HARRISBURG – Legislation sponsored by Sen. Chris Gebhard (R-48) to improve personal financial literacy by requiring completion of a full-credit economics and personal finance course as a high school graduation requirement was passed by the Senate Education Committee today.
The most recent estimates calculate there are more than 350 million American-owned credit card accounts, and, on average, credit card owners have about four cards apiece. This has led to astonishing levels of debt. As a nation, families in the United States are approaching approximately $1 trillion dollars in credit card debt and more than $15 trillion dollars in debt total.
“Far too often, the financial decisions our younger generations are making early in their lives are putting them at a financial disadvantage,” Gebhard stated.
Senate Bill 1243 would give high school students the education they need on topics like credit and credit scores; savings and investments; college, auto and home loans; and planning for postsecondary education.
“From daily purchases to long-term financial planning, becoming proficient at money management is a critical skill all Pennsylvanians need,” Gebhard said. “By teaching high school students the financial basics, they will be able to make decisions that position them for lifetime success and financial independence.”
The content of the course will be in line with standards established by the second edition of the Voluntary National Content Standards in Economics and the 2013 National Standards for Financial Literacy, as developed by the Council for Economic Education.
The bill now moves to the full Senate for consideration.
CONTACT: Matthew Urban, 717-787-5708