Class of 2031 will be the first group required to take Financial Literacy/Personal Finance
Staff Writer
In June 2024, California legislators passed Assembly Bill 2927, which allows students to take Personal Finance in replacement of Economics, which is currently a graduation requirement, starting with the class of 2031.
All California assembly members who were present voted “yes” on this bill, and this makes California the 26th state to require a financial literacy class for graduation. FUSD Curriculum and Instruction Director Cory Brown said in an interview over email, “[Personal Finance] must be offered as a stand alone course (semester or year long is up to each district). Taking Personal Finance as a standalone allows students to waive the state graduation requirement of Economics, but this does not work in reverse. Taking Economics does not waive the Personal Finance requirement.”
In terms of what is currently offered, Mr. Brown said, “There is a personal finance course offered at some schools in FUSD, but it is very different from what this bill will require.”
Mr. Lindsay, a Personal Finance and Business Math teacher, said “I think it’s a great idea. Students need to have a basic understanding of money management before they get to college or the workforce. Students will learn about their paychecks, payroll taxes, checking and savings accounts, budgeting, purchasing a car, a home, online banking, and more. These are all things that are crucial for their immediate future. ”
There have been several positive opinions regarding this new requirement from legislators and in the media. California Governor Gavin Newsom said, “We need to help Californians prepare for their financial futures as early as possible. Saving for the future, making investments, and spending wisely are lifelong skills that young adults need to learn before they start their careers, not after.”
Assembly Speaker Robert Rivas (D) said, “Ensuring our students have the skills and knowledge to thrive is paramount to California’s continued success, and financial literacy is a key part of that educational mission. Our agreement is the culmination of many robust and productive conversations with stakeholders across the state on how best to implement financial literacy into every student’s high school curriculum.”
Regarding the timeline of the new requirement, Mr. Brown said, “Under the bill, the Instruction Quality Commission, which reports to the State Board of Education, will create a curriculum guide and resources for a personal finance course by May 31, 2026. This guide will help FUSD create a course outline and [a] team of educators will convene to create an FUSD framework as we develop our course. By 2027/2028, the bill will require all of our high schools to offer the course. We hope to have a ‘soft roll out’ similar to our implementation of the Ethnic Studies graduation requirement during the 2026/27 school year which would be based on student interest and not required for all.”
Financial Literacy will help students gain necessary skills that will better prepare them for future financial decisions such as college and other investments (Art Credit: Ivan Chu (11)).
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