SACRAMENTO, Calif., July 2, 2024
/PRNewswire/ -- Governor Gavin
Newsom has signed the Personal Finance Education bill
(Assembly Bill 2927), establishing a new law guaranteeing that all
California high school students
will receive personal finance education. The measure was passed by
the Senate and the Assembly last week with unanimous bipartisan
support and was supported by leading education and business
organizations.
The law provides that all California public high school students will
have access to a stand-alone personal finance course by 2027, and
that completion of the course will become a graduation requirement
by 2031. California is now the
26th state in the nation to guarantee a standalone personal finance
course for high school students. Nationally, 64% of students will
attend schools that now require a personal finance course or will
in the near future.
Governor Gavin Newsom said
of AB 2927, "We need to help Californians prepare for their
financial futures as early as possible. Saving for the future,
making investments, and spending wisely are lifelong skills that
young adults need to learn before they start their careers, not
after."
Assemblymember Kevin McCarty
(D-Sacramento), author of AB
2927 said, "Many young Californians are entering college and the
workforce without a baseline understanding of personal finance.
This is at a time when they're being hounded by credit card ads and
student loan applications. Personal finance equips youth to make
informed decisions about saving, investing, and managing debt,
leading to better financial stability in adulthood. I am proud to
have AB2927 signed by the Governor, ensuring all California students will be able to benefit
from a personal finance course."
State Superintendent of Public Instruction Tony Thurmond said, "Our young people
need and deserve a clear understanding of personal finance so that
they can make educated financial choices and build stable,
successful futures for themselves and their future families. By
adding personal finance to our high school graduation requirements,
we acknowledge that managing household finances and building
financial stability are essential life skills. Every child should
have the opportunity to build these essential skills before
navigating adult financial choices, not just those who happen to
have the opportunity to learn these concepts at home or through an
elective."
California State Treasurer Fiona
Ma said, "I commend Governor Newsom, Legislative
leaders including Assemblymember McCarty, and Tim Ranzetta, co-founder of Next Gen Personal
Finance, for their rock-solid dedication to personal finance
education. This game-changing legislation is a huge leap forward
for our state, equipping every high school student with the tools
for financial independence and stability."
California State Controller Malia
Cohen added, "Today is a fantastic day for
California students! Thanks to an
agreement between Governor Newsom, Assemblymember McCarty, and the
NGPF Mission 2030, AB 2927 (McCarty) made it across the finish line
and will make it possible for Californians to prepare for their
financial futures. As the state's chief fiscal officer and early
supporter of this bipartisan measure, I believe that AB 2927 will
serve as one of the building blocks that will put children of
future generations on a path to financial success."
Tim Ranzetta, co-founder of
Next Gen Personal Finance and lead proponent of the
Californians for Financial Education initiative campaign, said, "We
deeply appreciate the unwavering support from California's top educational and finance
leaders, as well as the leadership of Governor Newsom, Senate
President pro Tem McGuire, Speaker
Rivas, Assemblymember McCarty, and the bill's co-authors.
Guaranteeing personal finance education to every California student will be a positive game
changer for individual California
students and our state as a whole."
A recently published report, Investing in Tomorrow: Lifetime
Value of Financial Education in High School, found that the
lifetime benefit of California
students taking a high school personal finance course is
$127,000. The report also illustrates
that guaranteeing personal finance education in high school can
positively impact a state's economic development and shape the
financial landscape of future generations.
The report was conducted by Tyton Partners, a strategy
consulting and investment banking firm focused on the education
sector, in collaboration with Next Gen Personal Finance (NGPF), the
leading financial education non-profit in the United States. NGPF provides curriculum
and teacher professional development at no cost to more than 96,000
educators nationwide, including more than 6,000 in California.
California currently lags far
behind the rest of the nation when it comes to personal finance
education. Less than 1% of California high school students are guaranteed
to take a course in personal finance, compared to 53% nationally.
With the enactment of the Personal Finance Education bill,
California now takes its rightful
position as a leader on financial literacy education.
Paid for by
Californians for Financial Education
Committee Top
Funders
Timothy
Ranzetta
Bill Gurley
Funding Details
at www.fppc.ca.gov
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Contact: Roger Salazar
rsalazar@alzamedia.com / (916) 284-1255
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SOURCE Californians for Financial Education