Assembly Bill 166 authored by Assemblymember Roger Hernández passed the Assembly Floor with a 77-0 vote. The bill promotes financial literacy in high school curriculum which includes education on budgeting, student loans and managing credit and debt.
“AB 166 provides the tools and resources to assist our students to become better prepared and financially sound for their future. Improving California student’s financial literacy skills would protect students against predatory lending, credit fraud and other deceptive practices,” said Hernández.
Currently, California does not have an official state policy or educational plan for the teaching of financial literacy. A biennial survey by Jumpstart Coalition for Personal Financial Literacy, conducted between 1997 and 2008 showed financial literacy of high school seniors had fallen from 57% in 1997 to a record low of 48% in 2008.
“The teaching of financial literacy will help our students improve their knowledge on basic money management, financing for college and buying a home which can be passed on to successive generations. Financial knowledge is a key predictor of financial behavior, we need to provide the tools at an early age to ensure their success in the future,” stated Hernandez.
AB 166 is heading to the State Senate where the bill is awaiting committee designation for consideration.
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