Requires the commissioner of education to develop and adopt instruction in financial and insurance literacy for students in grades nine through twelve.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A809
SPONSOR: Solages TITLE OF BILL:
An act to amend the education law, in relation to establishing instruc-
tion in financial and insurance literacy
PURPOSE:
The purpose of this legislation is to ensure all high school students
are taught a curriculum that includes instruction in financial and
insurance literacy.
SUMMARY:
Section 1. Amends the education law is amended by adding a new section
819. Section 2. Sets the effective date.
JUSTIFICATION:
Educating students on finance and insurance is crucial to better equip
them for the many circumstances in life in which such knowledge is
necessary. Comprehension of key concepts such as budgeting, investing,
personal insurance policies, and retirement savings will enable our
youth to effectively manage their money, avoid debt and scams, and plan
for future financial security. Education in financial and insurance
literacy has been proven to empower young people to make more informed
decisions.
Other states including Georgia, Idaho, and Texas have implemented simi-
lar policies. These states are reporting relatively higher credit scores
and lower relative delinquency rates for students who took a course
compared to those who did not. New York State Comptroller Tom DiNapoli
and Education Commissioner Betty Rosa have expressed their strong
support for financial and insurance literacy education highlighting that
"financial literacy can be a great equalizer for students and New York
cannot afford to wait" (1).
The intent of this legislation is to ensure financial and insurance
literacy is standardized and integrated into school instruction in a
meaningful way to benefit our students without putting an undue finan-
cial burden on school districts through an unfunded mandate. School
districts will have the option to incorporate financial and insurance
literacy into existing coursework based on the content determined by the
Commissioner. Should state funding be appropriated for this need in the
future, school districts can then choose to offer a separate course of
study. This legislation will help New York foster an educational commu-
nity which stresses the importance of financial independence and resili-
ence in the face of economic challenges.
SOCIAL JUSTICE IMPACT:
TBD.
FISCAL IMPLICATIONS:
TBD.
EFFECTIVE DATE:
This act shall take effect immediately. (1) httos
://www.nysed.gov/news/2024/commisS oner-rosa-oo-ed- we-should-be-teach-
ing-financial-lit eracy-new- yorks-high-school
STATE OF NEW YORK
________________________________________________________________________
809
2025-2026 Regular Sessions
IN ASSEMBLY(Prefiled)
January 8, 2025
___________
Introduced by M. of A. SOLAGES -- read once and referred to the Commit-
tee on Education
AN ACT to amend the education law, in relation to establishing instruc-
tion in financial and insurance literacy
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The education law is amended by adding a new section 819 to
2 read as follows:
3 § 819. Instruction in financial and insurance literacy. 1. The commis-
4 sioner shall develop and adopt curriculum standards for instruction in
5 financial and insurance literacy to be completed by students enrolled in
6 secondary school. Upon the effective date of this section, each local
7 board of education shall require all students in grades nine through
8 twelve, as a condition of graduation, to complete at least a half-credit
9 course in financial and insurance literacy which implements the minimum
10 course of instruction standards established pursuant to this section.
11 2. Such standards shall include but not be limited to instruction in
12 core competencies of money management and investment and basic princi-
13 ples of personal insurance policies and retirement planning. Such
14 instruction may be provided in the context of existing coursework
15 offered by a local school system and shall be eligible to count toward a
16 mathematics, social studies or elective unit of credit requirement for
17 graduation. Subject to state-appropriated funding, local school boards
18 may provide a unit of study related to financial and insurance literacy
19 separate from existing coursework.
20 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00337-01-5
