HARRISBURG, Pa. (WHTM) – The Pennsylvania State Senate has approved a bill that would require high school students to take classes teaching economics and personal finance.
The legislation sponsored by Sen. Chris Gebhard (R-Lebanon) would require students to complete an individual economics and personal finance course in addition to other graduation requirements.
Class subjects would include the true cost of credit, managing credit cards, interest, borrowing money for large purchases, home mortgages, credit scoring/reports, personal insurance policies, paying for secondary education, and preparing taxes.
“A student who completes the economics and personal finance course under subsection (a) may apply one half credit earned for the successful completion of the course to satisfy the student’s social studies, family and consumer science or mathematics or business education credit requirement for graduation. The governing body of the student’s high school may determine the graduation credit requirement to which the one half credit earned by the student is applied.”
The bill would also require a school to make available a course related to personal development for teachers and potential teachers in the subjects.
“By teaching high school students the financial basics, they will learn necessary money management skills to position themselves for lifetime success and financial independence,” Gebhard said. “This legislation is truly an investment in our youth and the Commonwealth’s financial future.”
If passed by the State House and approved by the Governor, the legislation would take effect for the 2024-25 school year.