Phoenix – Arizona Governor Doug Ducey has signed Senate Bill 1184 into law. The bill requires financial literacy for high school graduation.
“Financial education addresses the importance of savings, balancing a checkbook and understanding what it means to carry credit card debt. This basic life skill will now be taught before students enter the real world so that our young people are prepared to manage their money,” said Treasurer Kimberly Yee. “They can be successful if they have financial freedom and understand that you can’t spend more than you make.”
S.B. 1184 codifies economics as a required course for high school graduation in state law and requires financial literacy and personal financial management to be included as components of the required economics course.
As a member of the Legislature, Yee passed laws that require the state’s academic standards to include financial education in each grade level as benchmarks in K-12. She also established a seal of financial literacy on graduation diplomas that can be earned by high school seniors.
According to a recent survey by the National Foundation for Credit Counseling, one in
eight adults aged 18 to 34, otherwise known as Millennials, have debts in collections.
Seven million Americans are three months behind in car payments.