Doug McCrory

Sen. McCrory: Legislation Establishing A Personal Financial Management School Course Pilot Program Sees Public Hearing

HARTFORD – State Senator Doug McCrory, Senate Chair of the Education Committee, heard testimony in support of legislation that would create a personal financial management course pilot program in certain school districts. Students participating in the offered course will receive instruction on, including but not limited to, checking and savings accounts, credit cards, loans, and budgeting.

“Personal finance skills are a tool our children will use for the rest of their lives. School districts that already offer a personal finance course or invite personal finance management experts to speak with students have seen the benefits of offering this instruction and its popularity among students,” said Sen. McCrory.

Senate Bill 392, “An Act Establishing A Personal Financial Management Pilot Program,” would establish for the 2021-22 school year a personal financial management pilot program consisting of a half-year course. The half-year course will be taught to high school students in the tenth grade in an urban, suburban, and rural school district, plus a regional education service center operates an inter-district magnet school program, selected by the Connecticut Department of Education. The department will provide to the participating school districts advisors with a focus in personal financial management to assist teachers and, potentially, serve as guest instructors in the course.

A 2018 report by the Council for Economic Education (CEE) found just 17 states require high school students to take a course in personal finance. Personal finance instruction was found to result in lower personal debt, individuals more likely to have emergency savings, and less likely to use high-cost methods of borrowing.

In 2018, Connecticut college graduates had the highest average student debt upon graduation in the United States with an average around $39,000. Only 40 percent of Americans were found to be able to cover a $1,000 expense, such as an emergency room visit, with their personal savings.

The Connecticut General Assembly considered similar legislation Senate Bill 852, “An Act Concerning the Inclusion of Personal Financial Management in the Public School Curriculum and the Establishment of a Personal Financial Management Pilot Program,” in the 2019 legislative session.