These states are poised to pass personal finance education legislation this year

cnbc.com:

There's momentum for personal finance education becoming law in many states across the country.

Even more states could pass legislation this year to make sure students, particularly those at the high school level, have such instruction.

«It's been a huge change,» said John Pelletier, director of the Center for Financial Literacy at Champlain College in Burlington, Vermont.

Before the coronavirus pandemic, progress on personal financial education had stagnated, he said. But amid pandemic layoffs and the ensuing recession, it became clear that financial literacy is extremely important for students.

«What seems to propel these bills forward is a catastrophe,» Pelletier said.

Georgia will likely be the next state to pass a personal finance education requirement, according to Next Gen Personal Finance, a nonprofit.

Both chambers of the state's general assembly have passed a bill, SB 220, that would require all high school students to take at least a half-credit financial literacy course to graduate, starting with the 2024-2025 school year. The bill is awaiting the governor's signature to become law.

South Carolina also may soon pass legislation mandating personal finance education. The state has a bill, S16, that's currently in conference committee. Once Georgia's bill is signed into law, South Carolina will be the only state in the Southeast that doesn't require personal finance coursework, according to Tim Ranzetta, co-founder of Next Gen Personal Finance.

«I think there's an element of [fear of missing out] happening between the states,» said Ranzetta. «That's why we're seeing the trend there.»

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