Michigan Legislature Approves Financial Literacy Graduation Requirement

by FinancialCorps, 06 November 2015


The financial education community is buzzing over legislation passed by the Michigan Senate that requires high school students to complete a course in economic and financial literacy in order to graduate. While the state’s school code already permits students to substitute a course in financial literacy for their math class, this legislation makes financial education a requirement and also provides more flexibility for educators with a broader economics and financial education curriculum.

Proponents of the Michigan regulations also are touting its attributes of helping the students better understand the connection between their lives and topics such as banking, debt, budgeting, saving, inflation and other real-life matters.

The measure was first introduced in March by Representative Jim Tedder and moved swiftly through the legislature culminating in its passage by the Senate on November 5.

Financial literacy advocates say the Michigan developments mirror those in other states that are broadly espousing the financial literacy as a graduation requirement and that many more states likely will follow suit in the months and years ahead.

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