Starting in 2024, all of Michigan’s public high schools will make financial literacy part of their curriculum–and students could use the class to replace other graduation requirements.
The bipartisan plan was signed into law today by Gov. Gretchen Whitmer, and was sponsored by Rep. Diana Farrington (R-Utica). It’s the first time in Michigan’s history that a financial literacy course will be included in curriculum requirements.
“Financial literacy is a critical skill every student needs in order to be successful, no matter what future career or path they choose,” said Alexa Kramer, Director of Government Operations for the Small Business Association of Michigan, in a release.
The legislation will 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.
“Every young Michigander 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,” said Gov. Whitmer.