The bipartisan Senate Committee on Education and Career Readiness today unanimously approved state Rep. Diana Farrington’s plan to require high school students to take a course in personal finance.

“Graduation season is upon us,” said Farrington, R-Utica. “As high school graduates commence the next stage of their journeys, each of them will face new challenges, and managing their own finances may be a steep transition for many. My plan will provide future Michigan graduates a strong foundation in core financial principles, so they will be ready for their new responsibilities — and possibilities.”

Farrington’s 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 eighth grade in 2023. HB 5190, which previously passed the House of Representatives with bipartisan support, now advances to the entire Senate for consideration.