State legislation puts higher priority on financial literacy in schools

The push for financial education in public schools has gained momentum as some states have enacted laws requiring school superintendents to include personal finance in school curricula or develop a model that incorporates such curricula into existing courses.

So far, 11 states have passed statutes

In California, the state legislature passed a statute calling for the development of personal finance curricula to be integrated into grades nine through 12.

In Missouri and Wisconsin, policymakers have called for statewide studies to examine the need to promote financial literacy in schools and recommendations on how personal finance can be integrated in public schools.

A bill passed by the Delaware General Assembly established a joint committee to explore ways to institute a statewide financial literacy program to teach high school children about budgeting, insurance, investing, managing credit, financial planning, consumer loans and mortgages.

In many states, bank associations have been instrumental in lobbying for personal finance curricula in schools. As a founding member of the Govenor's Task Force for Financial Education, the Wisconsin Bankers Association was instrumental in bringing about the passage of Bill 94, which requires high school students to complete at least one semester course in personal finance.

In Missouri, the bankers association was the impetus behind the creation of the Missouri Coalition for Economic and Financial Literacy charged with developing a legislative approach to address the state's financial literacy needs.

More about the role of bank associations in promoting financial literacy can be found in the CBA 2003 Report on Bank-Sponsored Financial Literacy Programs at www.cbanet.org.

For information on state legislation go to www.jumpstart.org and click on "legislation".