MERIDEN, Conn.—With credit unions in attendance at the signing ceremony, Connecticut Gov. Ned Lamont has signed into law a bill making financial literacy education a requirement for all Connecticut seniors graduating high school in 2027.
The legislation passed the state House by a wide margin of 138-12, after previously passing the state Senate by a margin of 35-1, CUNA said.
As CUToday.info reported earlier, the Credit Union League of Connecticut and its CEO, Bruce Adams, have pushed for passage of financial literacy education legislation for several years.
In addition to seeking a graduation requirement, the league had also expressed support for a plan by State Treasurer Erick Russell’s to generate funding for the program via a first-in-the-nation Baby Bonds program, which invests funds on behalf of children born into poverty for wealth-building purposes and requires participants to complete a financial literacy course, according to CUNA.
‘Lack of Access’
“For too many years, students living in impoverished communities in Connecticut have suffered from lack of access to basic financial literacy education that other students in wealthier communities have enjoyed,” Adams said. “This lack of access perpetuated the systemic, intergenerational poverty trap in which many of our residents find themselves almost hopelessly stuck, but finally, this bill gives every student the access and opportunity they deserve and gives them an equal shot at a successful future. I applaud the state legislature for passing this by such a wide margin, and I cannot thank Treasurer Russell enough for being a true champion of financial education.”
Connecticut State Rep. Jeffrey Currey thanked the Credit Union League of Connecticut for its support of the bill. Currey is co-chair of the Education Committee.
What’s Required
The bill, Senate Bill 1165, requires a one-half credit in personal financial management and financial literacy for students to graduate from high school. The credit may be included in the Humanities requirements or as an elective.
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