Students entering eighth grade in Michigan in 2023 will be required to take a personal finance course before graduating high school.
Now that a new personal finance class requirement is a state law in Michigan, it is hoped that young people won’t have to navigate all of their financial obstacles on their own.
Importance Of Personal Finance
Former State Representative Diana Farrington sponsored House Bill 5190 as its sponsor.
She noted she did not want to specify what schools must teach for the required personal finance course, but she hopes they will utilize community resources.
“Anyone can assist them in developing a superb curriculum and exhaustive product,” Farrington continued.
Now that she is no longer a state lawmaker, she recognizes that it is part of the legacy she leaves behind. Anna Lindsey is a junior at Novi High School and is 16 years old. She believes that young people should be educated on personal finance.
Lindsey chose to enroll in an elective finance course at Novi High School.
“Recently, we began discussing leasing versus purchasing automobiles. “Everything we’re discussing here is genuinely applicable to the world,” Lindsey stated.
Mike Giromini is the Novi County Assistant Superintendent of Academics.
Young People Lack Deep Understanding
Giromini explained that just a subset of students received the instruction. It is wonderful that obtaining a high school diploma will be a requirement for all students and a natural part of their high school curriculum. For their success, this is crucial. He is aware of the current topics that young people are paying attention to.
“They are familiar with Bitcoin. They lack a deep understanding of genuine personal finances. What making income and paying taxes genuinely looks like,” Giromini remarked.
He stated that he does not know how the new curriculum requirement would be implemented, but he knows what he hopes it will tackle.
The one that stands out to me the most is credit cards. How do credit card and debt operations work?