Financial literacy

Whitmer signs bill updating Michigan curriculum to include financial literacy course


June 16, 2022


Governor Whitmer signs bill updating Michigan’s curriculum to include financial literacy course, preparing students for graduation with lifelong skills

LANSING, Mich. – Today, Governor Gretchen Whitmer signed House Bill 5190, a bipartisan bill updating Michigan’s high school curriculum to include a financial literacy course for the first time in US history. State. The bill will prepare young Michiganders for the future and allow them to take control of their finances.

“As a mother, I want every child who graduates from Michigan to enter the world with a diverse set of skills and knowledge, and that must include financial literacy,” said Governor Whitmer. “I am proud to sign this bipartisan bill requiring all public school students to take a personal finance course. Every young Michigander deserves to know how to budget, save, and invest their money wisely so they can get off to a good start after high school, whether they’re going to college, starting a job, or opening a small business. Since I took office, we have worked side by side to put Michigan students first, making historic investments in preschool through 12th grade education to improve every child’s classroom experience and school facilities. Today’s bill will strengthen the state’s education program, and I look forward to signing another balanced budget so we can build on our bipartisan investments in education.

“We need to invest in financial literacy early on to prepare our students for success later in life,” said Lieutenant Governor Garlin Gilchrist II. “This bipartisan bill is a critical step forward. It will teach young Michiganders important skills like budgeting and saving and help them make good financial decisions that will pay dividends down the road. Governor Whitmer and I- We are proud of the progress we have made investing in our schools and providing children with the resources they need after a few difficult years, and we will continue to stand up for Michigan students.

“Personal finance education will serve as a launch pad for Michigan graduates entering adulthood, so they aren’t caught off guard by the financial decisions that await them,” said State Representative Diana Farrington, R-Utica. “The course will teach students how to manage their finances. They will be ready to make smart budget choices every day and equipped to meet 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 am truly excited for the students who will soar to new heights through a fuller and richer education.

“Financial education is critical to the success of Michiganders at every stage of life,” said Anita Fox, Director of 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 get a loan for a car or a house, and how to save for retirement and the unexpected. This bill will help ensure that our state gives students the foundation they need to achieve their personal and professional goals.

“Michigan Credit Unions have been consistent and steadfast advocates for increasing financial education opportunities for our Michigan students,” said Patty Corkery, President and CEO Michigan Credit Union League and Affiliates. “As an industry, we see the value and impact that knowledge of personal financial basics can have on a future borrower and consumer. Our credit unions have fully supported all of the work being done to get this very important issue across. »

“Students across Michigan, from all walks of life, will have expanded instruction in financial literacy,” said Rann Paynter, President and CEO, Michigan Bankers Association. “We commend the governor for signing this legislation, written in a bipartisan fashion, with the influence of many stakeholders, into law.”

“Financial literacy is an essential skill that every student needs to succeed, no matter what career or path they choose,” says Alexa Kramer, Director of Government Operations, Small Business Association of Michigan. “SBAM proudly supports this legislation and applauds the bipartisan effort behind this important issue.”

“Adding a financial literacy requirement to the Michigan curriculum makes sense if our goal is to prepare students for success, both in career and in life,” said Rick Baker, President and CEO of the Grand Rapids Chamber of Commerce. “Too many young adults are unprepared when it comes to making important financial decisions. This legislation will give students the opportunity to learn and develop these skills early, and hopefully lead to better well-being. -be financial for years to come. We appreciate the Legislature and the Governor recognizing an important need and working to prepare our future generations for long-term success.”

HB 5190

The legislation would add a half-credit personal finance course as a requirement for high school graduation, beginning with ninth graders in 2024. The course requirement could complete a half-credit of the math requirement of four credits, language two credits other than English. or the requirement of a credit in visual, performing or applied arts. The course could also be completed as part of an approved vocational and technical training program.

HB 5190 was sponsored by Rep. Farrington (R – Utica) and can be found here.

Governor Whitmer’s investments in education

For three straight years, Governor Whitmer has worked across the aisle to make the biggest investments in education in Michigan’s history, without raising taxes. Since taking office, she has tripled the number of literacy coaches and last year signed an education budget that closed the funding gap between schools, increased investment per student to an all-time high and helped districts hire hundreds of mental health workers on campus. health professionals.

Governor’s education budget proposal for this year includes highest investment per student on record, $1 billion for school construction and renovation, funds to hire and retain 15,000 teachers and more resources for on-campus mental health support.

Educational achievements of the Whitmer-Gilchrist administration can be found here.

The governor also signed House Bill 5287, sponsored by Rep. Martin (R-Davison), to give county political party committees the power to appoint to fill a vacancy in a local township for the remainder. of a warrant or to select a candidate for execution. for the office in a future special election. Any nominee must be confirmed by the local township council and any nominee must still be elected by voters in the special election to take office. This authority was extended from the political party committees of the townships to the counties.