Michigan Proposes Financial Literacy Legislation to Boost Financial Capability

Momentum is building in Michigan for the movement of a bill designed to enhance financial education in schools throughout the state after Michigan received a “D” grade in a critical financial capability study. The bill, sponsored by Representative Jim Tedder, is set for action in a key state Senate committee, having already won unanimous approval in the state House.

Financial literacy proponents are hailing the potential advancement of the legislation as it would provide for a financial literacy or personal economics course to be taken by students as an elective that would fulfill an economics prerequisite for graduation.

While only one-third of the state’s adult population is currently financially literate, many Michigan legislators are hoping that the financial literacy bill will be a spark in turning those numbers around. Michigan’s stepped up efforts to solve its financial literacy challenges is serving as a model for other states that similarly ranked low in the national survey and, therefore, financial education professionals anticipate similar legislation from additional states to follow.