Financial literacy may become Indiana high school graduation requirement

Specifically, Senate Bill 35 would require students to complete a course focused on such money management topics as spending and saving, opening and managing a bank account, debt management, retirement accounts, taxes, loan applications, interest rate computation, credit scores and simple contracts.

The mandate would apply to all Indiana high school students whether attending a public school, charter school or state-accredited private school.

Schools could add financial subjects, such as cryptocurrencies and gambling, if they wanted.

Under current law, all students in grades six through 12 must annually be provided instruction in personal financial responsibility as part of a school's regular curriculum.

Sen. Mike Gaskill, R-Pendleton, the sponsor of the legislation, said improving student financial literacy needs to be a state priority.

"I believe this is too important that it shouldn't be an afterthought tacked on to something else," he said. "It needs to be a separate class."

Gaskill said financial literacy educators would not need any special qualifications to teach the class. He just wants individuals with a passion for helping young people.

The proposal is supported by, among others, the Indiana Association of School Superintendents, Indiana State Teachers Association, Indiana PTA, Indiana Credit Union League, Prosperity Indiana and the Indiana Bankers Association.

If the committee endorses the measure next week, it would go to the full Senate for possible revision and a decision on advancing the plan to the House.

Legislation must win approval with identical language in the Senate and the House to go to Republican Gov. Eric Holcomb to be signed into law.