New Bill for Financial Literacy in Connecticut

money jim stigmanThe Department of Education in Connecticut is now required to offer a course dedicated to financial literacy in the state’s high schools and colleges. While there was a bill approved by the House of Representatives, there was no mandate put in place. This means that educational institutions will be required to offer the class, but students are not necessarily required to take it.

Connecticut high schoolers are currently required to take credits in career and life skills. As of the class of 2020, courses in financial literacy will begin to count within the career and life skills area. Present law instructs schools to teach personal finance, as far as proper usage of credit and debit cards. However, the new regulations will require the inclusion of the background of the labor movement and free-market capitalism to be counted too.

The financial literacy curriculum will be developed with the help of the state’s Department of Education, the board of regents of higher education, and the board of trustees for the University of Connecticut. Topics will include personal finance, the banking system, savings, and investments. Votes from the House of Representatives were in favor at a difference of 144 to 2. Rep. Bill Simanski points out the value in the type of curriculum. He shared that financial literacy is a key to success especially for young adults. He wishes that something like this existed when his children were in college and high school.

To learn more about this curriculum bill passed for Connecticut, visit the Courant online here.