BILL NUMBER: S1272
SPONSOR: ADDABBO
 
TITLE OF BILL:
An act to amend the education law, in relation to instruction in finan-
cial management
 
PURPOSE:
This bill would mandate all school districts to provide instruction in
financial management including, but not limited to, basic financial
literacy necessary for sound financial decision making, budgeting,
savings, credit, debt, insurance, investment, and other issues associ-
ated with personal financial responsibility.
 
SUMMARY OF PROVISIONS:
Section 1 - Amends education law by adding a new section 817.
Section 2 - Effective date.
 
JUSTIFICATION:
Financial literacy is an extremely beneficial tool in improving finan-
cial capability for young people. Many students are unprepared and unin-
formed regarding financial choices as they transition into adulthood. By
incorporating lessons about financial responsibility, students can learn
different aspects of finance management and feel empowered about their
own financial futures.
Students in grades fourth through eight are in need of a full and well-
rounded education, including this instruction in financial management.
This law will provide the necessary funds to mandate all schools to
provide their students with a strong background in financial literacy
and responsibility.
 
LEGISLATIVE HISTORY:
2019: S.4970B - Referred to Senate Education.
2020: S.4970B - Referred to Senate Education Committee.
2021: S.353 - Referred to Senate Education Committee.
2022: S.353 -Referred toSenate Education Committee.
2023: S.1810- Referred toSenate Education Committee.
2024: S.1810- Referred toSenate Education Committee.
 
FISCALIMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect on the first of July next succeeding the date
on which it shall have become a law, with provisions.