Michigan is poised to become 14th state to mandate personal finance education

Governor of Michigan Gretchen Whitmer poses at an event where General Motors announced an investment of more than $7 billion in four Michigan manufacturing sites on January 25, 2022 in Lansing, Michigan.

Michigan high school students will soon be required to take a personal finance class before graduating.

On Tuesday, the Michigan House of Representatives passed the bill by a wide margin. The bill was approved by the state senate in May. It will be sent to the governor.

The 14th state to mandate personal finance education at the high school level will be Michigan.

There are 10 companies that help pay for employees' vacations.

The bill was sponsored by Rep. Diana Farrington, R-Utica, who said that a high school education prepares students for adult life.

She said personal finance should be part of the education. A financial literacy class will help students understand how to manage their finances.

Details of the bill

The personal finance legislation was passed by the House of Representatives in December. The Senate passed it 35-2 in May.

The bill had to be voted on again before it could be forwarded to the governor.

All high school students must take a half-credit course in personal finance before graduating. At the discretion of local school boards, that course can be counted as a math, arts or language course.

When the bill is signed, it will go into effect for students in the 8th and 9th grades.

The Michigan Council for Economic Education supported the legislation. Two of the biggest school districts in the state supported the bill.

A growing trend

The legislation passed with bipartisan support. Both Florida and Georgia passed laws guaranteeing access to a personal finance course for all students.

In an era of division, this seems to be something all can agree on.