There are few legislative days left in the 2022 state legislative session.
One bill expected to make its way through the state House of Representatives and onto Governor Tom Wolf’s desk is Senate Bill 1243. Republican Senator Chris Gebhard’s bill would require high school students to take a half-credit course in economics and personal finance as an advanced level. condition for obtaining the school diploma.
This course would meet the standards set by the second edition of the Voluntary National Standards for Economics Content and the 2013 National Standards for Financial Literacy, as developed by the Council for Economic Education. Classes would start in 2024-25.
This information was taught regularly in schools, but was gradually phased out in favor of other courses deemed more important. A recent report from the Centers for Experience at Champlain College cited a 2017 T. Rowe Price survey which found that 69% of parents were reluctant to discuss financial matters with their children, and only 23% of young people surveyed indicated that they frequently talked to their parents about money.
A 2014 study cited by Champlain College found that mandatory personal finance training in high school improved credit scores and reduced delinquency rates for young adults.
Gebhard’s bill is good. It is not an onerous requirement for schools and could have huge benefits for state graduates.
Now that it has passed the Senate, it is expected to pass quickly through the House of Representatives and be signed into law by Governor Tom Wolf.