cards, investing and saving money, and planning for retirement.
§ 2. This act shall take effect on the first of September in the calendar year commencing after the date it shall have become a law; and the commissioner of education is immediately authorized and directed to promulgate, amend and/or repeal any rules and regulations necessary to implement the provisions of this act on its effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00416-03-8
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
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 or be given course mate- rials in other already existing classes to better prepare themselves to prudently manage their finances in the future. Such information can be incorporated in already existing classes to reduce any burden placed on requiring additional mandates on the school day.
Summary of specific provisions
,Section 1. Education Law Section 305 is amended by adding a new subdi- vision 55 to authorize the Commissioner of Education to develop a course or courses in financial literacy and personal finances. Such course in financial literacy can be completed by juniors or seniors in secondary schools. The course can include, but need not be limited to, instruction on obtaining and using checking, debit and savings accounts, understand- ing the use of credit and credit cards for both large and small purchases, investing, saving, and planning for retirement. In addition, the instruction of financial literacy, if not offered in one class, could be offered in an integrated manner in other already existing course work to minimize any burdens placed on adding additional required course work during the school day. This amendment made in 2016 was done to conform to Chapter Laws that were enacted in 2015.
Section 2: Effective Date
Justification
In certain instances, the lack of financial literacy and a working know- ledge about personal finances may lead many unsuspecting individuals to enter into home or condo purchases, auto loans, mortgages, other finan- cial 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 2012 S.1525 Referred to Education/A.9802(Heastie)Referred to Education 2014 S.3040 Referred to Education/A.4142 Referred to Education 2015-16 A.9238 Referred to Education / S.2899-A Referred 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.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.