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Consumer Debt and Bankruptcy on the Rise.
American consumers now owe about $1.7 trillion in credit
card and other debt, an amount roughly equal to the gross
national product of England and Russia combined. 1
Of those polled in a 2000 national survey, 53 percent report
that they live from paycheck to paycheck. This statistic jumps to
64 percent for those who earn between $20,000 and $50,000
annually. 2
Furthermore, more than 40 percent of American families live
off of 110 percent of their incomes. 3
Bankruptcy cases filed in federal courts fell 2.6 percent in fiscal
year 2004, according to the Administrative Office of the U.S.
Courts. Despite the drop in filings, bankruptcies remain at historic
highs, well above the 1.5 million record first set in 2002. 4
Children Spending More.
One-third of high school students use a credit card. 5
In 2003, teens spent $175 billion, averaging about $103 per
week. 6
Children’s spending has roughly doubled every 10 years for
the past three decades and tripled in the 1990s. 7
The Jump$tart Coalition administered its annual financial
survey in 2004 to 4,074 high school seniors representing 215
schools in 33 states. Survey scores were slightly better than in
previous years, but students answered only 52.3 percent of the
questions correctly.
College Student Debt.
Eighty-three percent of undergraduate students have at least
one credit card, a 24 percent increase from 1998. 8
The average monthly credit card balance of an undergraduate
student is $2,237, and 21 percent of undergraduates have a
high balance of between $3,000 and $7,000. This is a 61 percent
increase from 2000.
By the time students graduate from college, they have an
average of $20,402 in combined education loan and credit card
balances. Students also double their average credit card debt and
triple the number of credit cards they carry by the time they
graduate. 9
NATIONAL CONFERENCE OF STATE LEGISLATURES
Personal Finance Education:
Overview
As state legislators tackle pressing education issues
such as funding, teacher quality, access to higher
education and implementation of the No Child Left
Behind Act, they also are struck by the reality that
the nation is failing miserably in one subject: managing
personal finances. The following statistics foretell a dismal
financial future for our nation’s children.
Each year, more Americans continue to spend beyond their
means and amass thousands of dollars in personal debt.
However, research indicates that a greater understanding of economic
issues leads to wiser economic activity and greater financial
independence for individuals. In light of this, many state
legislators are spearheading efforts to educate students and
adults about personal finance. In 2004, 23 states introduced legislation
that addressed personal finance education, and at least
30 states introduced similar legislation in 2005.
State and local policymakers are implementing various policies
to ensure that students and adults learn how to manage personal
finances. Policy options include requiring personal finance classes
for graduation, funding teacher professional development, prohibiting
a gift exchange for a student credit card application, creating
adult financial literacy initiatives, and revamping consumer
credit counseling. Education officials also are forming public-private
partnerships to create curriculum, establish teacher training
programs, and initiate student activities to foster personal finance
education at the national, state and local levels. Such organizations
include various banking and financial institutions, the
Jump$tart Coalition, Junior Achievement, the National Academy
of Finance, the National Council on Economics Education, and
the National Endowment for Financial Education.
1. “NPR Special Report: A Nation in Debt.” All Things Considered (National
Public Radio, Jan. 31, 2003);
www.npr.org/programs/atc/features/2003/jan/debt/index.html.
2. “CFA Research Reveals Most Americans Have Built Little Wealth,” Consumer
Federation of America Press Release, Feb. 20, 2001.
3. Junior Achievement Inkline, A Case for Economic Education,
http://www.ja.org/about/about_res_inkline_case_11.shtml.
4. Administrative Office of the U.S. Courts, Dec. 3, 2004.
5. R.D. Manning, Credit Cards on Campus: Costs and Consequences of Student Debt
(Washington, D.C.: Consumer Federation of America, 1999).
6. Ibid.
7. Teenage Research Unlimited, Jan. 9, 2004.
8. The U.S. Kids Market, Packaged Facts 2002;
http://www.marketresearch.com/product/display.asp?ProductID=928713&g=1.
9. Nellie Mae, Undergraduate Students and Credit Cards: An Analysis of Usage Rates
and Trends (Washington, D.C.: Nellie Mae, 2002).

In 2004, the National Endowment for Financial
Education commissioned a study to evaluate the effects
of its personal finance high school curriculum on students
across the country. Researchers found that, “…even
relatively limited exposure to financial education can
impart significant, lasting and practical personal financial
knowledge to young people from all walks of life.” 1 State policymakers
hope to reap similar benefits by enacting state policy to
ensure that personal finance education is taught in their schools.
In 2004, in fact, almost half of the states introduced legislation
that addressed personal finance education, and at least 30 states
introduced legislation in 2005. As policymakers grapple with
personal finance education issues, they will want to understand
their policy options and whether the policies are effectively
helping individuals manage their personal finances. These policy
options include the following:
■ Emphasizing the importance of personal finance education;
■ Requiring or encouraging personal finance education in state
education standards;
■ Requiring or encouraging specific personal finance education
course work; and
■ Partnering with organizations and private institutions to
provide curriculum, programs and other unique opportunities
for students.
THE IMPORTANCE OF THE ISSUE
State legislatures across the country are drawing attention to
statistics about bankruptcy and financial mismanagement and
are emphasizing the importance of personal finance education.
In 2004, at least four states—including Arizona, Hawaii,
Michigan and Rhode Island—approved resolutions recognizing
the importance of youth financial literacy and designated April
as Financial Literacy Month. In 2005, at least eight states—
including California, Florida, Iowa, Michigan, Pennsylvania,
Rhode Island, South Carolina and Wyoming—passed similar
resolutions.
K-12 Personal Finance Education
State Policy Analysis
NATIONAL CONFERENCE OF STATE LEGISLATURES
STATE STANDARDS
Most states include personal finance education in their state
K-12 curriculum and standards. According to a 2004 survey by
the National Council for Economics Education (NCEE), 38
states report that they include personal finance education in
their standards, up from 31 states in 2002. 2 Twenty-one states
have explicitly required that standards be implemented. 3
Hawaii, for example, introduced legislation in 2004 to require
the state Board of Education to include personal finance education
in the curriculum. In Arkansas, legislators passed Senate
Bill 41 in 2003, which requires the state Department of
Education to develop personal finance course content guidelines
and recommend text books to be used in a personal finance
course. In 2004, Colorado passed House Bill 1360, which
encourages personal finance education to be included in state
and district standards.
Placement of personal finance education in the state standards
varies from state to state. It may be included in social
studies, economics, business, mathematics or consumer science
standards. Consumer science standards often cover personal savings
management, including how to manage a savings or checking
account and budgeting. Kansas standards, for example,
require economics curricula to include the determination of
costs and benefits of spending, saving and borrowing, as well as
calculation of interest earned and account balances for checking
and savings accounts. Students must learn their role in the economic
system and how economic scarcity affects purchasing
power. Several states call for personal finance education across
content areas. Louisiana standards, for example, declare that
components of financial literacy are benchmarks in mathematics
and social studies content standards and in family and consumer
science guidelines.
States also vary by the grade level at which the personal
finance education standards are required. Eleven states—Kansas,
Kentucky, Maine, Maryland, Massachusetts, New Hampshire,
New Mexico, North Dakota, Oklahoma, Oregon and
Vermont—require standards in grades K-12. Both Maine and
Massachusetts start at the prekindergarten level. Twelve states—
Louisiana, Mississippi, Montana, Nebraska, New Jersey, New

York, North Carolina, South Carolina, South Dakota,
Tennessee, Texas and Utah—include personal finance education
at the high school level. Three of these states—South Carolina,
Texas and Utah—require personal finance education only in
grades 10 through 12. Four states—Minnesota, Nevada,
Pennsylvania and Rhode Island—place personal finance education
in various middle and high school levels. Rhode Island, for
example, places the curriculum in grades eight through 12,
whereas Nevada places it in grades five through 12.
ENCOURAGING AND MANDATING
SPECIFIC COURSE WORK
Encouraging Course Work
In some states, legislators only encourage schools to include personal
finance education. Legislators argue that this approach
asserts their wishes, yet honors local control. School districts
have the opportunity and flexibility to offer the course work
where and when it is most beneficial to their students. In 2005,
legislators in California, Kentucky, Maine, Maryland, Missouri,
Oregon, South Carolina, Texas and Washington considered such
legislation.
In 2003, North Carolina took a unique approach by creating
a pilot program to determine best practices around personal
finance education. Assistance will be offered in up to five local
school administrative units to implement programs on teaching
personal financial literacy. The purpose of the pilot program is
to determine the best methods of equipping students with necessary
knowledge and skills before they become self-supporting
and need to make critical decisions regarding their personal
finances. The components of personal financial literacy include
consumer financial education, personal finance and personal
credit. Before the program sites are selected, the state Board of
Education must develop curricula, materials and guidelines for
local boards of education to implement a program of instruction
for personal financial literacy. In 2005, Texas introduced
legislation to develop a similar pilot program.
Requiring Course Work
Although some states have had success with only encouraging
personal finance education, several states are finding that simply
encouraging such education has led to a marked disparity in the
delivery and results of personal finance education. Utah, for
example, has reexamined and strengthened its original personal
finance legislation. In 2002, the Legislature passed a resolution
that encouraged school district boards, superintendents and principals
to find ways to include financial literacy in existing curricula.
After two years, legislators found that not much had changed.
As a result, they amended the legislation in 2004 to mandate
financial literacy course work as a requirement for graduation.
NATIONAL CONFERENCE OF STATE LEGISLATURES
Other states also are moving beyond encouraging curricula
to mandating instruction in personal finance education.
Research supports this move. A report by the Credit Union
National Association states that, “Requiring every student in the
nation to study financial literacy is the most effective way to
develop a credit smart society and combat the negative implications
of debt-stressed families and increasing bankruptcies.” 4
According to the National Council on Economic Education,
eight states require schools to offer a course, and seven states
require students to take the course. 5 Examples of such legislation
follow.
■ In 2003, the Louisiana Legislature required the mandatory
free enterprise curriculum to include instruction in personal
finance beginning with the 2004-2005 school year. The new
personal finance components must include income, money
management, spending and credit, and savings and investment.
In summer 2004, 280 teachers were trained in the NEFE High
School Financial Planning Program at no charge for registration
or materials and received a stipend for completing the six-hour
workshop.
■ Ohio legislators introduced legislation in 2005 to require
that every high school include instruction in personal economics
as a requirement for graduation.
■ In 2005, Texas passed House Bill 492, directing the state
Board of Education to include elements relating to personal
finance as part of the essential knowledge and skill of economics
and requiring course work in personal finance education for
high school graduation.
■ Virginia legislators enacted two laws in 2005 that address
personal finance education. Chapter 741 requires economics
education not only in all middle and high schools, but also
requires that all public institutions of higher education make
“….provisions for the promotion of the development of student
life skills through inclusion of principles of economics education
and financial literacy within an existing general education course,
the freshman orientation process, or other appropriate venue.”
Virginia law requires that financial literacy be systematically
infused into the state standards; however, the objectives are not
required in the state assessments. The law also encourages public
schools to establish on-site banking programs for students.
Virginia also passed Chapter 33, the Entrepreneurship
Education Program. The program consists of grants administered
by the Board of Education to public secondary schools to
support innovative educational programs that are designed to
help students develop their entrepreneurial, academic and life
skills. The programs can incorporate experiential learning; can
include partnerships with business and higher education; and
can assist students in practicing and mastering business concepts,
such as negotiation, pricing, and the development and
implementation of plans for individual student businesses.

Although mandating personal finance education is potentially
beneficial, policymakers will want to consider the effects of
adding such curricula to an already stretched staff and budget.
Some argue this increases demands on teacher workload and
pressure for students to succeed in the core curriculum on
which they are annually tested. Implementing new curricula
also can be both expensive and time-consuming; it involves
adopting and purchasing new materials and providing appropriate
professional development to teachers. To be successful,
schools will need to find time in an already full instructional
load for personal finance education.
PARTNERSHIPS
In addition to encouraging or mandating personal finance
education courses, states also are considering new and creative
approaches to integrate personal finance education into the
school day. States such as Iowa, New Jersey and Louisiana are
making use of public-private partnerships to encourage and promote
financial literacy. Such partnerships or networks target
specific audiences and provide necessary information and financial
support without adding layers to a saturated public school
system. New York authorizes credit unions to open and maintain
student branches within the elementary and secondary
schools. By placing banks and credit unions inside the school,
legislators hope to give students the skills, knowledge and experience
necessary to manage their personal finances and obtain
general financial literacy.
■ Banks and Credit Unions are increasing their involvement
in the public school arena. According to a 2004 Consumers
Bankers Association study of bank-sponsored financial literacy
programs, 89 percent of banks are involved in consumer financial
education, representing a 16 percent increase from the previous
year. They now reach approximately 142,967 students. 6
The survey reports that 88 percent of employees tutor students
when the bank works with public schools, and 70 percent of
banks participate in “adopt-a-school” programs. 7
Currently, 74 credit unions in 25 states operate student-run
branches in 238 schools. 8 The Credit Union National
Association also has partnered with the National Endowment
for Financial Education (NEFE) to work with credit unions to
provide financial planning classroom materials and volunteer
teachers to high schools around the country. During the 2001-
2002 school year, credit unions distributed financial education
classroom materials to more than 71,000 students.
■ Washington Mutual is one example of an institution that
supports youth financial literacy. It offers the Class Acts program,
where employees volunteer to organize projects to support
schools and financial literacy; the School Savings program
that gives students hands-on lessons about how to handle
NATIONAL CONFERENCE OF STATE LEGISLATURES
money responsibly using their Washington Mutual savings
accounts and how to organize weekly Bank Days at school; the
WaMoola for L.I.F.E. Lessons for grades K-12, an education
program that teaches money basics, checking, credit and other
skills through interactive lessons taught by employees; and a
high school internship program that provides work experience
for high school juniors and seniors. Washington Mutual also
partners with a nonprofit community development group,
REACH, on its Youth$ave program. Youth$ave targets youth
who live in REACH’s affordable housing communities.
Youth$ave children attend nine financial education classes and
use the program to save for a community-related, artistic, athletic
or academic goal. 9 Other institutions that sponsor successful
programs for K-12 students include Bank of America,
Citigroup, Fleet, National City and Wells Fargo.
■ The Jump$tart Coalition was established to improve personal
finance literacy for young adults. The coalition has worked
directly with state representatives who are familiar with their
state’s needs for K-12 personal finance education to form coalitions
for finance literacy in 26 states. In April 2005, the
Jump$tart Coalition recognized Wisconsin as the first state
coalition of 2005. This coalition was noted for its work with the
National Institute of Financial and Economic Literacy and for
organizing summer workshops to train teachers to teach student
financial literacy. Several credit unions in Wisconsin sponsored
local teachers to attend the training sessions.
■ Junior Achievement works directly with schools on personal
finance education. Through 145 American offices, Junior
Achievement reaches approximately 4 million students per year
in inner cities, suburbs and rural areas. Junior Achievement programs
which span grades K-12, focus on seven key content
areas, including business, citizenship, economics, entrepreneurship,
ethics/character, financial literacy and career development.
Teachers in more than 169,000 classrooms use Junior
Achievement programs each year.
■ The National Academy of Finance introduces high school
students to career opportunities in the financial services industry.
The academy’s mission is to open the door to new options
and equip students to make sound choices for the future. One
of three member programs of the National Academy
Foundation, the Academy of Finance operates as a small learning
community and is located in more than 275 high schools
nationwide.
■ The National Endowment for Financial Education (NEFE) is
a nonprofit foundation dedicated to helping all Americans
acquire the information and gain the skills necessary to take control
of their personal finances. NEFE provides the necessary funding,
logistical support and financial planning expertise to create
personal finance programs and materials for the public. The
NEFE High School Financial Planning Program (HSFPP), which

provides materials to teach the basics of personal finance to young
people, is available at no cost to all high schools throughout the
country. This program has reached more than 1 million high
school students across the country. NEFE also sponsors the Teen
Resource Bureau Website, 10 which is managed and maintained by
young adults in the NEFE Fellows Program. The Web site offers
information about such topics as establishing written and meaningful
goals, understanding credit, budgeting, spending wisely
and much more. The Web site is updated quarterly, with content
available in Spanish and text only versions, and uses the HSFPP
curriculum to outline key personal finance concepts.
NATIONAL CONFERENCE OF STATE LEGISLATURES
1. National Public Radio, “NPR Special Report: A Nation in Debt,” All Things
Considered, Jan. 31, 2003.
2. Consumer Federation of America, “CFA Research Reveals Most Americans Have
Built Little Wealth,” Press Release, Feb. 20, 2001.
3. Junior Achievement Inkline, A Case for Economic Education,
http://www.ja.org/about/about_res_inkline_case_11.shtml.
4. Administrative Office of the U.S. Courts, “Bankruptcy Filings Fell in March
2005 12-Month Period,” Press Release, June 10, 2005.
5. R.D. Manning, Credit Cards on Campus: Costs and Consequences of Student Debt
(Washington, D.C.: Consumer Federation of America, 1999).
6. Teenage Research Unlimited, Jan. 9, 2004.
7. The U.S. Kids Market, Packaged Facts 2002,
http://www.marketresearch.com/product/display.asp?ProductID=928713&g=1.
8. Nellie Mae, Undergraduate Students and Credit Cards: An Analysis of Usage Rates
and Trends (Washington, D.C.: Nellie Mae, 2002).
9. Ibid.

Imagine being 30 years old and still making payments for
your college freshman text books. And imagine being 60
years old, in poor health and not able to retire because
you began contributing to your 401(k) plan only a couple
of years ago. Unfortunately, these scenarios are all too
common in today’s world of high credit card debt and low rates
of savings. State legislators, alarmed by this trend, are stepping
in to create policies and programs to educate today’s college
students and adults about personal finance. In fact, at least 10
states—Florida, Idaho, Illinois, Maine, Minnesota, Montana,
New Jersey, New York, Pennsylvania and Texas—introduced
legislation to address financial literacy for adults and college
students during the 2005 legislative session.
Higher Education Policy
A significant concern for college students is their rising debt
resulting from multiple credit cards and a lack of sufficient
financial planning. According to Nellie Mae, a leading provider
of higher education loans, a study of recent student loan applicants
revealed that students held an average of three separate
credit cards: 78 percent of students had at least one credit card,
32 percent of students had four or more credit cards, and 95
percent of graduate students carried credit cards. As a result,
state lawmakers are enacting legislation to specifically address
personal finance education for college students. The following
are examples of such legislation.
In 2004, Kentucky introduced legislation prohibiting offers of
a gift in exchange for a student credit card application. The legislation
also directs public institutions of higher education to
promulgate administrative regulations for credit card marketing
and encourages postsecondary institutions to include credit card
and debt education sessions as part of a new student orientation.
New York introduced legislation in 2004 that requires institutions
of higher education to interview students who withdraw
to determine whether such withdrawal is a result of credit card
debt incurred by the student.
Minnesota introduced legislation in 2005 that requires student
financial management proficiency at public postsecondary
institutions.
Personal Finance Education for
College Students and Adults:
A State Policy Analysis
NATIONAL CONFERENCE OF STATE LEGISLATURES
New Jersey introduced similar legislation in 2005 that requires
public institutions of higher education to establish a financial
management program for its students if the institution enters
into an agreement for the direct solicitation of credit cards to its
students. Credit card issuers are to fund the program.
Several states, including Arkansas, Louisiana and West
Virginia, have enacted laws to regulate marketing of credit cards
to college students. Louisiana prohibits a credit card distributor
from giving or offering any gratuity as an inducement for a student
to read, review or consider material relating to a credit card
application unless the student has been provided a credit card
debt education brochure.
Six states—California, Hawaii, Louisiana, Missouri, New
Mexico and Virginia—have encouraged colleges and universities
to study the effects of marketing credit cards to college students.
Adult Education Policy
The Credit Union National Association Web site reports that
60 percent of U.S. households have some amount of credit and
receive an average of three credit card offers per month, and
that only 57 percent of adults get an “average” grade in bank
economics. 1 According to a recent report from the Credit
Union National Association, the Federal Reserve found that the
typical family that filed for bankruptcy in 2007 owed more than
one and one-half times its annual income in short-term debt. A
family earning $24,000 had an average of $26,000 in credit
card and similar debt. 2 With increasing debt and growing complexity
in financial issues, there appears to be a great need for
personal finance education among the adult population.
State legislators are taking note and are creating programs and
partnerships to address this need. New Jersey, for example, created
a unique network between private organizations, credit
unions and state agencies to increase personal finance awareness
in the state. The network is designed to increase the distribution
of financial education materials statewide, particularly in
low and moderate income areas. State agencies are working
with private organizations such as Columbia Bank, Garden
State Mortgage, Independence Community Bank, PNC Bank,
Nova Debt, Raritan Bay Federal Credit Union, State Farmers
Insurance and Union Center National Bank. (over)

States also have created state-level offices to coordinate state
financial education policies. In Pennsylvania, the Office of
Financial Education helps state agencies work with communitybased
and private-sector partners to create and maintain a clearinghouse.
The clearinghouse provides an accurate, up-to-date
inventory of resources and assistance available to families in the
state. The Florida Legislature considered legislation in 2005 to
create the Financial Literacy Council to study the issue, and
Maine considered similar legislation to establish the
NATIONAL CONFERENCE OF STATE LEGISLATURES
Commission to Study the Scope and Quality of Personal and
Family Financial Management Education.
Legislators also have included financial education in already
existing assistance programs. Illinois recognizes participation in
financial literacy training as an approved work activity to meet the
30-hour per week work requirement for TANF recipients. TANF
funds can be used to support financial education strategies.
1. http://buy.cuna.org/static/cpf_answers.html.
2. Colleen Kelly, Financial Literacy in Schools: The Credit Union Commitment
(Washington, D.C.: Credit Union National Association, 2002).

As with many new programs, various sources of funding
are available for personal finance education, including
public funding from the federal and state governments
and private funding from the banking industry, foundations
and nonprofit organizations. States vary in
their approach but often rely on a combination of funding
sources to support the programs. Colorado, for example, relied
solely on state funds to assist the state Department of Education
to create a personal finance resource bank. North Carolina, on
the other hand, calls for the state Board of Education to provide
information to local boards of education on how to secure public
and private grant funds to implement the instructional portion
of their personal finance law. Many states have passed resolutions
that encourage state departments or boards of education
to include personal finance education but do not appropriate
specific funds or provide any direction or assistance for
obtaining additional funding.
South Carolina is using funding from the federal Jobs and
Growth Tax Relief Reconciliation Act of 2003 to fund its personal
finance education legislation. South Carolina requires
that all high school students receive instruction in personal
finance through June 2005.
The federal Excellence in Economic Education Act of 2001,
which later became part of the No Child Left Behind Act of
2001, also provides assistance for personal finance education.
The act promotes economic and financial literacy among all students
in grades K-12 through the award of one grant to a
national nonprofit educational organization, the National
Council for Economic Education (NCEE), to improve student
understanding of personal finance and economics. This organization
has established state councils and more than 200 university-based
centers for financial literacy and funds 140 grants to
organizations that are involved in teacher training, the distribution
of curriculum materials to the schools, research that measures
student learning, student or school-based activities and
replication of best practices. Each grantee is required to subgrant
75 percent of its grant funds to state or local education
agencies and to state or local economic, personal finance or
entrepreneurial education organizations. In 2004, almost $1.5
million was appropriated to NCEE.
NATIONAL CONFERENCE OF STATE LEGISLATURES
Finding Funds for
Personal Finance Education
An additional piece of federal legislation that would support
financial literacy currently is pending before Congress. Senator
Jon Corzine (D-NJ), Senator Daniel Akaka (D-HI) and Senator
Frank Lautenberg (D-NJ) have introduced the Youth Financial
Education Act, Senate Bill 1181. This legislation would provide
$100 million in grants to states to help develop and implement
financial education programs in elementary and secondary
schools, including helping prepare teachers to provide financial
education, and would create a national clearinghouse for
instructional materials and information regarding model financial
education programs.
Private grant funds from banking institutions and foundations
also are a source of funding for personal finance education.
States are working with organizations such as Jump$tart
and the National Endowment for Financial Education (NEFE)
to provide classroom materials and training for teachers. Louisiana,
for example, capitalized on the opportunity to train 280 teachers
using the NEFE High School Financial Planning Program at
no charge for registration or materials, and teachers received a
$110 stipend for completing the six-hour workshop. The
Jump$tart Coalition raised $50,000 for the stipends.

Consumers Bankers Association
www.cbanet.org
Consumers Bankers Association (CBA) provides leadership,
education, research and federal representation on retail banking
issues such as privacy, fair lending and consumer protection legislation
and regulation. CBA members include most of the
nation’s largest bank holding companies as well as regional and
super community banks that collectively hold two-thirds of the
industry’s total assets. Since 2001, CBA has conducted an annual
survey of bank-sponsored literacy programs to measure the
magnitude of these programs and to examine, in detail, the
range of bank efforts. With the increased legislative and regulatory
focus on financial literacy, CBA has added this annual survey
to its top lobbying and educational initiatives.
Consumer Federation of America
www.consumerfed.org
The Consumer Federation of America is an advocacy, research,
education and service organization. As an advocacy group, CFA
advances pro-consumer policy on a variety of issues before
Congress, the White House, federal and state regulatory agencies,
state legislatures, and the courts. As a research organization,
CFA investigates consumer issues, behavior and attitudes
using surveys, polling, focus groups and literature reviews. As
an education organization, CFA disseminates information on
consumer issues to the public and the media, as well as to policymakers
and other public interest advocates. Finally, as a service
organization, CFA provides support to national, state and
local organizations that are committed to the goals of consumer
advocacy, research and education. Some of these organizations
are consumer advocacy, education or cooperative organizations
that belong to the federation.
Credit Union National Association
www.cuna.org
Credit Union National Association (CUNA), based in
Washington, D.C., and Madison, Wisconsin, is the trade association
that serves America’s credit unions. The not-for-profit
trade group is governed by volunteer directors. In partnership
with state credit union leagues, CUNA provides many services
NATIONAL CONFERENCE OF STATE LEGISLATURES
Personal Finance
Education Resources
to credit unions, including representation, information, public
relations, continuing professional education, and business development.
CUNA also works with related organizations to provide
products and services to credit unions.
Excellence in Economic Education Act
www.ed.gov/programs/econeducation/index.html
The Excellence in Economic Education Program promotes economic
and financial literacy among all K-12 students. The
United States Department of Education is authorized to make
one competitive award to a national nonprofit educational
organization whose primary mission is to improve the quality of
student understanding of personal finance and economics. The
objectives of this program are to: 1) increase students’ knowledge
of and achievement in economics; 2) strengthen teachers’ understanding
of economics; 3) encourage economic education
research and development, disseminate effective instructional
materials, and promote the replication of best practices and
exemplary programs that foster economic literacy; 4) assist states
to measure the effects of education in economics; and 5) leverage
and expand increased private and public support for economic
education partnerships at the national, state and local levels.
The statute requires the grantee to subgrant 75 percent of its
grant funds to state or local educational agencies and state or
local economic, personal finance or entrepreneurial education
organizations. The subgrantees will work in partnership with
other organizations that promote personal finance and economic
development.
The grantee will use the remaining funds to: 1) strengthen
and expand its relationships with state and local personal
finance, entrepreneurial and economic education organizations;
2) support K-12 teacher training programs; 3) support research
on effective teaching practices and the development of assessment
instruments to document student understanding of personal
finance and economics; and 4) develop and disseminate
appropriate materials to foster economic literacy.
(over)

Federal Reserve Bank of Chicago’s Finance Education Research
Center
http://chicagofed.org/cedric/financial_education_research_
center.cfm
The center’s mission is to encourage research and disseminate
information related to consumer and economic development
issues such as financial education, consumer and small business
financial behavior, access to credit, affordable housing, and
community development and reinvestment. In line with this
mission, the Financial Education Research Center seeks to promote
excellence in financial education by providing online
resources for researchers, educators, program directors and others
interested in supporting these types of programs and initiatives.
The Web site contains a comprehensive list of personal
finance education resources.
Institute of Consumer Financial Education
www.financial-education-icfe.org
The Institute of Consumer Financial Education (ICFE) provides
financial, debtor, bankruptcy and financial planning education
for all age groups. Special sections are devoted to teaching
children about money. Other features in financial education
include budget and expense guidelines, instructions for a
budget with a one-page budget form, tips for using credit cards,
Credit Card Warning Labels, the ICFE’s Do-It-yourself Credit
File Correction Guide and Mending Your Spending.
Jump$tart Organization
www.jumpstart.org
The Jump$tart Coalition for Personal Financial Literacy seeks to
improve the personal financial literacy of young adults.
Jump$tart’s purpose is to evaluate the financial literacy of young
adults; develop, disseminate and encourage the use of standards
for grades K-12; and promote the teaching of personal finance.
JumpStart coalitions work state-by-state with people who are
familiar with the particular needs of a state in the area of personal
finance education for grades K-12.
Junior Achievement
www.ja.org
Junior Achievement uses hands-on experiences to help young
people understand the economics of life. In partnership with
business and educators, Junior Achievement brings the real
world to students, opening their minds to their potential.
Through 145 American offices, Junior Achievement reaches
approximately 4 million students per year in inner cities, suburbs
and rural areas.
NATIONAL CONFERENCE OF STATE LEGISLATURES
National Academy of Finance
www.naf.org/cps/rde/xchg/SID-3F57E0FB-FE24C6AF/naf/
hs.xsl/297_373.htm
The National Academy of Finance introduces high school students
to career opportunities in the financial services industry.
The academy’s mission is to open the door to new options and
to equip students to make sound choices for the future. One of
three member programs of the National Academy Foundation,
the Academy of Finance operates as a small learning community
and is located in more than 275 high schools nationwide.
National Council on Economic Education
www.ncee.net
The Excellence in Economic Education Act of 2001 established
the National Council for Economic Education (NCEE) to promote
economic and financial literacy among all students in
kindergarten through grade 12 through the award of one grant
to a national nonprofit educational organization that has as its
primary purpose the improvement of the quality of student
understanding of personal finance and economics. NCEE,
whose mission has been to promote economic and financial literacy
to students in grades K-12, established state councils and
more than 200 university-based centers for financial literacy.
National Endowment for Financial Education
www.nefe.org
The National Endowment for Financial Education (NEFE) is a
nonprofit foundation dedicated to helping all Americans acquire
the information and gain the skills necessary to take control of
their personal finances. NEFE provides funding, logistical support
and financial planning expertise needed to create personal
finance programs and materials for the public. Its education
programs focus on increasing financial literacy among the
nation’s youth, primarily through the NEFE High School
Financial Planning Program (HSFPP).
Washington Mutual
www.wamu.com
Washington Mutual strives to support teachers, schools, parents
and children through grants, teacher development programs and
more. Washington Mutual sponsors several programs designed
to improve student and adult personal finance education,
including the Class Acts program, the WaMoola for Schools
program, the School Savings program, WaMoola for L.I.F.E.
Lessons, the Your Money Matters program and the High School
Intern Program.

ARIZONA
S.B. 1189
Prohibits the licensee from directly or indirectly charging any
fee for accepting a check for deferred presentment or deposit
that is more than 15 percent of the face amount of the
advanced check delivered to the maker by the licensee for an
initial transaction or extension. Prohibits the garnishing of military
earnings by a licensee. Prohibits collection activity against a
member of the U.S. military or the member’s spouse during the
member’s deployment to combat or combat support posting or
during National Guard active duty service or any military
reserve unit. Prohibits the licensee from contacting the commanding
officer or anyone in the chain of command of a borrower
in an effort to collect on a loan. Makes the licensee
bound by the repayment agreement entered with respect to the
borrower, including repayment agreements negotiated through
military counselors or third-party credit counselors. Requires
the licensee to devote some existing financial literacy effort
toward addressing the educational needs of military borrowers.
Requires the licensee to develop a brochure specifically for military
borrowers, including the following information: 1) the
requirements of this legislation; 2) military policies relating to
credit; 3) where military members may find financial assistance
through established military programs, Web sites and a military
hotline; and 4) where military members may find information
about local credit counseling alternatives.
Status—Sent to Senate for concurrence, 4/28/2005
CALIFORNIA
A.B. 1492
Allows a school district, in providing instruction in economics,
to include instruction related to the understanding of personal
finances.
Status—Re-referred to the Committee on Appropriations,
6/15/2005
Financial Literacy Legislation
2001-2005
2005
NATIONAL CONFERENCE OF STATE LEGISLATURES
A.C.R. 6
Declares the month of April 2005 as Financial Literacy Month,
in order to raise public awareness about the need for increased
financial literacy.
Status—Filed with Secretary of State, Resolution Chapter 6,
3/14/2005
FLORIDA
H.B. 431
Creates the Financial Literacy Council; provides legislative findings;
provides purposes; provides for membership; provides for
meetings, procedures, records and reimbursement for travel and
per diem expenses; provides powers and duties of the council;
provides for resources of the council; and requires annual
reports to the governor and Legislature.
Status—Senate, died in Messages, 5/06/2005
H.B. 559
Relates to prosperity campaigns; establishes the Prosperity
Campaign Office to be housed in Workforce Florida Inc; provides
duties of the office; provides for establishment of the
Florida Prosperity Campaign Council; provides membership
and responsibilities; requires development and offering of a high
school financial literacy course; and requires each Prosperity
Campaign to connect low-wage workers to economic benefits
programs and offers additional services.
Status—Died in Council, 5/06/2005
S.B. 1188
Establishes the Prosperity Campaign Office to be housed in
Workforce Florida Inc.; provides duties of the office; provides
for establishment of the Florida Prosperity Campaign Council;
provides membership and responsibilities; requires development
and offering of a high school financial literacy course; requires
each Prosperity Campaign to connect low-wage workers to economic
benefits programs and to offer additional services.
Status—Died in House Commerce Council, 5/06/2005

H.R. 9057
Recognizes March 23, 2005, as Junior Achievement Day in
Florida, and all people of the state are called upon to foster economic
education among youth and to help advance the worthwhile
mission of Junior Achievement.
Status—Adopted, 3/22/2005
S.B. 1120
Creates the Financial Literacy Council; provides legislative findings;
provides purposes; provides for membership; provides for
meetings, procedures, records and reimbursement for travel and
per diem expenses; provides powers and duties of the council;
and provides for resources of the council; requires annual
reports to the governor and Legislature.
Status—Died in Committee on Transportation and Economic
Development Appropriations, 5/06/2005
HAWAII
S.B. 11
Authorizes the state Board of Education to establish personal
financial management education programs within the
Department of Education for grades kindergarten through 12.
Status—Referred to EDM, WAM, 1/27/2005
S.B. 1353
Directs the Board of Education to add a mandatory one-semester
economic and financial management literacy course to the
public high school curriculum.
Status—Referred to EDM, WAM, 2/01/2005
S.C.R.162
S.R. 94
Requests the Department of Education to add a mandatory
one-semester course in economic and financial management literacy
to the existing public high school curriculum.
Status—Referred to EDM, WAM, 3/22/2005
IDAHO
H.B. 304
Appropriates $10.2 million to the state Board of Education and
the Board of Regents of the University of Idaho for Special
Programs, including the Forest Utilization Research Program,
Idaho Geological Survey Program, Scholarships and Grants
Program, Idaho Museum of Natural History, Idaho Small
Business Development Centers, and the Idaho Council on
Economic Education for fiscal year 2006; limits the number of
full-time equivalent positions to 24.8; and provides legislative
intent regarding money appropriated for Category B of the
Idaho Robert R. Lee Promise Scholarship Program.
Status—Signed by Governor, Session Law Chapter 196, 7/01/2005
2
NATIONAL CONFERENCE OF STATE LEGISLATURES
ILLINOIS
H.B. 171
Amends the Deposit of State Moneys Act. Provides that the
treasurer may accept a proposal from an eligible institution that
provides a reduced rate of interest if the institution agrees to
expend an amount equal to the reduction for the delivery of
credit union products and services and financial literacy programs
to low-income people or economically disadvantaged
areas of the state.
Status—Rule 19(a) / Re-referred to Rules Committee, 3/10/2005
H.B. 468
Amends the Deposit of State Moneys Act. Provides that the
treasurer may accept a proposal from an eligible institution that
provides a reduced rate of interest if the institution agrees to
expend an amount equal to the reduction for the delivery of
credit union products and services and financial literacy programs
to low-income members of certain credit unions.
Provides that the proposal and acceptance shall be contained in
an agreement between the state treasurer, the institution and a
third party, if applicable, and the agreement shall restrict the use
of the funds to the prospective delivery of the foregoing products,
services and programs.
Status—Rule 19(a) / Re-referred to Rules Committee, 4/15/2005
H.B. 2001
Amends the School Code and the State Finance Act. Requires
the state Board of Education to develop and adopt curricula,
materials and guidelines for school boards to use in implementing
a program of instruction on financial literacy within courses
currently offered in public high schools in this state. Lists subject
areas that the program must include. Creates the Financial
Literacy Fund as a special fund in the state treasury. Provides that
all money in the fund shall be used by the state board to award
grants to school districts for certain financial literacy purposes.
Allows a school board to establish a special fund, with money to
be used for certain financial literacy purposes. Requires the state
board to incorporate the elements of the program into Illinois
learning standards.
Status—Passed House, 4/20/2005
INDIANA
S.B. 632
Requires schools to provide instruction in personal financial
responsibility and general parenting skills to students in grades
nine through 12.
Status—First reading, referred to Committee on Education and
Career Development, 1/24/2005

IOWA
MASSACHUSETTS
H.R. 29
H.B. 1197
Designates April 2005 as Financial Literacy for Youth Month in Includes personal financial literacy in the math curriculs for all
Iowa.
school grade levels.
Status—Adopted, 4/28/2005
S.R. 14
Status—Referred to the House Committee on Education and
Senate, concurred 1/26/2005
Designates April 2005 as Financial Literacy for Youth Month in
MICHIGAN
Iowa.
H.R. 43
Status—Adopted, 3/22/2005
Establishes April as Youth Financial Literacy Month in the state
of Michigan.
KENTUCKY
H.B. 227
Status—Adopted, 3/24/2005
Creates a new section of KRS 158 to permit financial literacy S.R. 21
instruction to be included in courses currently offered in public Establishes April as Youth Financial Literacy Month in the state
schools; creates a new section of KRS 158 to establish the finan- of Michigan.
cial literacy trust fund in the state treasury and identifies possible
fund uses; clarifies that the fund may receive state appropria-
Status—Adopted, 4/13/2005
tions, gifts, grants, federal funds and any other funds, both pub-
MINNESOTA
lic and private; identifies that the fund shall be a trust and S.F. 168
agency account and made available solely for the purpose and Relates to higher education; requires student financial manage-
benefits of the Kentucky financial literacy trust fund program; ment proficiency at public postsecondary institutions.
requires the Kentucky Board of Education to promulgate
administrative regulations related to disbursal of funds; and
Status—Referred to Education, 1/10/2005
identifies the Kentucky Department of Education as administra-
MISSOURI
tor of trust fund.
H.C.R. 24
Status—Returned to Senate Education, 3/01/2005
Encourages a mandated high school course in personal finance
economics.
LOUISIANA
S.C.R. 8
Status—Adopted, 5/13/2005
Designates April 28, 2005, as “Youth Personal Financial
MONTANA
Literacy Day at the Louisiana State Capitol.”
H.B. 664
Status—Filed with Secretary of State, 5/09/2005
Establishes an individual development account program in the
Office of Economic Development. The purpose of the program
MAINE
is to match savings and to provide financial literacy and credit
L.D. 1318
counseling in order to provide eligible individuals the opportu-
Establishes the Commission to Study the Scope and Quality of nity to establish special accounts that may be used: a) to pur-
Personal and Family Financial Management Education.
chase a first home; b) to capitalize a small business; or c) to
Status—Placed in the Legislative Files (Dead), 6/17/2005
fund postsecondary education or training.
Status—Missed deadline for Appropriation Bill transmittal,
MARYLAND
H.J.R. 11
3/30/2005
Urges county boards of education to integrate the principles of
NEW JERSEY
basic personal finance into the curricula and instruction estab- S.B. 1403
lished for their local school systems; and urges county boards of Requires a public institution of higher education to establish a
education to implement specified standards as part of a student’s financial management program for its students if the institution
eligibility to graduate from a public high school and receive a enters into an agreement for the direct solicitation of credit
high school diploma.
cards to its students. The financial management program is to
Status—First Reading House Rules and Executive Nominations, be funded by the credit card issuers and conform to the guide-
2/21/2005
lines for the program established by the Department of Banking
3
NATIONAL CONFERENCE OF STATE LEGISLATURES

and Insurance. If a student has not successfully completed the
financial management program prior to entering a credit card
agreement pursuant to a direct solicitation, the student would
not be liable for any interest on the debt pursuant thereto.
Status—Introduced in the Senate, referred to Senate Commerce
Committee, 3/29/2004
NEW MEXICO
H.B. 155
Makes an appropriation to New Mexico State University to
develop partnerships with the public schools to promote financial
and economic literacy.
Status—House Appropriations and Finance Committee, 2005
NEW YORK
A.B. 316
Establishes that instruction in financial education be provided
to pupils in grades nine through 12; establishes what should be
included in such curricula including the basics of financial planning,
budgeting, borrowing, interest rates, personal insurance
policies, etc.
Status—Referred to Education, 1/10/2005
A.B. 1360
Provides for the registration of cash-dispensing machines operated
by entities other than banking organizations and establishes
the “Improving Financial Literacy Fund,” consisting of money
collected from civil penalties collected from civil actions pursuant
to the cash-dispensing machines article of the banking
law; requires disclosures of fees and other information to cashdispensing
machine users.
Status—Passed Assembly, delivered to Senate, referred to Rules,
6/20/2005
A.B. 7420
Establishes the financial literacy for military families program,
which is managed by the Department of Banking and provides
information regarding mortgage and rental protections and obligations,
credit card payments and fees, and guidance with
parental and other family obligations to those who are serving
in the armed forces of the United States and members of the
family of such person.
Status—Passed Assembly, referred to Rules, 6/20/05
A.B. 8726
Establishes the financial literacy for senior citizens program,
which is managed by the Department of Banking and provides
information regarding mortgages, protections and obligations,
preparation for retirement, establishing a budget, paying
monthly bills, balancing check books, tax preparation and other
4
obligations to those age 50 and older.
Status—Referred to Banks, 6/07/2005
NATIONAL CONFERENCE OF STATE LEGISLATURES
NORTH CAROLINA
H.B. 16
Requires the public schools to teach personal financial literacy
in high school.
Status—Passed House, 5/20/05
S.B. 912
Directs the public schools to teach personal financial literacy to
high school students.
Status—Referred to Committee on Rules, Calendar, and Operations
of the House, 5/31/2005
OHIO
H.B. 47
Requires that every high school include instruction in personal
economics in the requirements for graduation.
Status—Assigned to Education Committee, 2/08/2005
OKLAHOMA
S.B. 378
Requires the state Board of Education to adopt standards for
personal financial economics; requires one-half unit or set of
competencies of personal financial economics for high school
graduation.
Status—Passed Senate, Referred to House Appropriations,
3/16/2005
OREGON
H.B. 2859
Requires school districts to provide instruction in financial education
in secondary schools. Directs Department of Education
to prepare financial education program.
Status—Public Hearing held, 3/21/2005
S.B. 748
Directs the Department of Education to prepare financial education
program. Allows school districts to implement financial
education program.
Status—Referred to Budget by order of the President, 5/24/2005
PENNSYLVANIA
H.R. 156
Recognizes the month of April 2005 as “Financial Literacy
Month” in Pennsylvania.
Status—Adopted, 3/20/2005

H.R. 201
Establishes a task force for personal financial literacy initiatives
for Pennsylvanians.
Status—Referred to Education, 3/29/2005
S.B. 528
Provides for personal financial literacy program.
Status—Referred to Education, 3/29/2005
RHODE ISLAND
H.R. 6367
Proclaims April 2005 to be “Financial Literacy Month” in the
state of Rhode Island.
Status—Passed House, Resolution 189, 4/20/05
S.R. 994
Proclaims April 2005 to be “Financial Literacy Month” in the
state of Rhode Island.
Status—Passed Senate, Resolution 144, 3/30/2005
SOUTH CAROLINA
H.B. 3020
Enacts the Financial Literacy Instruction Act of 2004, to provide
for the development or adoption of a curriculum for local
school boards to teach financial literacy; and provides for the
establishment of a fund to receive public and private contributions
for financial literacy instruction.
Status—Signed by Governor, Act No. 38, 4/15/2005
H.C.R. 3282
Applauds the newly formed South Carolina Jump$tart coalition
for personal financial literacy and recognizes April 11-15, 2005,
as “South Carolina Financial Literacy Week.”
Status—Adopted, 1/27/2005
S.B. 122
Expands the educational standards and core academic areas to
include certain basic skills required to function independently as
an adult, including counting money and making change, understanding
and applying percentages and interest rates, and balancing
a checkbook.
Status—Referred to Committee on Education, 1/11/2005
S.B. 501
Enacts the Financial Literacy Instruction Act of 2004, to provide
for the development or adoption of a curriculum for local
school boards to teach financial literacy; and provides for the
establishment of a fund to receive public and private contributions
for financial literacy instruction.
Status—Referred to Committee on Education, 2/17/2005
TEXAS
H.B. 492
Relates to personal finance education as a requirement for graduation
from public high school.
Status—Signed by Governor, 6/17/2005
H.B. 763
Relates to a financial literacy curriculum requirement in certain
public high schools located in the Texas-Mexico border region.
Status—Referred to Public Education, 2/09/2005
H.B. 900
Relates to the requirement that workforce development programs
provide training in financial literacy.
Status—Signed by Governor, 6/18/2005
H.R. 1172
Commends all those associated with Youth Financial Literacy
Month and encourage parents, teachers and other leaders to
help their children and students gain practical money management
skills.
Status—Adopted, 4/20/2005
S.B. 498
Relates to the development of a financial literacy program for
consumers.
Status—Referred to Education, 2/24/2005
S.B. 851
Directs the Texas Education Agency (TEA) to establish a financial
literacy pilot program in no more than five school districts
to provide students with the knowledge and skills necessary to
make critical financial decisions. Requires TEA to report to the
Legislature by January 1, 2007, on the implementation and
effectiveness of the pilot program. A pilot program will allow
schools to develop and test programs, and will help develop a
strong and effective model for teaching financial soundness.
Status—Signed by Governor, 6/17/2005
VIRGINIA
S.B. 950
Requires instruction in economics education and financial literacy
in public middle and high schools. The Board of Education is
required to develop and approve objectives for economics education
and financial literacy in grades six through 12. The principles
of the American economic system and financial literacy also must
be systematically infused in the Standards of Learning and in
career and technical education programs. However, these objectives
are not required to be included in the Standards of Learning
assessments. To provide for experiential learning and practical
5
NATIONAL CONFERENCE OF STATE LEGISLATURES

application of economic and financial literacy principles, public
schools also may establish on-site banking programs for students.
In addition, public institutions of higher education must make
provisions for the promotion of the development of student life
skills through inclusion of principles of economics education and
financial literacy within an existing general education course, the
freshman orientation process, or other appropriate venue. The
provisions of §§22.1-200.02 and 22.1-208.2:3, which provide for
instruction in certain mathematics and finance objectives, and the
Banking-at-School Partnership Program, respectively, have been
incorporated in this bill and have been repealed.
Status—Signed by Governor, Chapter 741, 3/26/2005
WASHINGTON
H.B. 2152
Provides that, to the extent funds are appropriated or are available
for this purpose, the superintendent of public instruction and
other members of the partnership created in RCW 28A.300.455
shall make available to school districts the list of identified financial
literacy skills and knowledge, instructional materials, assessments
and other relevant information. Encourages each school
district to provide its students with an opportunity to master the
financial literacy skills and knowledge developed under RCW
28A.300.460. Declares that, for the purposes of RCE
28A.300.455, 28A.300.460 and this act, it is not necessary to
evaluate and apply the office of the superintendent of public
instruction essential academic learning requirements or to develop
grade level expectations. Appropriates the sum of $25,000, or as
much thereof as may be necessary, for the fiscal year ending June
30, 2006, from the general fund to the Washington financial literacy
public-private partnership account for the purposes of
RCW 28A.300.465. Appropriates the sum of $25,000, or as
much thereof as may be necessary, for the fiscal year ending June
30, 2007, from the general fund to the Washington financial literacy
public-private partnership account for the purposes of
RCW 28A.300.465. Declares that the amounts in this provision
are provided solely for the purposes of RCW 28A.300.465.
Status—Public hearing in committee, 3/05/2005
WEST VIRGINIA
H.B. 2837
Prescribes personal finance instruction in secondary schools by
the state Board of Education.
Status—Signed by Governor, Chapter 88, 4/20/2005
WYOMING
S.J.R. 5
Recognizes financial education’s value to the state of Wyoming
and its citizens.
Status—Signed by Governor, 3/02/2005
6
NATIONAL CONFERENCE OF STATE LEGISLATURES
2004
ARIZONA
S.C.R. 1048
Designates April as Financial Literacy for Youth Month in Arizona
to increase public and educator awareness of the need to improve
financial literacy among the state’s youth. Encourages parents
and educators to participate in the activities and exercises to
increase financial literacy.
Status—Transmitted to Secretary of State, 4/12/2004
CALIFORNIA
A.B. 707
Requires the superintendent of public instruction to plan and
develop a one-semester instructional program on economics and
requires the Department of Consumer Affairs and the superintendent
of public instruction to establish, by April 1, 2004, a
Personal Financial Management Curriculum Task Force that
would be required to develop curriculum and educational programs
for grades seven to 12, inclusive, in comprehensive personal
financial management.
Status—Died pursuant to Art. IV, Sec. 10(c) of the Constitution,
2/02/2004
A.B. 1278
Existing law requires the governing board of each school district
that maintains a high school to prescribe certain courses of
study designed to provide the skills and knowledge required for
adult life for pupils who attend the schools within its school district.
Adds to these requirements a course of study relating to
the economics of higher education and would state the intent of
the Legislature that the course of study be taught in grade 12 in
a consumer economics course. Also states the intent of the
Legislature that the California Student Aid Commission absorb
the costs and provide the materials needed for instruction in the
economics of higher education.
Status—Died pursuant to Art. IV, Sec. 10(c) of the Constitution,
2/02/2004
A.B. 2435
Permits a school district to provide instruction on personal
finance.
Status—Vetoed by governor, 9/28/2004
A.C.R. 61
Declares the month of April 2004 as Financial Literacy for
Youth Month, in order to raise public awareness about the need
for increased financial literacy; and encourages the state
Department of Education to review existing financial literacy
programs and materials that are available in both the private

and public sectors for consideration in adopting a financial literacy
curriculum for grades 10 to 12, inclusive; and urges that a
financial literacy curriculum be made available to school administrators
and teachers as soon as available to ensure that pupils
develop the basic knowledge they will need to succeed as members
of the workforce and consumers in the complex 21st century
economy; and requires the chief clerk of the Assembly to
transmit copies of this resolution to the superintendent of public
instruction, the state Department of Education, and the
author for appropriate distribution.
Status—Filed with Secretary of State, Resolution Chapter 19,
3/30/2004
S.B. 939
States the intent of the Legislature to enact legislation that
would provide a tax credit to winners of the state lottery who
donate a portion of the proceeds of their winnings to public
school programs that fund school counselors or to community
college districts for basic skills instruction.
Status—Died pursuant to Art. IV, Sec. 10(c) of the Constitution,
2/02/2004
COLORADO
H.B. 1360
Requires the Department of Education to create a resource bank
of materials pertaining to financial literacy and specifies the
minimum content of the resource bank. Upon the request of a
school district or a charter school, requires the department to
provide technical assistance to the school district or charter
school in designing a financial literacy curriculum. Encourages
each school district to adopt a financial literacy curriculum and
to make successful completion of courses on financial literacy a
graduation requirement.
Status—Signed by Governor, Chapter 372, 6/04/2004
HAWAII
H.B. 1898
Establishes April as Financial Literacy for Youth Month in
Hawaii.
Status—Signed by Governor, Act 37, 4/29/2004
H.B. 2219
Authorizes the Board of Education to establish personal financial
management education programs within the Department of
Education for grades kindergarten through 12.
Status—Referred to Education and Finance Committeee,
1/30/2004
7
NATIONAL CONFERENCE OF STATE LEGISLATURES
S.B. 2657
Authorizes the Board of Education to establish personal financial
management education programs within the Department of
Education for grades kindergarten through 12.
Status—Referred to EDU, WAM, 1/28/2004
ILLINOIS
H.B. 4010
Amends the Deposit of State Moneys Act. Provides that the
state treasurer may accept a proposal from an eligible institution
that provides a reduced rate of interest if the institution agrees
to expend an amount equal to the reduction for the delivery of
credit union products and services and financial literacy programs
to low-income people or economically disadvantaged
areas of the state.
Status—House Session Sine Die, 1/11/2005
IOWA
H.R. 116
Urges all local boards of education to support and encourage
the development, inclusion, and expansion of parenting and life
management skills curricula in the family and consumer sciences
programs of all high schools throughout Iowa; acknowledges
and commends the progressive local boards of education
in Iowa that currently have a family and consumer sciences
graduation requirement in parenting and life management skills;
and urges all local boards of education that do not have a family
and consumer sciences requirement to give priority to the addition
of a specific family and consumer sciences high school
graduation requirement in parenting and life management skills
for all students in their districts.
Status—Laid over Rule, 25 2/17/2004
KENTUCKY
H.B. 130
Prohibits the offer of a gift in exchange for a student credit card
application; requires public postsecondary education institutions
and encourages nonpublic postsecondary institutions to include
credit card and debt education sessions as part of new student
orientation; directs the Council on Postsecondary Education to
promulgate administrative regulations to regulate credit card
marketing practices on public postsecondary campuses; and
makes the adoption of a credit card marketing policy a requirement
for licensure of a nonpublic postsecondary college or university.
Status—Passed House, referred to Senate Judiciary, 3/20/2004

MASSACHUSETTS
S.B. 277
Establishes a grant program for YouthBuild in the Department
of Education to enable economically disadvantaged youth, especially
youth who have not finished high school, to obtain the
education, job skills training, personal counseling, leadership
development skills training, job placement assistance, and longterm
follow-up leading to economic self sufficiency.
Status—Died, 2004
MICHIGAN
H.R. 216
Recognizes the month of April 2004 as Financial Literacy for
Youth Month in the state of Michigan.
Status—Adopted, 3/11/2004
S.B. 199
Requires a basic finance course through Michigan virtual university;
establishes course as an elective and offers high school
credit for passing course.
Status—Referred to Committee on Education, 2/19/2003
S.R. 226
Establishes April as Financial Literacy for Youth Month.
Status—Adopted, 3/16/2004
MINNESOTA
H.F. 2690
S.F. 2408
Relates to education; includes personal and family financial
management and investment education as an elective for high
school graduation.
Status—Introduced and first reading; referred to Education Policy,
3/03/2004
MISSISSIPPI
H.B. 243
Requires the state Board of Education to develop a course on
personal finance and entrepreneurship to be required of all public
high school students graduating in 2008 and thereafter; specifies
certain skills to be taught through the course; and authorizes
the state Department of Education to use available funding
to train teachers in entrepreneurship education.
Status—Died in Committee, 3/09/2004
H.B. 1552
Authorizes school boards to implement a financial literacy program
for students in grades 10 and 11.
Status—Died in Committee, 4/06/2004
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NATIONAL CONFERENCE OF STATE LEGISLATURES
S.B. 3016
Authorizes school boards to implement a financial literacy program
for students in grades 10 and 11. The board may review
the national programs and obtain free literature from various
nationally recognized programs. After review of the different
programs, the board may certify a program that is most appropriate
for the school districts’ needs. If a district implements a
financial literacy program, then any student in grade 10 or 11
may participate in the program. The financial literacy program
shall include, but is not limited to, instruction in the same areas
of personal business and finance as required under §37-1-
3(2)(b). The school board may coordinate with volunteer teachers
from local community organizations, including, but not limited
to, the following: U.S. Department of Agriculture Rural
Development, U.S. Department of Housing and Urban
Development, Junior Achievement, bankers and other nonprofit
organizations. Nothing in this paragraph shall be construed as
to require school boards to implement a financial literacy program.
Status—Signed by Governor, Chapter 408, 4/20/2004
NEW JERSEY
S.B. 1403
Requires a public institution of higher education to establish a
financial management program for its students if the institution
enters into an agreement for the direct solicitation of credit
cards to its students. The financial management program is to
be funded by the credit card issuers and conform to the guidelines
for the program established by the Department of Banking
and Insurance. If a student has not successfully completed the
financial management program prior to entering a credit card
agreement pursuant to a direct solicitation, the student would
not be liable for any interest on the debt pursuant thereto.
Status—Introduced in Senate, referred to Senate Commerce
Committeee, 3/29/2004
NEW YORK
A.B. 6011
Requires every institution of higher education in the state to
interview students who withdraw to determine whether such
withdrawal is the result of credit card debt incurred by the student;
requires such institutions to annually report to the governor,
temporary president of the Senate and speaker of the
Assembly on the number of students who withdraw because of
credit card debt; requires that a course of instruction on the
implications of establishing a bad credit rating be given to
newly entering students; and requires such institutions to regulate
the conduct of issuers of credit cards while on campus.
Status—Died, 2004

A.B. 9654
Provides for the registration of cash-dispensing machines operated
by entities other than banking organizations and for an
improving financial literacy fund; and requires disclosures of
fees and other information to cash-dispensing machine users.
Status—Passed Assembly, 6/16/2004
A.B. 11869
Establishes that instruction in financial education be provided
to pupils in grades nine through 12; and establishes what should
be included in such curriculum, including the basics of financial
planning, budgeting, borrowing, interest rates, personal insurance
policies, etc.
Status—Died, 2004
S.B. 7069
Requires institutions of higher learning to provide new students
a course of instruction on the implications of establishing a bad
credit rating; and authorizes such institutions to regulate campus
activities of credit card issuers.
Status—Died, 2004
S.B. 7128
Provides for the registration of cash-dispensing machines operated
by entities other than banking organizations and for an
improving financial literacy fund; and requires disclosures of
fees and other information to cash-dispensing machine users.
Status—Died, 2004
OHIO
H.B. 160
Requires that every high school include in the requirements for
graduation instruction in personal economics.
Status—Referred to Education Committee, 4/08/2003
H.B. 482
Prohibits registration of an applicant as a mortgage broker or
loan officer, certification or licensure of an applicant as a real
estate appraiser, or registration as a real estate appraiser assistant
if a national criminal background check shows that the applicant
has committed specified criminal offenses; prohibits the
appraisal of real estate without state certification or licensure;
prohibits a person knowingly affecting the independent judgment
of an appraiser as to a dwelling’s value; and requires that
every high school include in the requirements for graduation
instruction in personal economics.
Status—Referred to BPS Committee, 11/12/2004
OKLAHOMA
S.B. 893
Requires instruction in financial literacy in schools; states minimum
time period of instruction; establishes criteria; and
requires the state Board of Education to adopt rules.
Status—Failed to pass Senate, 3/09/2004
PENNSYLVANIA
H.R. 814
Establishes a task force for personal financial literacy initiatives
for Pennsylvanians.
Status—Referred to Education, 6/29/2004
S.B. 843
Provides for a personal financial literacy program.
Status—Referred to Education, 6/24/2003
RHODE ISLAND
S.R. 3078
Proclaims April as “Financial Literacy for Youth Month.”
Status—Adopted, 4/29/2004
SOUTH CAROLINA
H.B. 4819
S.B. 1106
Enacts the Financial Literacy Instruction Act of 2004 to provide
for the development or adoption of a curriculum for local
school boards to teach financial literacy and to provide for the
establishment of a fund to receive public and private contributions
for financial literacy instruction.
Status—Resides in Senate, 6/02/2004 / 3/30/2004
SOUTH DAKOTA
H.C.R. 1015
Urges the South Dakota Board of Education to integrate the
principles of basic personal finance into the public school curricula
in South Dakota.
Status—Senate Concurrent in Resolution Passed, 2/21/2004
VIRGINIA
S.B. 479
Requires the Board of Education to develop and approve objectives
for mathematics at the middle and high school levels, for
personal living and finances, which shall focus on money-management
skills for individuals and families. The personal living
and finances objectives shall require instruction in those skills
necessary to handle personal business and finances and shall
include, but need not be limited to, the following: opening a
bank account and judging the quality of a bank’s services; balancing
a checkbook; completing a loan application; the implica-
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NATIONAL CONFERENCE OF STATE LEGISLATURES

tions of an inheritance; the basics of personal insurance policies;
consumer rights and responsibilities; dealing with salesmen and
merchants; debt management, including retail and credit card
debt; state and federal tax computation; local tax assessments;
computation of interest rates by various mechanisms; understanding
simple contracts; and learning how to contest an incorrect
bill. These personal living and finances objectives shall not
be required to be included in the board’s Standards of Learning,
and shall be developed in a manner to ensure that instruction in
the Standards of Learning shall not be deemphasized. The board
shall not be required to evaluate student achievement concerning
such objectives in the Standards of Learning assessments
required by §22.1-253.13:3.
Status—Signed by Governor, Chapter 939, 4/15/2004
WASHINGTON
H.B. 2009
S.B. 5456
Directs the state Board of Education to develop or adopt, and
to make available to schools, one or more model programs for
youth financial education. A program under this act shall be
designed to incorporate financial education throughout the curricula
for grades kindergarten through 12 and shall be based on
the concept of achieving financial literacy through the teaching
of personal financial management skills and the basic principles
involved with earning, spending, saving and investing.
Status—By Resolution, reintroduced and retained in present status,
1/12/2004
H.B. 2455
Relates to financial literacy.
Status—Signed by Governor, Chapter 247, 3/31/2004
Governor’s partial veto:
http://www.leg.wa.gov/pub/billinfo/2003-04/House/2450-
2474/2455-s_vto_04072004.txt
S.B. 6212
Recognizes the damaging effects of not properly preparing youth
for the financial realities of modern life, including bankruptcy,
poor retirement planning, mounting debt, and a lower standard
of living for Washington families. Finds that the purpose of the
state’s system of public education is to help students acquire the
skills and knowledge they will need to be productive and responsible
21st century citizens. Finds that responsible citizenship
includes an ability to make wise financial decisions. Declares an
intent to assist school districts in their efforts to ensure that students
are financially literate through creating a set of financial literacy
learning guidelines, providing information on instructional
materials that help students meet the learning guidelines, data
collection, and creating a public-private partnership to help pro-
10
NATIONAL CONFERENCE OF STATE LEGISLATURES
vide instructional tools and professional development to school
districts that wish to increase the financial literacy of their students.
Provides that, by September 30, 2004, the financial literacy
public-private partnership shall adopt a definition of financial
literacy to be used in educational efforts. Provides that, by June
30, 2005, the financial literacy public-private partnership shall
identify strategies to increase the financial literacy of public
school students in our state. Declares that the task of the financial
literacy public-private partnership is to seek out and determine
the best methods of equipping students with the knowledge
and skills they need, before they become self-supporting, in
order for them to make critical decisions regarding their personal
finances. The components of personal financial literacy examined
shall include, at a minimum, consumer financial education, personal
finance and personal credit.
Status—Referred to Ways & Means Committee, 1/28/2004
WEST VIRGINIA
H.B. 4574
Provides students a basic understanding of personal finance,
requires the state board to prescribe instruction on personal
finance that shall be integrated into the curriculum of an appropriate
existing course or courses for all students in the secondary
schools.
Status—Referred to Senate Education Committee,e 3/03/2004
WISCONSIN
A.B. 94
Beginning with pupils who graduate in May 2008, this bill
requires a 0.5 credit in personal finance for high school graduation.
Status—Failed to pass pursuant to Senate Joint Resolution,
3/31/2004
2003
ARKANSAS
S.B. 41, Second Extraordinary Session
Assists public school districts in offering a personal finance
course to students in grades nine through 12.
Status—Signed by Governor, Act 42, 1/21/2004
S.B. 972
Requires students to take a course in basic home finances before
graduation.
Status—Died in Senate Committee at Sine Die adjournment,
4/17/2003

COLORADO
H.J.R. 1069
Encourages educators throughout Colorado to integrate the
principles of basic personal finance into their teaching curricula.
Status—Signed by Speaker of the House, 6/05/2003
FLORIDA
H.B. 851
Deletes the requirement that the high school life management
skills course, which includes consumer education, be taken at
the ninth or 10 grade levels.
Status—Died in committee on Education Innovatio, 5/02/2003
H.B. 1739
Status—Signed by Governor, Chapter 8, 4/24/2003
S.B. 2576
Deletes the requirement that the high school life management
skills course, which includes consumer education, be taken at
the ninth or 10 grade levels.
Status—Senate Placed on Special Order Calendar, 4/10/2003
HAWAII
H.C.R. 160
Status—Transmitted to public, 5/09/2003
H.R. 125
Designates April as “Financial Literacy For Youth In Hawaii
Month.”
Status—Adopted, 4/02/2003
KANSAS
S.B. 74
Requires the state Board of Education to develop curricula,
materials, and guidelines for local boards of education to use in
implementing a program on personal financial literacy. Requires
the state Board of Education to make all information and materials
available to all accredited schools. The curriculum is not
limited to, but is required to include, consumer financial education,
personal finance and personal credit.
Status—Signed by Governor, 4/14/2003
LOUISIANA
H.B. 102
Requires all public high schools to provide instruction in a
course in personal financial management as a prerequisite for
graduation in accordance with the course of study and materials
prescribed by Board of Elementary and Secondary Education
for at least one semester, equal to one-half unit of credit.
Removes provision that the instruction be integrated into an
existing course of study.
Status—Assigned to House Education, 4/23/2003
H.C.R. 37
Urges and requests each public postsecondary education management
board, in consultation with the Board of Regents, to
develop and implement policies to require each institution
under its respective jurisdiction to provide information to firsttime
entering freshmen relative to the dangers of credit card
debt as part of a freshman orientation program or other admissions
process.
Status—Filed with Secretary of State, 5/29/2003
IDAHO
H.B.419
S.B. 38
Appropriates $9,864,300 to the state Board of Education and Requires the free enterprise curriculum to include instruction in
the Board of Regents of the University of Idaho for special pro- personal finance, beginning with the 2004-2005 school year.
grams, including Forest Utilization Research Program, Idaho
Geological Survey Program, Scholarships and Grants Program,
Status—Signed by Governor, Act 296, 6/13/2003
Idaho Museum of Natural History, Idaho Small Business
MINNESOTA
Development Centers, and the Idaho Council on Economic H.F. 1049
Education for fiscal year 2004; limits the number of full-time S.F. 489
equivalent positions to 24.80; and provides legislative intent Provides student instruction in personal financial management
regarding money appropriated for Category B of the Idaho and investment.
Robert R. Lee Promise Scholarship Program.
Status—Signed by Governor, Session Law Chapter 337, 4/30/2003
Status—Referred to Education Committee, 2/23/2003
MISSISSIPPI
ILLINOIS
H.B. 148
H.B. 2177
Requires the state Board of Education to develop a course on
Appropriates $1 million to the state Board of Education to expand personal finance and entrepreneurship to be required of all pub-
economics education programs to include cooperative education. lic high school students graduating in 2007 and thereafter; spec-
Status—Session Sine Die, 1/11/2005
ifies certain skills to be taught through the course; and authoriz-
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NATIONAL CONFERENCE OF STATE LEGISLATURES

es the state Department of Education to use available funding
to train teachers in entrepreneurship education.
Status—Died in Committee, 2/04/2003
MONTANA
H.J.R. 10
Urges the Board of Public Education to integrate the principles
of basic personal finance into the content and performance
standards established for Montana’s public schools and urges the
boards of trustees of Montana’s school districts to integrate the
standards into the curricula.
Status—Filed with Secretary of State, 3/28/2003
NEW YORK
A.B. 5171
Status—Substituted by S.B. 4113, 6/19/2003
S.B. 4113
Enacts the Student Financial Education Act to create within
children the skills, knowledge and experience necessary to manage
personal finances and obtain general financial literacy;
allows a credit union organized to open and maintain a student
branch upon agreement with a school; defines student branch;
and authorizes the superintendent to promulgate regulations
appropriate to the formation and operation of student branches.
Status—Signed by Governor, Chapter 656, 10/7/2003
NORTH CAROLINA
H.B. 17
Encourages the public schools to provide consumer education in
grades nine through 12.
Status—Referred to the Committee on Education/Higher
Education, 4/22/2003
OREGON
S.B. 56
Creates planning and advisory committee on promotion of
financial education and financial self-sufficiency.
Status—Passed Senate, 4/24/2003
S.B. 827
Requires state institutions of higher education to provide debt
and credit card education program as part of orientation activities
required for new students. Prohibits state institutions of
higher education from selling personal information about individual
who is or has been enrolled in institutions.
Status—In committee upon adjournment, 8/27/2003
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NATIONAL CONFERENCE OF STATE LEGISLATURES
SOUTH CAROLINA
H.B. 3428
Provides that political subdivisions may not regulate or otherwise
limit the financial activities of a lender subject to state or
federal jurisdiction; requires the administrator of the
Department of Consumer Affairs to provide education programs
to promote consumer financial and credit responsibility;
prohibits certain lending activities and requires certain disclosures
in connection with a covered consumer home loan; regulates
the payment of a home improvement contractor from the
proceeds of a home loan; provides that South Carolina law
applies in a consumer loan transaction secured by the dwelling
place of a legal resident of this state; relates to the change of
dollar amounts in the consumer protection code, so as to
include the amount of a loan limit for prepayment without
penalty; relates to the filing and posting of a maximum interest
rate schedule by a consumer lender, so as to increase the filing
fee to $45 and to earmark the increase for expenditure for consumer
credit education programs; relates to authority to make a
supervised loan, so as to prohibit the unlicensed taking of an
assignment of or the direct collection of a supervised loan; and
relates to prepayment without penalty of certain loans, so as to
increase the loan limit from $100,000 to $150,000.
Status—Referred to Committee on Labor, Commerce and Industry,
1/28/2003
S.B. 258
Requires high school students to receive instruction in the area
of personal finance and provides for the use of federal funds
made available to this state pursuant to the Jobs and Growth
Reconciliation Act of 2003.
Status—Signed by Governor, Act 68, 6/25/2003
TEXAS
H.B. 154
Relates to personal finance education as a requirement for graduation
from public high school.
Status—Referred to Public Education, 2/06/2003
H.B. 2972
Requires the Higher Education Coordinating Board (HECB),
in collaboration with the Office of Consumer Credit
Commissioner, the State Securities Board, and the Texas
Education Agency, to develop financial literacy material concerning
financial aid for higher education and provide these
materials to financial aid officers at institutions of higher education.
Requires the agencies to submit a written report to the
Legislature regarding the results of the financial literacy education
program no later than December 1, 2005.
Status—Left pending in Committee, 5/05/2003

H.C.R. 15
Directs the state Board of Education to implement the inclusion
of elements relating to personal finance among the essential
knowledge and skills in the required public school curriculum,
and to adopt and promote a personal finance education program
that provides public school districts with textbook selections
to assist in the program’s implementation.
Status—Signed by Governor, 6/22/2003
H.R. 523
Recognizes all the participants in the 2003 Facts on Saving and
Investing Campaign for their efforts to help Texans plan for a
prosperous future and encourages Texans of all ages and income
levels to increase their financial savvy and to save and invest
wisely.
Status—Adopted, 4/14/2003
S.B. 627
Requires the Office of the Consumer Credit Commissioner, the
State Securities Board, the Texas Education Agency and the
Higher Education Coordinating Board to collaborate to develop
financial literacy education programs for adults and children.
Materials related to higher education financial aid must be provided
to financial aid officers at institutions of higher education.
Status—Passed Senate, Referred to Financial Institutions,
5/23/2003
S.B. 1004
Relates to a list of free resources for the instruction of personal
finance and consumer education in public schools.
Status—Referred to Education, 3/13/2003
UTAH
H.B. 77
Modifies the state System of Public Education by requiring the
state Board of Education to include 0.5 units of financial literacy
credit in its graduation requirements.
Status—Enacting Clause Struck, 3/05/2003
S.B. 154
Includes as a graduation requirement instruction that stresses
general financial literacy from basic budgeting to financial
investments, including bankruptcy education.
Status—Signed by Governor, Chapter 315, 3/24/2003
VIRGINIA
H.B. 2151
Codifies and broadens existing budget language to direct the
Department of Education to collect annually necessary data to
make calculations at the beginning and end of each school year
13
NATIONAL CONFERENCE OF STATE LEGISLATURES
to ensure that each school division has appropriated sufficient
funds to support its estimated required local expenditure for
providing an educational program that meets the prescribed
Standards of Quality (SOQ). The end-of-year calculations shall
be designed to verify whether the locality has provided the
required expenditure, based on average daily membership as of
March 31 of the relevant school year.
Status—Signed by Governor, Chapter 948, 3/24/2003
2002
CALIFORNIA
S.B. 953
Requires the superintendent of public instruction to make available
to teachers a curriculum, as specified, on human growth,
human development and financial preparedness. Requires the
state Board of Education to integrate with specified academic
areas components on human growth, human development contribution
to society across the life course, and financial preparedness.
Status—Chaptered by Secretary of State, Chapter 541, 9/15/2002
IOWA
H.F. 2221
Directs the director of the Department of Education to develop
model money management curricula for the elementary and
secondary grades, along with a statewide model for staff development
for teaching money management, and to make the
models available to school districts, accredited nonpublic
schools, and area education agencies for implementation by the
school year beginning July 1, 2004. The materials developed
must include developmentally appropriate information and
activities, must be designed for integration into other elementary
and secondary school subject areas, and must provide
opportunities for developing partnerships with private financial
institutions in order to provide students with applied money
management knowledge and skills.
Status—Referred to Subcommittee, 2/06/2002
S.F. 2072
Directs the director of the Department of Education to develop
model money management curricula for grades three to 12,
along with a statewide model for staff development for teaching
money management, and to make the models available to
school districts, accredited nonpublic schools, and area education
agencies. The materials developed must include developmentally
appropriate information and activities, must be
designed for integration into other elementary and secondary
school subject areas, and must provide opportunities for developing
partnerships with private financial institutions in order to

provide students with applied money management knowledge
and skills.
Status—Referred to Subcommittee, 2/04/2002
KENTUCKY
H.J.R. 25
Directs the Department of Education to implement the recommendations
of the Interim Joint Committee on Education related
to economic education.
Status—Signed by Governor, Chapter 310, 4/11/2002
MICHIGAN
H.B. 5327
Directs the Department of Education to develop a model financial
literacy program not later than July 1, 2002. The program
must be designed to incorporate financial education throughout
the curriculum for grades K to 12. Further, it shall be based on
the concept of achieving financial literacy through the teaching
of personal financial management skills, founded on the principles
of earning, spending, saving and investing. Encourages each
school district, local act district, and public school academy to
adopt and implement the model programs or similar financial
management programs. Specifies that, if federal funds were
available for these purposes, then the department shall be
required to use those funds for grants to public schools, and for
other measures to encourage the implementation of financial
management programs.
Status—Signed by Governor, Public Act 111, 4/01/2002
H.B. 6121
Creates the Consumer Mortgage Protection Act, which prohibits
certain acts in offering to make or making some kinds of
mortgage loans (e.g., refinancing loans and home equity loans)
and provides for enforcement against violations; requires a
lender at the time a person applied for a mortgage loan to provide
the borrower with a “bill of rights” and with a written
notice about the value of receiving credit counseling before taking
out a mortgage loan and a list of the nearest available
HUD-approved credit counseling agencies; specifies that the
business of brokering, making, servicing and collecting mortgage
loans are to be solely regulated by federal and state governments
and prohibits and preempts such regulation by municipal
corporations or other political subdivisions of the state; and
requires that, no later than December 1, 2003, the Office of
Financial and Insurance Services develop and make available to
local units of government, financial institutions, and other
interested parties one or more model programs for financial
education. The program must be designed to teach personal
financial management skills and the basic principles involved
with saving, borrowing, investing and protection against preda-
tory and other fraudulent lending practices.
Status—Signed by Governor, Public Act 660, 12/30/2002
S.R. 163
Urges Michigan’s public colleges and universities to provide
financial responsibility and debt education seminars to all
incoming freshmen.
Status—Referred to Committee on Appropriations, 2/12/2002
MISSISSIPPI
H.B. 185
Requires the state Board of Education to develop a course on
personal finance and entrepreneurship to be required of all public
high school students graduating in 2007 and thereafter; specifies
certain skills to be taught through the course; and authorizes
the state Department of Education to utilize available funding
to train teachers in entrepreneurship education.
Status—Died in Committee, 2/05/2002
MISSOURI
H.B. 1200
Requires that every public school secondary student take at least
one course in personal finance. The state Board of Education
will set minimum standards for the courses, and school districts
may exceed the minimum.
Status—House Committee Education-Elementary and Secondary,
02/19/2002
H.B. 1973
Directs the Department of Elementary and Secondary
Education to conduct a study of economics and personal
finance education and submit it to the General Assembly by
January 1, 2003. The study must contain recommendations on
several topics, among which are in-service training methods for
teachers on economics and personal finance, integration of the
subjects into the statewide assessments, and requirements for a
capstone high school course in economics and personal finance.
No state money is to be used in funding the study.
Status—Signed by Governor, 7/02/2002
NEW JERSEY
S.B. 647
Requires a public institution of higher education to establish a
financial management program for its students if the institution
enters into an agreement for the direct solicitation of credit cards
to its students. The financial management program is to be
funded by the credit card issuers and must conform to the guidelines
for the program established by the Department of Banking
and Insurance. If a student has not successfully completed the
financial management program prior to entering a credit card
14
NATIONAL CONFERENCE OF STATE LEGISLATURES

agreement pursuant to a direct solicitation, the student would
not be liable for any interest on the debt pursuant thereto.
Status—Introduced in the Senate, Referred to Senate Commerce
Committee, 1/08/2002
OHIO
H.B. 542
Requires every high school to include in the requirements for
graduation from any curriculum one-half unit in economics,
emphasizing personal finance and consumer credit.
Status—Introduced, 3/14/2002
UTAH
H.J.R. 15
Urges Utah public school districts to ensure that school curriculums
promote financial literacy among students.
Status—Adopted, 2/27/2002
2001
DELAWARE
H.B. 84
Provides for a Money Management Program for certain specific
needy older people. The Money Management Program uses
volunteers to help older people, or people with disabilities
organize expenses and paying bills. Under this act Delaware’s
program would be a joint project between the AARP and the
Department of Health and Social Services (DHSS) and would
target low-income older people, and people with disabilities
who are at risk because of their inability to manage their financial
affairs. The Division of Services for Aging, and Adults with
Physical Disabilities would be responsible for managing the
program, screening volunteers, training volunteers and monitoring
volunteer/client accounts.
Status—Signed by Governor, Chapter 168, 7/12/2001
H.C.R. 3
Creates a Joint Committee on Financial Literacy to review existing
financial literacy programs and foster the teaching of financial
literacy programs to high school juniors and seniors.
Status—Adopted, 3/22/2001
ILLINOIS
H.B. 2505
Appropriates $1 million to the state Board of Education to
expand economics education programs to include cooperative
education.
Status—Re-referred to the Rules Committee, 3/16/2001
LOUISIANA
S.B. 212
Authorizes local school systems to offer instruction in personal
financial management to students, provided such instruction is
integrated into an existing course of study.
Status—Signed by Governor, Act 681, 6/25/2001
MAINE
L.D. 770
Directs the Department of Education to consider recommendations
from the Department of Economic and Community
Development and from other interested parties on entrepreneurship
to encourage entrepreneurship education in kindergarten
to grade 12 and in postsecondary education systems and
to improve outreach of entrepreneurship education to rural
areas of the state.
Status—Referred to the Committee on Education and Cultural
Affairs, 2001
MASSACHUSETTS
H.B. 2492
Relates to public schools and personal economics study.
Status—Died, 2001
MICHIGAN
H.R. 175
Urges the Department of Education to encourage Michigan
schools to incorporate the Kid Savers financial education program
into their curricula.
Status—Referred to Committee on Education, 7/10/2001
S.B. 737
Provides for model financial literacy programs in public school
curricula.
Status—Referred to committee on education, 10/17/2001
IDAHO
S.C.R. 152
MISSISSIPPI
Provides findings of the Legislature and declares April 2000 to H.B. 66
be “Idaho Financial Literacy Month” for the purposes of focus- Requires the state Board of Education to develop a course on
ing public awareness on issues of youth and adult financial liter- personal finance and of entrepreneurship to be required of all
acy, the responsibilities and rights of consumers, and how to public high school students graduating in the 2003-2004 school
detect and avoid fraud.
year and thereafter; specifies certain skills to be taught through
Status—Adopted, 4/06/2001
the course; and authorizes the Department of Education to use
15
NATIONAL CONFERENCE OF STATE LEGISLATURES

available funding to train teachers in entrepreneurship education.
Status—Died in committee, 1/30/2001
MISSOURI
H.B. 536
Requires that every public school secondary student take at least
one course in personal finance. The state Board of Education
will set minimum standards for the courses, and school districts
may exceed the minimum.
Status—Referred to Education-Elementary and Secondary
Committee, 02/13/2001
NEW JERSEY
S.B. 2283
Requires a public institution of higher education to establish a
financial management program for its students if the institution
enters into an agreement for the direct solicitation of credit
cards to its students. The financial management program is to
be funded by the credit card issuers and conform to the guidelines
for the program established by the Department of Banking
and Insurance. If a student has not successfully completed the
financial management program prior to entering a credit card
agreement pursuant to a direct solicitation, the student would
not be liable for any interest on the debt pursuant thereto.
Status—Introduced in the Senate, referred to Senate Commerce
Committee, 3/29/2001
NEW MEXICO
S.B. 172
Makes an appropriation to provide economic education instruction
and other business-related training for elementary and secondary
public school teachers in the state.
Status—Died, 2001
NORTH CAROLINA
H.B. 1401
Appropriates funds for the expansion of individual development
accounts; appropriates funds for 2002-2003 from the General
Fund for the Department of Labor; and allows remaining funds
to be used for case management, program development, financial
literacy training and allocation of local sites and economic
literacy providers.
Status—Postponed Indefinitely, 10/03/2002
S.B. 744
Authorizes pilot programs on teaching personal financial literacy
in the public schools.
Status—Assigned to Appropriations Subcommittee on Education,
6/11/2001
16
NATIONAL CONFERENCE OF STATE LEGISLATURES
OREGON
H.B. 2545
Directs the state treasurer to establish the Oregon Retirement
Savings Education Program. Requires the program to include a
plan for educating Oregonians regarding the importance of saving
for retirement, implementation of small business pension
education agenda, programs and strategies that allow for additional
educational initiatives, and monitoring and other activities
designed to ensure that personal finance skills are taught
and tested throughout Oregon’s education system. Creates the
Oregon Retirement Savings Education Account for deposit of
federal money and other contributions devoted to the program.
Appropriates all moneys in the account to the state treasurer for
implementation and administration of program.
Status—Introduced, 2001
TENNESSEE
H.B. 1177
S.B. 1267
Encourages local education agencies to select textbooks that
address personal finance for economics or similar courses.
Status—Signed by Governor, Public Chapter 229, 5/15/2001
TEXAS
H.B. 449
Relates to personal finance education as a requirement for graduation
from public high school.
Status—Referred to Public Education, 1/30/2001
H.C.R. 246
Directs the state Board of Education to consider including personal
finance knowledge among the essential knowledge and
skills in the required public school curriculum.
Status—Received from House, 5/24/2001
WISCONSIN
S.J.R. 31
Urges schools to improve the personal money management
skills of high school students.
Status—Adopted, 6/14/2001