Beginning next year, high schoolers will be required to take a class in personal finance before they can graduate.
On June 27, state legislators passed House Bill 924, which requires all high school students to take a course on personal finance, including the true cost of credit, managing a credit care, borrowing money for large purchases, home mortgages, credit scoring, paying for post-secondary education and other financial literacy issues.
The new requirement will apply to students entering ninth grade in the 2020-21 school year.
Mary Phillips, Career and Technical Education instructional management coordinator for Lexington City Schools, said the new requirement will benefit all students. “All students are encouraged to take financial management courses, but they don’t necessarily take advantage of the opportunity,” she said. “With this being mandated by (the Department of Public Instruction), all students will have the opportunity to review skill sets and best practices for financial management. It will reach all students as opposed to it being a selected course.”
The new economic and personal finance course would be available as a CTE or social studies option.