INDIANAPOLIS — With just days left in this session of the legislature, lawmakers say they want children to be more financially ready for adulthood.
The class of 2028 high school graduates will now be required to pass a financial literacy course if the governor signs a new bill into law.
The author, State Senator Mike Gaskill, says he wanted to craft legislation like this after seeing a similar bill passed in Florida. However, he wanted to make this one different by giving more flexibility for educators.
Under the bill there would be several curriculum requirements, including:
Money management: While learning about money management students would be required to become educated about spending and saving, types of bank accounts, opening and managing a bank account and assessing the quality of a depository institution services.
Debt management: Student would learn what to do if you have an inheritance and how to navigate inheritance tax. They would also learn about personal insurance policies, loan applications, interest rates, credit and credit scores as well as simple contracts.
The Department of Education will get to decide how long the course needs to be, whether that be a semester or a year course. That’s a decision Senator Gaskill feels should be left up to education professionals.
Gaskill says this bill will better prepare students for their adult life.
"Kids that come out of high school with this in their knowledge bank will be prepared to succeed in their 20's,” Senator Gaskill said. “That’s the most important decade of your life when it comes to having a good financial future."
This class will be required for all public schools both traditional and charter. It also applies to any private school that is state accredited.
The State Board of Education can also offer this class to count for more than one graduation requirement, however Gaskill says this class needs to be a requirement to reinforce how important this education is.
“If it’s an elective, we are saying it’s really not that important. By making it a graduation requirement we are saying, hey this a key priority,” Gaskill said. “It’s important for every student to have this. I think it will pay in divides throughout the rest of their lives.”
This bill passed unanimously out of both chambers. If the governor signs it in to law it goes in to effect on July 1st. To read the bill click here.
