BILL NUMBER: S6805REVISED 4/24/25
SPONSOR: JACKSON
 
TITLE OF BILL:
An act to amend the education law, in relation to establishing instruc-
tion in financial literacy for students in sixth through eighth grade
 
PURPOSE OR GENERAL IDEA OF BILL:
To provide middle school students with the basic financial literacy
necessary for sound financial decision-making.
 
SUMMARY OF PROVISIONS:
Section 1 adds a new Section 803-C to the Education Law that requires
the State Education Department to incorporate financial literacy into
the curriculum for grades 6 through 8.
Section 2 is the effective date.
 
JUSTIFICATION:
Age-appropriate financial literacy education for 6 th - 8 th grade
students in New York State should be standard in all school districts.
This bill directs the State Education Department to require school
districts to incorporate financial literacy instruction with the purpose
of providing middle school students with the basic financial literacy
necessary for sound financial decision-making. The bill sets require-
ments for the instruction to be appropriate to and reflect the age and
comprehension of the students and for content to include budgeting,
savings, credit, debt, insurance, investment and other issues associated
with personal financial responsibility as determined by the department.
The bill directs the commissioner to provide school districts with
sample instruction materials and resources.
An op-ed written by State Education Commissioner Betty Rosa and State
Comptroller Thomas DiNapoli 1 and published in Newsday in early 2024
points out that "Financial literacy should be taught in all New York
schools. When students take a financial literacy course, they learn
personal finance, budgeting, and investing. They become better equipped
and informed to make important financial decisions in the future that
could impact their long-term financial success and quality of life." The
op-ed also mentions a blue-ribbon commission on graduation measures had
recently recommended to the Board of Regents that financial literacy
should be a graduation requirement.
The op-ed concludes with the following statement: "Financial literacy
can be a great equalizer for students, and New York cannot afford to
wait. It is in the state's economic and social interests to offer
personal finance in our schools now."
This bill will help accomplish these goals by directing the state educa-
tion department to take action to assist schools in providing this
important instruction.
 
PRIOR LEGISLATIVE HISTORY:
2023-2024: S.1030- Referred to Education/A.1557- Referred to Education
2021-2022: S.1927- Referred to Education/A.9652- Referred to Education
2019-2020: S.4077- Referred to Education/A.3497- Referred to Education
 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to all school
years commencing on or after the first of July succeeding the date upon
which it shall have become a law.