July 1st 2024.
Great news for high school students in California! Starting in 2027, a new course on financial literacy will become a mandatory part of the curriculum. Governor Gavin Newsom is expected to sign a bill into law that requires all state high schools to offer this class by the 2027-28 school year. This exciting development was announced by the governor's office on June 27, and Newsom himself made a statement on his website to confirm the news.
In his statement, Newsom emphasized the importance of preparing young adults for their financial future as early as possible. He believes that skills such as saving, investing, and budgeting are crucial for success in the long run, and should be learned before students enter the workforce. The governor was joined by Senate President pro Tempore Mike McGuire and Assembly Speaker Robert Rivas, as well as the national financial literacy nonprofit, NGPF Mission 2030, who showed their support for the bill.
McGuire also expressed his enthusiasm for the new law, stating that financial literacy is a critical tool that can have lifelong benefits. He cited statistics that show the positive impact of learning financial skills in high school, such as improving credit scores, reducing default rates, and increasing the likelihood of having emergency savings and retirement accounts. The bill also aims to make financial literacy a graduation requirement by the 2030-31 academic year.
The author of the bill, Kevin McCarty, shared his excitement for its passing, after years of advocating for financial literacy in California. He believes that this course will help students make smart financial decisions that will benefit them throughout their adult lives. McCarty is proud to have been the lead author of this important policy, and hopes that it will make a positive difference in the lives of future generations.
The need for financial literacy is evident, especially among Black Americans. According to TIAA, data shows that on average, Black individuals only answered 38% of questions on the Personal Finance Index correctly. This highlights the importance of providing students with the necessary skills and knowledge to succeed in managing their finances. The passing of AB2927 in California is a step towards addressing this issue and ensuring that future generations have the tools they need for financial success.
In conclusion, this new law in California is a significant development in promoting financial literacy among high school students. With this mandatory course, young adults will have the opportunity to learn important skills that will benefit them in the long run. Let's hope that other states will follow suit in prioritizing financial literacy education for their students.
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