FOR IMMEDIATE RELEASE CONTACT: Shaandiin Parrish – Public April 15, 2019 Information Officer
Treasurer Yee Announces Passage of Financial Literacy Bill into Law
PHOENIX, AZ – On Thursday, April 11, 2019, Arizona Governor Doug Ducey signed Senate Bill 1184 (schools; economics; personal financial management) into law. S.B. 1184, sponsored by Senator Sylvia Allen (AZ-LD6), now requires financial literacy for high school graduation. Upon the bill’s passage, Treasurer Kimberly Yee thanked Governor Ducey and Senator Allen for their support of the legislation. “Financial education addresses the importance of savings, balancing a checkbook and understanding what it means to carry credit card debt. This basic life skill will now be taught before students enter the real world so that our young people are prepared to manage their money,” said Treasurer Kimberly Yee. “They can be successful if they have financial freedom and understand that you can’t spend more than you make.” S.B. 1184 (see attached) codifies economics as a required course for high school graduation in state law and requires financial literacy and personal financial management to be included as components of the required economics course. For over a decade, Treasurer Kimberly Yee has emphasized the urgent need for financial literacy. As a member of the Legislature, she passed laws that require the state’s academic standards to include financial education in each grade level as benchmarks in K-12. She also established a seal of financial literacy on graduation diplomas that can be earned by high school seniors. According to a recent survey by the National Foundation for Credit Counseling, one in eight adults aged 18 to 34, otherwise known as Millennials, have debts in collections. Seven million Americans are three months behind in car payments. Treasurer Kimberly Yee says her administration will continue its commitment to financial education in Arizona's classrooms over the next four years.