As part of a growing trend across states around the country, it appears that Michigan is poised to become the 14th state to mandate a personal finance education.
Per CNBC, on Tuesday the Michigan House of Representatives passed HB 5190 by a vote of 94-13. In May, the state’s Senate passed the bill with a vote of 35-2. It will be sent to Gov. Gretchen Whitmer for her to sign into law next. Once this happens, it should make Michigan the 14th state to mandate personal finance education at the high school level, per Next Gen Personal Finance’s bill tracker.
The legislation will require that all high school students take a half-credit course in personal finance before they graduate. That course can then count as math, arts, language, or language other than English requirement at the local school board’s discretion.
Once signed, the bill will go into effect for students starting eighth grade in the 2023 school year.
Originally, Michigan’s House had passed the bill in December with a 57-43 vote. It was then amended and sent to the Senate, where it was passed in May. However, since the bill got amended, the House had to again vote on it before it could get sent to Gov. Whitmer.
The bill was supported by the Michigan Bankers Association, Michigan Credit Union League, and the Michigan Council for Economic Education. Also, the two largest school districts in the state, Oakland School and the Wayne County Regional Educational Service Agency supported the bill.
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