Rick Baker of the Grand Rapids Area Chamber of Commerce said financial literacy classes in high school make sense. | Grand Rapids Chamber/Facebook
Rick Baker of the Grand Rapids Area Chamber of Commerce said financial literacy classes in high school make sense. | Grand Rapids Chamber/Facebook
Gov. Gretchen Whitmer (D-MI) recently signed House Bill 5190, which ensures that the state's high school curriculum will include financial literacy classes.
The law was backed by bipartisan efforts. Its intent is to "prepare young Michiganders for the future and empower them to take control of their finances," according to a press release from the governor's office.
"Adding a financial literacy requirement to Michigan's education curriculum makes sense if our goal is to prepare students for success, in both careers and life," Rick Baker, president and CEO of the Grand Rapids Area Chamber of Commerce, said in the press release. "Too many young adults are unprepared when it comes to making major financial decisions. This legislation will give students the opportunity to learn and develop these skills early, and hopefully leading to better financial well-being for years to come."
Baker said that he was appreciative of the bipartisan efforts that will help students "prepare ... for long-term success." This sentiment was echoed by state Rep. Diana Farrington (R-Utica).
"Personal finance education will serve as a launchpad for Michigan graduates lifting off into adulthood, so they won't be caught off guard by the financial decisions that await them," Farrington said in the press release. "The course will teach students how to manage their finances. They'll be prepared to make smart, everyday budget choices — and equipped to handle the challenges that come their way. Establishing a core class dedicated to financial literacy has been a years-long labor of love for me, and I'm truly excited for the students who will fly to new heights through a fuller, richer education."
Anita Fox, director of the Michigan Department of Insurance and Financial Services, said that financial education will help students transition into the job market.
"Financial education is critical to the success of Michiganders through every stage of life," she said in the press release. "You can't start a family or start a business without thinking about financial services, including how to manage your money, how to take out a loan for a car or home, and how to save for retirement and the unexpected. This bill will help ensure our state gives students the foundation they need to achieve their personal and professional goals."
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