A bill to mandate testing for financial literacy in Alabama schools passed the Alabama House of Representatives on Tuesday.
House Bill 164 (HB164), sponsored by State Rep. Andy Whitt (R-Harvest), would require Alabama public school students to complete financial management education before graduating high school.
The bill lists nine subjects the state would require schools to teach as part of a standalone course or as part of other courses, such as opening and managing a bank account, balancing a checking account, money management, loan types, basic principles of insurance, taxation and others.
According to the bill, the Class of 2028 would be the first group of students 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.
“This bill will require public school students to complete a course in personal financial literacy and money management before graduation,” Whitt said.
The bill had bipartisan support in the House chambers. House Minority Leader Anthony Daniels (D-Huntsville) commended Whitt for the bill, saying the bill was “certainly something that’s needed.”
“Even beyond our k-12 system, this is something that is very needed in our communities; it’s something that’s needed on our college campuses,” Daniels said. “And so I think that this is really a good step in the right direction.”
HB164 passed the House unanimously 104-0 and will head to the Senate for deliberation.
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