Financial Literacy Requirement Signed Into Law for High School Students beginning in 2024
Last week, Governor Whitmer signed HB 5190, a bipartisan bill that updates Michigan’s high school curriculum to include a financial literacy course.
Your Grand Rapids Chamber has long fought for these types of common-sense, real world changes in Michigan’s curriculum, and worked as a part of a broad coalition to ensure successful passage. Chamber President & CEO, Rick Baker, was quoted in Chalkbeat Detroit praising the passage and work of the coalition, legislature and governor.
“Adding a financial literacy requirement to Michigan’s education curriculum makes sense if our goal is to prepare students for success, in both careers and life,” said Baker. “Too many young adults are unprepared when it comes to making major financial decisions. This legislation will give students the opportunity to learn and develop these skills early, and hopefully leading to better financial wellbeing for years to come. We appreciate the legislature and Governor recognizing an important need and working to prepare our future generations for long-term success.”
This legislation is the work of a broad, bipartisan coalition of business leaders and financial professionals who recognize the importance of financial literacy. The bill cleared the Michigan House and Senate with overwhelming majorities in both chambers.
Michigan now joins thirteen other states that have a similar requirement. Several avenues exist for students to fulfill the course credit, providing options and flexibility. The law takes effect with ninth graders starting in 2024.
For more information or to get involved in our Education & Workforce Development Committee, contact Nate Henschel, Director of Government Affairs, at [email protected]