Requires any school district in the state shall provide, to pupils in grades nine through twelve, one full unit of instruction designed to promote consumer awareness and financial education.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A1124
SPONSOR: Seawright TITLE OF BILL:
An act to amend the education law, in relation to courses of study in
consumer awareness and financial education
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to better prepare and empower future consum-
ers by requiring school districts to provide instruction designed to
promote consumer awareness and financial education.
SUMMARY OF PROVISIONS:
This bill would require the Commissioner of Education to develop curric-
ulum for all schools serving pupils in grades 9-12 for a full unit of
instruction in consumer awareness and financial education. Instruction
would cover issues such as: setting financial goals, developing a budg-
et, basic banking services, impact of check cashing, investment tools,
credit, credit scoring and borrowing, loans, interest rates and retire-
ment considerations.
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):
non-applicable
JUSTIFICATION:
High school students are at the beginning of their consumer lifecycle
and generally have a small financial footprint. However, they are on
the brink of a number of financial decisions, including but not limited
to, entering the workforce, opening a checking or savings account,
borrowing or budgeting for college or an automobile.
Many of our young people have not been educated on borrowing, credit
rates, investments and loans. Providing our students with financial
awareness tools will enable such students to make more informed finan-
cial decisions.
PRIOR LEGISLATIVE HISTORY:
S.2873/A.9701 of 2023-24 Referred to Education.
S.5854/A.2384 of 2021-22 Referred to Education.
S.2382/A.6001 of 2019-20 Referred to Education.
S.8459/A.8701 of 2017-18 Referred to Education.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None noted.
EFFECTIVE DATE:
One year after being signed into law.
STATE OF NEW YORK
________________________________________________________________________
1124
2025-2026 Regular Sessions
IN ASSEMBLY
January 9, 2025
___________
Introduced by M. of A. SEAWRIGHT -- read once and referred to the
Committee on Education
AN ACT to amend the education law, in relation to courses of study in
consumer awareness and financial education
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 814-a
2 to read as follows:
3 § 814-a. Courses of study in consumer awareness and financial educa-
4 tion. 1. Any school district in the state shall provide, to pupils in
5 grades nine through twelve, one full unit of instruction designed to
6 promote consumer awareness and financial education.
7 2. The commissioner shall provide technical assistance to receive a
8 course or full unit of instruction in consumer awareness and financial
9 education.
10 3. The requirements of this section may be fulfilled through the
11 finance unit of the required high school economics or home economics
12 course or the continuation of financial management courses currently
13 being taught in public secondary schools.
14 4. The board of education or trustees of the school district is
15 charged with developing and maintaining a consumer awareness and finan-
16 cial education program for secondary school pupils that shall include,
17 but not be limited to, instruction in the following:
18 a. setting financial goals and developing a budget;
19 b. understanding basic banking services such as checking accounts,
20 savings accounts and certificates of deposit;
21 c. understanding the consumer impact and risks associated with check
22 cashing and other tools available to consumers for immediate access to
23 funds;
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02951-01-5
A. 1124 2
1 d. understanding various investment tools and risks including but not
2 limited to college savings plans, mutual funds, insurance policies, the
3 stock market and other investment types;
4 e. understanding insurance products and risks including but not limit-
5 ed to life insurance, auto insurance, health insurance, homeowner and
6 rental insurance;
7 f. understanding the use and risk associated with credit, borrowing,
8 credit scoring, and credit card debt;
9 g. how to manage debt, including home, automotive and credit card
10 debt;
11 h. how to understand and calculate interest rates;
12 i. how to understand retirement planning options and risks including
13 but not limited to deferred compensation, social security, IRA, ROTH IRA
14 and other retirement planning options; and
15 j. a review of state agencies and laws to assist consumers in banking
16 and consumer transactions.
17 5. The commissioner shall provide assistance for the development of
18 curricula for such courses of study which shall be age appropriate and
19 developed according to the needs and abilities of pupils in order to
20 provide consumer awareness and financial education, skills, information
21 and support.
22 § 2. This act shall take effect one year after it shall have become a
23 law.
