What's happening
This bill authorizes New York schools to provide financial management instruction for grades 4-8, with state-developed curriculum and resources.
Why it matters
Empowers schools to address a critical life skill. by letting them teach personal finance topics—such as budgeting, saving, credit, and insurance—to younger students, potentially helping to bridge knowledge gaps before high school.
State oversight ensures quality and consistency. since the commissioner will define the program and provide age-appropriate curricula guidance, helping to avoid misinformation or inadequate coverage of financial topics.
Offers flexibility and support to districts. by making model curriculum and resource materials available online, lowering barriers for schools to adopt or enhance financial education even if they lack in-house expertise.
Early intervention may improve long-term outcomes. as teaching financial literacy in grades 4-8 could help students develop healthier financial habits and decision-making skills before they encounter real-world financial responsibilities.
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Who cares
Headline styles
Teach Kids Money Skills
Plain English, a few words. Used as the page title.
Sponsors
3 Co-sponsors
History
- Referred to education
- Print number 4970b
- Amend and recommit to education
- Print number 4970a
- Amend and recommit to education
- Referred to education
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Teach Kids Money Skills
In Assembly Committee · Education · Sponsor Stacey Pheffer Amato
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
4970--B
2019-2020 Regular Sessions
IN SENATE
April 3, 2019
Introduced by Sen. ADDABBO -- read twice and ordered printed, and when printed to be committed to the Committee on Education -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee
AN ACT to amend the education law, in relation to instruction in financial management
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The education law is amended by adding a new section 817 to read as follows:
§ 817. Courses of study in financial management. 1. All school districts in the state shall be authorized to provide, to pupils in grades four through eight, instruction in financial management including, but not limited to, basic financial literacy necessary for sound financial decision-making, budgeting, savings, credit, debt, insurance, investment, and other issues associated with personal financial responsibility. The commissioner shall establish and define such financial management program in regulations. Nothing in this section shall prevent the department from making model curriculum and resource materials available on the department's website.
2. The commissioner shall provide technical assistance in the development of curricula for such courses of study which shall be age appropriate and developed according to the needs and abilities of pupils at successive grade levels in order to provide pupils with financial management skills.
§ 2. This act shall take effect on the first of July next succeeding the date on which it shall have become a law. Effective immediately, the addition, amendment and/or repeal of any rule or regulation necessary for the implementation of this act on its effective date are authorized to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08573-04-9
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 instruction in financial management
Summary of provisions
Amend the education law by adding a new section which would mandate all school districts to provide instruction in financial management includ- ing, but not limited to, basic financial literacy necessary for sound financial decision making, budgeting, savings, credit, debt, insurance, investment, and other issues associated with personal financial respon- sibility.
Justification
Financial literacy is an extremely beneficial tool in improving finan- cial capability for young people. Many students are unprepared and unin- formed regarding financial choices as they transition into adulthood. By incorporating lessons about financial responsibility, students can learn different aspects of finance management and feel empowered about their own financial futures.
Students in grades fourth through eight are in need of a full and well- rounded education, including this instruction in financial management. This law will provide the necessary funds to mandate all schools to provide their students with a strong background in financial literacy and responsibility.
Prior legislative history
New bill.
Fiscal implications for state and local governments
To be determined.
Effective date
This act shall take effect the first of July next succeeding the date on which it it shall have become a law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.