PA 15-138—sSB 319

Banking Committee

Education Committee

Higher Education and Employment Advancement Committee

AN ACT CONCERNING FINANCIAL LITERACY EDUCATION

SUMMARY: This act adds topics that must be included in any financial literacy instruction plan that the State Department of Education (SDE), Board of Regents for Higher Education (BOR), and UConn Board of Trustees (BOT) develop in consultation with the Banking Department (see BACKGROUND). By law, any such plan must include instruction on the use of credit and debit cards. The act adds instruction in banking, investing, saving, and handling of personal finance.

By law, the State Board of Education, within available appropriations and using available material, must assist and encourage school districts to provide courses in personal financial management. Under the act, personal financial management courses must include any financial literacy instruction plan SDE, BOR, and UConn BOT develop.

EFFECTIVE DATE: October 1, 2015

BACKGROUND

Financial Literacy Instruction Plan

By law, SDE, BOR, and UConn BOT, in consultation with the Banking Department, may develop a plan to ensure that students in public high schools and state higher education institutions receive financial literacy instruction, which may occur (1) during a public high school student's final year and (2) by the end of the second semester for students at state higher education institutions (CGS 10-16pp).

Related Law

By law, starting with the class graduating from high school in 2020, students must take at least two credits in career and life skill electives, which may include personal finance courses (CGS 10-221a).

OLR Tracking: MK; JM; VR; BS