With overwhelming bipartisan support, the Michigan Senate today approved state Rep. Diana Farrington’s plan to prepare Michigan high school students for life after graduation with a personal finance course.

The move comes after a recent poll from the National Endowment for Financial Education showed overwhelming support for requiring personal finance instruction as a high school graduation requirement, with the backing of 88% of American adults.

“Our public schools must provide a complete and comprehensive education to Michigan students — teaching the essentials young people will need to know when they graduate high school and move on to college or a career,” said Farrington, R-Utica. “Personal finance is absolutely one of those essential subjects. Students should learn basics like budgeting and banking, along with skills for spending and saving their resources responsibly.”

House Bill 5190 would require public high school graduates to have completed a half-credit course in personal finance. At the discretion of the school board, the personal finance requirement could fulfill a half credit of the four-credit mathematics requirement, the two-credit language other than English requirement, or the one-credit visual, performing, or applied arts requirement. The personal finance course could also be completed as part of an approved career and technical education program.

The proposed change would first apply to students starting ninth grade in 2024.

HB 5190 now returns to the House of Representatives for additional consideration.

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