BILL NUMBER: S677
SPONSOR: MARTINEZ
 
TITLE OF BILL:
An act to amend the education law, in relation to establishing instruc-
tion in financial and insurance literacy
 
PURPOSE:
The purpose of this legislation is to ensure all high school students
are taught a curriculum that includes instruction in financial and
insurance literacy.
 
SUMMARY OF PROVISIONS:
Section 1. The education law is amended by adding a new section 819
authorizing the commissioner of education to develop and adopt a curric-
ulum for financial and insurance literacy. This section further clari-
fies that each local board of education shall require all students
grades nine through twelve to complete a half-credit course of financial
and insurance literacy prior to graduation and allows flexibility to
each local school system to meet this requirement.
Section 2. Establishes the enacting clause.
 
JUSTIFICATION:
Educating students on financial and insurance literacy is crucial to
better equip them for the many circumstances in life in which such know-
ledge is necessary. Through a curriculum containing financial and insur-
ance literacy, students will be provided with the necessary tools to
navigate complex insurance policies and financial decisions. Comprehen-
sion in key concepts such as budgeting, investing, personal insurance
policies, and retirement saving will enable our youth to effectively
manage their money, avoid debt traps and scams, and plan for future
financial security. Education in financial and insurance literacy has
been proven to empower our young population to make more informed deci-
sions about insurance coverage and protect themselves and their assets
from unforeseen risks.
Experts and researchers have seen positive outcomes of financial litera-
cy education in other states that have implemented such including Geor-
gia, Idaho, and Texas, with those states reporting relatively higher
credit scores and lower relative delinquency rates for students who took
a course compared to those who did not. New York State Comptroller Tom
DiNapoli and Education Commissioner Betty Rosa have expressed their
strong support for financial and insurance literacy education highlight-
ing that "financial literacy can be a great equalizer for students and
New York cannot afford to wait."' This legislation will help New York
foster an educational community which stresses the importance of finan-
cial independence and resilience in the face of economic challenges.
 
FISCAL IMPLICATIONS:
None.
 
EFFECTIVE DATE:
This act shall take effect immediately.
1 New York State Education Department Commissioner Rosa Op-Ed: We Should
Be Teaching Financial Literacy in New York's High Schools, Betty A.
Rosa and Thomas P. Di Napoli. Retrieved from:
https://www.nysed.gov/news/2024/commissioner-rosa-op-ed-we-should-
be-teaching-financial-literacy-new-yorks-high-schools