HARTFORD, Conn.—The Connecticut legislature has approved a bill making financial literacy education a requirement for all seniors graduating high school in 2027, a move that has earned the support of the Connecticut CU League.
The legislation passed the statehouse by a wide margin of 138-12, and it previously passed the State Senate by a margin of 35-1. It has been sent to Gov. Ned Lamont for his signature.
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.
“Bruce Adams, CEO of the Credit Union League of Connecticut, has pushed for passage of financial literacy education legislation on behalf of his members for several years,” CUNA sated. “In addition to seeking a graduation requirement, this year he renewed the league’s strong support for State Treasurer Erick Russell’s initiative to achieve funding for the 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.”
‘Lack of Access’
Added Adams, “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. 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.”
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