Gebhard Bill to Improve Financial Literacy Set for Enactment

HARRISBURG – Legislation sponsored by Sen. Chris Gebhard (R-48) to give students basic money management skills was amended into an omnibus bill containing several changes to the Public School Code passed the Senate today. The bill is poised for enactment.

To prepare young adults to make smart decisions with their daily purchases and long-term financial planning, Senate Bill 647 would make completion of a half-credit personal finance course a high school graduation requirement.

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. Families in the United States are approaching approximately $1 trillion dollars in credit card debt and more than $15 trillion dollars in debt overall.

“An alarming number of our high school students are currently entering adulthood and the workforce without an appropriate knowledge of basic financial concepts,” Gebhard said. “I want them to have the best foundation possible as they start their own lives – far too often, the financial decisions our younger generations are making have led to unintended consequences that have put them at an economic disadvantage later in life.”

Senate Bill 647 would give high school students the understanding they need about topics like credit and credit scores; savings and investments; college, home and auto loans; and planning for postsecondary education and retirement. 

CONTACT: Matthew Urban, 717-787-5708

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