State Superintendent shares importance of required financial literacy course

BIRMINGHAM, Ala. (WBRC) - Your students will soon be required by the state to learn about money in high school.

Governor Kay Ivey recently signed House Bill 164, requiring high schoolers to complete a financial literacy course before they can graduate high school.

State Superintendent Dr. Eric Mackey says a course is actually already required by the State Board of Education but now, everyone will be on the same page. He also says some changes will be made to the course to meet the new requirements.

The bill spells out some of those topics, which include opening and managing a bank account, evaluating types of loans, understanding taxes, and other money management principals like credit scores and managing debt.

Dr. Mackey says the course will help students manage money better for the rest of their lives.

“We gotta stay current because we need to make sure that when students graduate, they don’t get in financial trouble,” he explains. “They don’t take on debt they can’t afford to get out of so that’s why it’s very important to make sure students understand these concepts so they make wise decisions in their late teens but then throughout the rest of their lives.”

The bill says students entering 9th grade for the 2024-2025 school year will be the first class required by the state to complete the financial literacy course before graduation.

The course must be approved by the Department of Education before June of 2024.

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