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LANSING -- Gov. Gretchen Whitmer has signed House Bill 5190, a bipartisan bill updating Michigan's high school curriculum to include a financial literacy course for the first time in state history, according to a Thursday release from her office.
The bill will prepare young Michigan residents for the future and empower them to take control of their finances.
"As a mom, I want every kid who graduates in Michigan to enter the world with a diverse set of skills and knowledge, and that must include financial literacy," Whitmer said. "I am proud to sign this bipartisan bill requiring all public school students to take a personal finance course. Every young (Michigan resident) deserves to know how to budget, save, and invest their money wisely, so they can get off to a great start after high school, whether they go to college, start working or open a small business.
"Since I took office, we have worked side by side to put Michigan students first, making historic investments in pre-K-12 education to improve every kid's in-class experience and school facilities. Today's bill will bolster the state's education curriculum and I look forward to signing another balanced budget so we can build on our bipartisan education investments."
Lt. Gov. Garlin Gilchrist added: "We must invest in financial literacy early on to set our students up for success later in life. This bipartisan bill is a critical step forward. It will teach (students) important skills like budgeting and saving and help them make good financial decisions that pay dividends down the road. Gov. Whitmer and I are proud of the progress we have made investing in our schools and getting kids the resources they need after a tough few years, and we will continue standing tall for Michigan's students."
State Rep. Diana Farrington, R-Utica, who sponsored the bill, said that personal finance education will serve as a launch pad for Michigan graduates lifting off into adulthood, so they will not be caught off guard by the financial decisions that await them.
"The course will teach students how to manage their finances," Farrington said. "They'll be prepared to make smart, everyday budget choices, and equipped to handle the challenges that come their way. Establishing a core class dedicated to financial literacy has been a years-long labor of love for me, and I'm truly excited for the students who will fly to new heights through a fuller, richer education."
HB 5190 would add a half-credit personal finance course as a high school graduation requirement, starting with ninth-graders in 2024.
The course requirement could fulfill a half credit of the four-credit mathematics requirement, the two-credit language other than English requirement, or the one-credit visual, performing or applied arts requirement.
The course could also be completed as part of an approved career and technical education program.
"Financial education is critical to the success of Michiganders through every stage of life," said Anita Fox, director of the Michigan Department of Insurance and Financial Services.
"You can't start a family or start a business without thinking about financial services, including how to manage your money, how to take out a loan for a car or home and how to save for retirement and the unexpected.
"This bill will help ensure our state gives students the foundation they need to achieve their personal and professional goals."