NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A96
SPONSOR: Pheffer Amato TITLE OF BILL:
An act to amend the education law, in relation to instruction in finan-
cial management
PURPOSE OR GENERAL IDEA OF BILL:
To provide instruction in financial management to pupils in grades six
through eight
SUMMARY OF PROVISIONS:
Amend the education law by adding a new section which would mandate all
school districts to provide instruction in financial management includ-
ing, but not limited to, basic financial literacy necessary for sound
financial decision making, budgeting, savings, credit, debt, insurance,
investment, and other issues associated with personal financial respon-
sibility.
JUSTIFICATION:
Financial literacy is an extremely beneficial tool in improving finan-
cial capability for young people. Many students are unprepared and
uniformed regarding financial choices as they transition into adulthood.
By incorporating lessons about financial responsibility, students can
learn different aspects of finance management and feel empowered about
their own financial futures.
Students in grades six through eight are in need of a full and well-
rounded education, including this instruction in financial management.
This law will provide the necessary funds to mandate all schools to
provide their students with a strong background in financial literacy
and responsibility.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
To be determined.
EFFECTIVE DATE:
This act shall take effect the first of July next succeeding the date on
which it shall have become a law.
STATE OF NEW YORK
________________________________________________________________________
96
2025-2026 Regular Sessions
IN ASSEMBLY(Prefiled)
January 8, 2025
___________
Introduced by M. of A. PHEFFER AMATO -- read once and referred to the
Committee on Education
AN ACT to amend the education law, in relation to instruction in finan-
cial management
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. Courses of study in financial management. 1. All school
4 districts in the state shall be authorized to provide, to pupils in
5 grades four through eight, instruction in financial management includ-
6 ing, but not limited to, basic financial literacy necessary for sound
7 financial decision-making, budgeting, savings, credit, debt, insurance,
8 investment, and other issues associated with personal financial respon-
9 sibility. The commissioner shall establish and define such financial
10 management program in regulations. Nothing in this section shall prevent
11 the department from making model curriculum and resource materials
12 available on the department's website.
13 2. The commissioner shall provide technical assistance in the develop-
14 ment of curricula for such courses of study which shall be age appropri-
15 ate and developed according to the needs and abilities of pupils at
16 successive grade levels in order to provide pupils with financial
17 management skills.
18 § 2. This act shall take effect on the first of July next succeeding
19 the date on which it shall have become a law. Effective immediately, the
20 addition, amendment and/or repeal of any rule or regulation necessary
21 for the implementation of this act on its effective date are authorized
22 to be made and completed on or before such effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00381-01-5
