The College Republican Federation of Alabama (CRFA) is backing a bill in the Alabama House of Representatives to require students to learn financial literacy before graduating high school in the state.
State Rep. Andy Whitt (R-Harvest) introduced HB164 on March 21 along with State Reps. Prince Chestnut (D-Selma), Mike Shaw (R-Hoover), James Lomax (R-Huntsville), Jeff Sorrells (R-Geneva), Terri Collins (R-Decatur), Danny Crawford (R-Athens) and Rex Reynolds (R-Huntsville), and House Minority Leader Anthony Daniels (D-Huntsville).
The bill lists nine subjects that, if passed, the state would require schools to teach as part of a standalone course or as part of other courses.
These include:
Opening and managing a bank account
Balancing a checking account
Money management
Types of loans
Basic principles of insurance
Taxation
Computing interest rates
Simple contracts
Savings and investments
According to the bill, the Class of 2028 would be the first class subject to the requirement. The Class of 2028 will enter high school in the fall of 2024. The State Department of Education would have until June 20, 2024, to create an exam to test the students on the financial literacy curriculum.
“As college students that are fresh out in the world, we have experienced the struggle of understanding how the financial system works,” said CRFA vice chair Hunter Weathers.
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