§270. Personal financial management; required instruction

            A. The legislature recognizes that young people must obtain the skills, knowledge, and experience necessary to manage their personal finances and obtain general financial literacy. Education in personal financial management helps prepare students for the workforce and for financial independence by developing a sense of individual responsibility and improving life skills, as well as a thorough understanding of consumer economics. Financial education integrates instruction in valuable life skills with instruction in economics, including income and taxes, money management, investment and spending, and the importance of personal savings.

            B.(1) Each public elementary or secondary school student shall receive age and grade appropriate instruction in personal financial management based on the concept of achieving financial literacy through the teaching of personal management skills and the basic principles involved with income, money management, spending and credit, and saving and investing. Such instruction may be integrated into an existing course of study.

            (2) Each student who enters the ninth grade on or after July 1, 2019, shall receive such instruction as a requirement for high school graduation.

            (3) The State Board of Elementary and Secondary Education shall adopt rules and regulations in accordance with the Administrative Procedure Act to implement the provisions of this Section. Such rules and regulations shall require that the instruction include the following components:

            (a) Income.

            (b) Money management.

            (c) Spending and credit.

            (d) Saving and investing.

            (e) The process and responsibilities, including repayment and default, of borrowing money to fund postsecondary education opportunities.

            (4) The governing authority of each public elementary and secondary school shall provide the required instruction in accordance with the rules and regulations adopted by the board.

            C. The State Board of Elementary and Secondary Education shall establish and maintain a clearinghouse for instructional materials and information regarding model financial education programs and best practices.

            Acts 2018, No. 154, §1; Acts 2019, No. 116, §1.