What's happening
This bill requires all New York secondary school students to complete a financial and insurance literacy course as a graduation requirement.
Why it matters
Equips students with practical life skills. By mandating education in money management, investment, insurance, and retirement planning, the bill aims to better prepare all graduates for real-world financial decisions, potentially reducing future financial hardship and misunderstandings about financial products.
Promotes equity and standardization. Because the curriculum will be developed at the state level and required for all secondary students, it helps ensure that financial and insurance literacy is not limited to students in certain schools or socioeconomic backgrounds, narrowing educational gaps.
Flexible implementation for schools. Districts can integrate the required content into existing courses (like math or social studies) or offer a separate class if there’s funding, which may ease adoption and allow local adaptation without overhauling current curricula.
Long-term societal impact. Improving financial and insurance literacy at a young age can lead to greater financial stability, wiser consumer choices, and reduced vulnerability to predatory practices, benefiting both individuals and the broader economy.
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Who cares
Headline styles
Teach Financial Skills in Schools
Plain English, a few words. Used as the page title.
Sponsors
1 Co-sponsor
History
- Referred 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 Financial Literacy in Schools
In Assembly Committee · Education · Sponsor Michaelle C. Solages
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
677
2025-2026 Regular Sessions
IN SENATE (Prefiled)
January 8, 2025
Introduced by Sen. MARTINEZ -- 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 establishing instruction in financial and insurance literacy
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 819 to read as follows:
§ 819. Instruction in financial and insurance literacy. 1. The commissioner shall develop and adopt curriculum standards for instruction in financial and insurance literacy to be completed by students enrolled in secondary school. Upon the effective date of this section, each local board of education shall require all students in grades nine through twelve, as a condition of graduation, to complete at least a half-credit course in financial and insurance literacy which implements the minimum course of instruction standards established pursuant to this section.
2. Such standards shall include but not be limited to instruction in core competencies of money management and investment and basic principles of personal insurance policies and retirement planning. Such instruction may be provided in the context of existing coursework offered by a local school system and shall be eligible to count toward a mathematics, social studies or elective unit of credit requirement for graduation. Subject to state-appropriated funding, local school boards may provide a unit of study related to financial and insurance literacy separate from existing coursework.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD00337-01-5
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 establishing instruc- tion in financial and insurance literacy
Purpose
The purpose of this legislation is to ensure all high school students are taught a curriculum that includes instruction in financial and insurance literacy.
Summary of provisions
Section 1. The education law is amended by adding a new section 819 authorizing the commissioner of education to develop and adopt a curric- ulum for financial and insurance literacy. This section further clari- fies that each local board of education shall require all students grades nine through twelve to complete a half-credit course of financial and insurance literacy prior to graduation and allows flexibility to each local school system to meet this requirement.
Section 2. Establishes the enacting clause.
Justification
Educating students on financial and insurance literacy is crucial to better equip them for the many circumstances in life in which such know- ledge is necessary. Through a curriculum containing financial and insur- ance literacy, students will be provided with the necessary tools to navigate complex insurance policies and financial decisions. Comprehen- sion in key concepts such as budgeting, investing, personal insurance policies, and retirement saving will enable our youth to effectively manage their money, avoid debt traps and scams, and plan for future financial security. Education in financial and insurance literacy has been proven to empower our young population to make more informed deci- sions about insurance coverage and protect themselves and their assets from unforeseen risks.
Experts and researchers have seen positive outcomes of financial litera- cy education in other states that have implemented such including Geor- gia, Idaho, and Texas, with those states reporting relatively higher credit scores and lower relative delinquency rates for students who took a course compared to those who did not. New York State Comptroller Tom DiNapoli and Education Commissioner Betty Rosa have expressed their strong support for financial and insurance literacy education highlight- ing that "financial literacy can be a great equalizer for students and New York cannot afford to wait."' This legislation will help New York foster an educational community which stresses the importance of finan- cial independence and resilience in the face of economic challenges.
Fiscal implications
None.
Effective date
This act shall take effect immediately. 1 New York State Education Department Commissioner Rosa Op-Ed: We Should Be Teaching Financial Literacy in New York's High Schools, Betty A. Rosa and Thomas P. Di Napoli. Retrieved from: https://www.nysed.gov/news/2024/commissioner-rosa-op-ed-we-should- be-teaching-financial-literacy-new-yorks-high-schools
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.