Lawmakers in South Carolina and Rhode Island believe that teenagers in high school need to learn more about dollars and cents before they head out to college and start working.
This bill was actually proposed by State Sen. Luke Rankin, R-Horry County, who is a member of the Senate Education Committee. It requires a half-credit course in personal finance with an end-of-year test as a requirement for high school graduation for some students in South Carolina.
Namely, this class would teach them to handle money, and pass it, in order to be able to graduate.
It is meant to teach students personal financing and would include topics such as paying bills, insurance, filing taxes, banking, budgeting money, retirement planning, and not getting into debt.
If passed, the legislation would apply to students beginning with the class of 2021, and the State Department of Education would be expected to build the course curriculum before July 1, 2020.
According to lawmakers, such education is “vital in setting young people up for success in life” and 36 states already have requirements of this kind.