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A00109 Summary:

BILL NOA00109
 
SAME ASSAME AS S00095
 
SPONSORBerger
 
COSPNSRShimsky, Lupardo, Maher, Beephan
 
MLTSPNSR
 
Add §803-c, Ed L
 
Establishes that instruction in financial education be provided to pupils in grades nine through twelve; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc.
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A00109 Actions:

BILL NOA00109
 
01/08/2025referred to education
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A00109 Memo:

NEW YORK STATE ASSEMBLY
MEMORANDUM IN SUPPORT OF LEGISLATION
submitted in accordance with Assembly Rule III, Sec 1(f)
 
BILL NUMBER: A109
 
SPONSOR: Berger
  TITLE OF BILL: An act to amend the education law, in relation to establishing a requirement that instruction in financial education be provided to all pupils in grades nine, ten, eleven or twelve   PURPOSE OR GENERAL IDEA OF BILL: This bill would require that high school students have financial educa- tion integrated into their curricula for high school students, including personal financial planning and budgeting, understanding of the income and property tax systems, basic understanding of personal insurance policies and understanding state and federal laws concerning personal and commercial finance.   SUMMARY OF SPECIFIC PROVISIONS: Adds a new section 803-b to the education law   JUSTIFICATION: The present times have shown that young adults, more and more, are being required to be more financially independent in their daily lives. By the time they leave high school and go to college, many teens already have a job, pay taxes, have a checking account, a credit card, and some level of debt. At the same time of this expanding responsibility, there has not been an increase in the knowledge about finance issues among these young adults. They may have a checking account and credit card, but do not fully understand the implications of using both, or even the process that these financing mechanisms involve. Often, when asked what a credit card does, many teens respond that the card offers free money with which to make purchases, not realizing that it is actually a loan at a high level of interest. By integrating a more detailed financial education into the high school curricula (either in existing classes or by creat- ing new ones), students will be better equipped to understand how to maintain a personal budget, manage debt, and realize the mechanics and implications of collection and uses of various kinds of taxes.   PRIOR LEGISLATIVE HISTORY: 2005-2016: Referred to Education 2017: A1174- Referred to Education 2018: A9752- Referred to Education 2020: A1357- Referred to Education 2023: A5430- Referred to Education 2023: A5430- Stricken 2024: A8216- Referredto Education   FISCAL IMPLICATIONS: None.   EFFECTIVE DATE: This act shall take effect on the one hundred twentieth day after it shall have become a law.
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A00109 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           109
 
                               2025-2026 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 8, 2025
                                       ___________
 
        Introduced  by M. of A. BERGER, SHIMSKY, LUPARDO, MAHER, BEEPHAN -- read
          once and referred to the Committee on Education
 
        AN ACT to amend  the  education  law,  in  relation  to  establishing  a
          requirement that instruction in financial education be provided to all
          pupils in grades nine, ten, eleven or twelve
 
          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  803-c
     2  to read as follows:
     3    § 803-c. Instruction relating to financial education. 1. All pupils in
     4  grades  nine,  ten,  eleven or twelve in all public schools in the state
     5  shall receive a course or full unit of instruction in  financial  educa-
     6  tion delivered by means of a comprehensive financial literacy program.
     7    2.  The  requirements  of  this  section  may be fulfilled through the
     8  finance unit of the required high school economics course or the contin-
     9  uation of financial management courses currently being taught in  public
    10  secondary schools. Additional courses are encouraged to be developed and
    11  approved at the local level.
    12    3.  The  board  of  education  or  trustees  of the school district is
    13  charged with developing and maintaining a financial literacy program for
    14  secondary school pupils that shall  include,  but  not  be  limited  to,
    15  instruction in the following:
    16    a. recognizing the relationship between financial planning and attain-
    17  ing financial goals;
    18    b. opening and maintaining banking and checking accounts and assessing
    19  the quality of banking services;
    20    c. developing a personal budget;
    21    d. analyzing spending, credit purchasing, credit scoring, and managing
    22  debt, including retail and credit card debt;
    23    e. calculating interest rates by various methods;
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00709-01-5

        A. 109                              2
 
     1    f. evaluating borrowing options;
     2    g. assessing the implications of an inheritance;
     3    h.  computing state and federal income taxes, understanding net versus
     4  gross income and required tax deductions;
     5    i. analyzing local tax assessments;
     6    j. assessing different types of investments and how  investments  help
     7  to achieve personal goals;
     8    k.  recognizing  how  investments  help  to  achieve  financial  goals
     9  throughout the stages of an individual's life;
    10    l. analyzing state and federal laws concerning finance;
    11    m. recognizing the basic principles of personal insurance policies;
    12    n. analyzing regulatory agencies and their role;
    13    o. recognizing the importance of planning for retirement and analyzing
    14  retirement planning options; and
    15    p. recognizing the importance of insurance as an essential element  of
    16  financial security.
    17    4. The commissioner shall provide assistance at the local level to aid
    18  in  the development of curricula for courses of study which shall be age
    19  appropriate and developed according to the needs and abilities of pupils
    20  in grades nine, ten, eleven or twelve.
    21    § 2. This act shall take effect on the one hundred twentieth day after
    22  it shall have become a law.
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