FOR IMMEDIATE RELEASE
June 16, 2022
Contact: Press@michigan.gov
Gov. Whitmer Signs Bill Updating Michigan’s Curriculum to Include Financial Literacy Course, Preparing Students for Post-Graduation with Lifelong Skills
LANSING, Mich. — Today, Governor Gretchen Whitmer signed House Bill 5190, a bipartisan bill updating Michigan’s high school curriculum to include a financial literacy course for the first time in state history. The bill will prepare young Michiganders for the future and empower them to take control of their finances.
“As a mom, I want every kid who graduates in Michigan to enter the world with a diverse set of skills and knowledge, and that must include financial literacy,” said Governor Whitmer. “I am proud to sign this bipartisan bill requiring all public school students to take a personal finance course. Every young Michigander deserves to know how to budget, save, and invest their money wisely so they can get off a great start after high school, whether they go to college, start working, or open a small business. Since I took office, we have worked side by side to put Michigan students first, making historic investments in preK-12 education to improve every kid’s in-class experience and school facilities. Today’s bill will bolster the state’s education curriculum and I look forward to signing another balanced budget so we can build on our bipartisan education investments.”
“We must invest in financial literacy early on to set our students up for success later in life,” said Lt. Governor Garlin Gilchrist II. “This bipartisan bill is a critical step forward. It will teach young Michiganders important skills like budgeting and saving and help them make good financial decisions that pay dividends down the road. Governor Whitmer and I are proud of the progress we have made investing in our schools and getting kids the resources they need after a tough few years, and we will continue standing tall for Michigan’s students.”
“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,” said State Representative Diana Farrington, R-Utica. “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.”
“Financial education is critical to the success of Michiganders through every stage of life,” said Anita Fox, Director of the Michigan Department of Insurance and Financial Services. “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.”
“Michigan’s credit unions have been constant and steadfast advocates for increased financial education opportunities for our Michigan students,” said Patty Corkery, President/CEO Michigan Credit Union League and Affiliates. “As an industry, we see the value and impact knowledge of personal financial basics can have on a future borrower and consumer. Our credit unions have been fully supportive of all the work done to get this very important issue through.”
“Students from across Michigan, from every background, will have expanded instruction in financial literacy,” said The Michigan Bankers Association. “We applaud the Governor for signing this legislation, crafted in a bi-partisan manner, with the influence of many stakeholders, into law.”
“Financial literacy is a critical skill every student needs in order to be successful, no matter what future career or path they choose,” says Alexa Kramer, Director of Government Operations, Small Business Association of Michigan. “SBAM proudly supports this legislation and applauds the bipartisan effort behind this important issue.”
"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," said Rick Baker, President & CEO of the Grand Rapids Chamber of Commerce. "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 wellbeing for years to come. We appreciate the legislature and Governor recognizing an important need and working to prepare our future generations for long-term success."
HB 5190
The legislation would add a half-credit personal finance course as a high school graduation requirement, starting with ninth-graders in 2024. The course requirement could fulfill a half credit of the four-credit mathematics requirement, the two-credit language other than English requirement, or the one-credit visual, performing, or applied arts requirement. The course could also be completed as part of an approved career and technical education program.
HB 5190 was sponsored by Rep. Farrington (R–Utica) and can be found here.
Governor Whitmer’s Education Investments
For three years straight, Governor Whitmer has worked across the aisle to make the largest education investments in Michigan history—without raising taxes. Since taking office, she’s tripled the number of literacy coaches and last year, she signed an education budget that closed the funding gap between schools, boosted per-student investment to an all-time high, and helped districts hire hundreds of on-campus mental health professionals.
The governor’s education budget proposal for this year, includes the highest per-student investment ever, $1 billion for school construction and renovation, funds to hire and retain 15,000 teachers, and more resources for on-campus mental health support.
The Whitmer-Gilchrist Administration’s education accomplishments can be found here.
The governor also signed House Bill 5287, which was sponsored by Rep. Martin (R-Davison), to give county political party committees the authority to appoint to fill a local township office vacancy for the remainder of a term or select a candidate to run for the position in an upcoming special election. Any appointed candidate must be confirmed by the local township board and any nominated candidate must still be elected by voters in the special election to take office. This authority was expanded from township to county political party committees.
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