Students in Michigan’s high schools will soon be required to take a personal finance course before graduating.
HB 5190 was passed by the Michigan House of Representatives on Tuesday by a vote of 94-13. The law passed the state senate with a 35-2 vote in May. The bill will next be delivered to Gov. Gretchen Whitmer for her signature.
According to Next Gen Personal Finance’s bill tracker, Michigan will become the 14th state to require personal finance education in high school.
The state’s House of Representatives passed personal finance laws for the first time in December, by a vote of 57-43. In May, it was revised and brought to the Senate, where it was voted 35-2.
The House had to vote on the bill again after it was altered before it could be delivered to the governor for her signature.
Before graduating, all high school students in Michigan must take a half-credit personal finance course. Local school boards can decide whether that subject counts as a math, arts, language, or language other than English requirement.
When signed into law, the bill will apply to students commencing eighth grade in the 2023 school year.
The Michigan Bankers Association, Michigan Credit Union League, and the Michigan Council for Economic Education all backed the bill. Additionally, the bill received support from two of the state’s major school systems, Oakland Schools and the Wayne RESA (regional educational service agency).
The bill is the most recent to receive broad bipartisan support. Both Florida and Georgia passed similar legislation earlier this year, ensuring that all students have access to a personal finance course.
It’s part of an increasing trend in which states pass legislation requiring personal finance education. According to Next Gen Personal Finance’s 2022 State of Financial Education study, around 25% of high school students received access to financial literacy courses this year as a result of such policies.
According to the survey, more than 33% of students will be guaranteed a personal finance course once states that have enacted bills implement their legislation.