About Financial Education
According to College Savings Planner, Americans carry more than $2.4 trillion in consumer debt, which works out to be nearly $7,800 in debt for every man, woman and child that lives in the United States (Source: Federal Reserve).
Being “financially literate” means you have the knowledge, skills and habits to successfully manage your money. Such skills include using a budget or plan for monthly spending; regularly saving some of today’s money for tomorrow’s needs; managing your use of credit to avoid over-extending yourself; and investing funds to allow your money to grow.
This school year, all Arizonan high school students will be taught financial literacy during their economics class as a requirement before they graduate. This change is due to legislation Treasurer Kimberly Yee advanced during her first weeks in office as the Arizona State Treasurer. Senate Bill 1184 passed through both the Arizona Senate and the Arizona House of Representatives with wide, bipartisan support and was signed by Governor Doug Ducey on April 11.
Treasurer Kimberly Yee appointed the Financial Literacy Task Force is the next step in Treasurer Yee’s longstanding advocacy to increase financial literacy in Arizona. As Treasurer, she led the initiative requiring Arizona high schools to teach financial education before graduation (Laws 2019, Chapter 84).
The Task Force is the next step in Treasurer Yee’s longstanding advocacy to increase financial literacy in Arizona. As a member of the Arizona Legislature, she passed laws requiring the state’s K-12 academic standards to include financial literacy and established a seal of financial literacy on diplomas that may be earned by graduating high school seniors. As chaired by Treasurer Yee, the Financial Literacy Task Force has led initiatives to:
Require Arizona high schools to teach financial education before graduation (Laws 2019, Chapter 84)
Establish the Treasurer’s Financial Literacy Fund and require the Treasurer to promote financial literacy to Arizona residents (Laws 2020, Chapter 76)
Allow families in the TANF program to use financial education to help meet their work requirements (Laws 2020, Chapter 23)
Advance opportunities for families to access 529 College Savings Plans (Laws 2020, Chapter 88)
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