State Rep. Diana Farrington today testified in support of legislation she introduced requiring financial literacy education in Michigan public schools.
With families and individuals incurring astronomical levels of debt across the country, Farrington believes this is a step in the right direction for preparing Michigan students for their futures.
“We are a culture of overspending. Total U.S. credit card debt is over $1 trillion, Americans are paying over $100 million in credit card interest and most adults have no more than $5,000 saved for retirement,” said Farrington, of Utica. “This would be a world-class course to set Michigan students above the rest of the country.”
The bipartisan plan would require the Department of Education to develop or adopt and make available to schools a one semester course for 11th and 12th graders on the concept of achieving financial literacy. Schools would be required to offer the course by the start of the 2019-20 school year.
The goal is that by providing students with a course in financial literacy, they can gain a greater understanding of financial management skills and personal economics which may reduce the amount of debt they incur as adults.
Farrington, who previously worked as a Mortgage Auditor, and has started and operated two of her own small businesses, believes financial literacy is key for the future of the state.
“There’s a lot being done in many schools in the vein of financial literacy and I applaud that,” Farrington said. “We must expand on these practices to best prepare our kids for a prosperous future.”
The bill now awaits consideration by the House Education Reform Committee.