The bill mandates that all public high school students in Alabama complete a course in personal financial literacy and money management prior to graduation, starting with those entering ninth grade in the 2024-2025 school year. The course will cover essential topics such as managing bank accounts, understanding credit and debt, evaluating loans, and basic principles of insurance and investments. Additionally, the State Department of Education is tasked with identifying approved financial literacy courses that can count as one unit of academic credit for high school graduation and creating an examination based on these courses.

Furthermore, the bill requires the administration of this examination to students upon completion of the financial literacy course, with a summary of the results reported annually to the State Department of Education. The State Board of Education is also authorized to adopt necessary rules for the implementation of this act. The new legal language includes the requirement for the financial literacy course and examination, while no deletions from current law are specified in the text provided. The act is set to take effect three months after its passage and approval by the Governor.

Statutes affected:
Introduced: 16-35-4
Enrolled: 16-35-4