Indiana is a U.S. state in the Midwestern United States, Takes Indiana Financial Literacy Bill to spread financial literacy in students. it is the 38th-largest by area and the 17th-most populous of the 50 States.
Its capital and largest city are Indianapolis. Indiana was admitted to the United States as the 19th state on December 11, 1816.
The Government of Indiana took a new bill that would require Indiana high schoolers to learn financial literacy in order to graduate.
Indiana financial literacy laws
Financial literacy courses would be required under the new Indiana financial literacy law, bill aims to require Indiana students to understand basic financial concepts before high school graduation.
Indiana Senate Bill 35 would require students to pass a financial literacy course before they could get their diploma.
Indiana Financial Literacy Bill
Indiana has a financial literacy law that requires all public high schools to offer a one-semester course in personal finance as a graduation requirement.
This law went into effect in 2023. The course must include instruction in budgeting, saving, investing, credit management, and other financial topics.
The goal of the law is to ensure that high school graduates have the knowledge and skills they need to make informed financial decisions and achieve financial stability and independence.
Indiana Senate Bill 35 is about making sure when students graduate from school they have some hands-on financial knowledge when they get out in the real world.
It refers to Indiana high school students who would be required to pass a financial literacy course before they could get their graduation.
Some key concepts of financial literacy include budgeting, saving, investing, credit management, and risk management.
- Budgeting is the process of creating a plan to spend money. It involves creating a spending plan that aligns with your income and financial goals.
- Saving is the process of setting aside money for future use. It is important to have an emergency fund and save for long-term goals such as retirement.
- Investing is the process of using money to make more money. It can include investing in stocks, bonds, real estate, or other assets. It is important to understand the risks and potential returns associated with different types of investments.
- Credit management is the process of using credit responsibly. It involves understanding credit scores, interest rates, and the terms of credit agreements. It also includes paying bills on time and keeping credit card balances low.
- Risk management is the process of identifying and managing potential risks. This includes understanding the risks associated with different types of investments and insuring against potential losses.
“It makes sense to me to allow individual educators the flexibility to put additional things into their lesson plan that they think are important,”Said one of the bill’s authors, Sen. Mike Gaskill.
The bill received wide support from folks in the education community and financial industry.
“To me, I don’t care who teaches it, as long as they can familiarize themselves with those concepts. I don’t care if it’s an English teacher, an adjunct teacher, or a phys ed teacher. Just someone with a passion for helping our young people,”Sen. Mike Gaskill.
Indiana’s Department of Education would work out the mechanics of the financial literacy course requirement that could start as soon as the 2023-2024 school year for kids starting high school next fall.
“We think the concept of financial literacy is as critical as the concept of literacy in general. Not only to help students understand the complexities but also to fully comprehend the obligations they will have.”Bob Taylor with the Indiana Association of Public-School Superintendents.
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