§270. Financial literacy; 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 financial literacy 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 literacy 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 student shall successfully complete a one-unit Financial Literacy course as a requirement for high school graduation.

            (2) The topics covered by the course shall include but need not be limited to the following:

            (a) Types of bank accounts offered, opening and managing a bank account, and assessing the quality of a depository institution's services.

            (b) Balancing a checkbook.

            (c) Basic principles of money management, such as spending, credit, credit scores, and managing debt, including retail and credit card debt.

            (d) Completing a loan application.

            (e) Receiving an inheritance and related implications.

            (f) Basic principles of personal insurance policies.

            (g) Computing federal income taxes.

            (h) Local tax assessments.

            (i) Computing interest rates by various mechanisms.

            (j) Simple contracts.

            (k) Contesting an incorrect billing statement.

            (l) Types of savings and investments.

            (m) State and federal laws concerning finance.

            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; Acts 2023, No. 267, §1.