Establishes a half-credit course in financial education delivered by means of a comprehensive financial literacy program for all pupils in grades nine, ten, eleven or twelve.
STATE OF NEW YORK
________________________________________________________________________
4812
2025-2026 Regular Sessions
IN SENATE
February 13, 2025
___________
Introduced by Sen. ADDABBO -- read twice and ordered printed, and when
printed to be committed to the Committee on Education
AN ACT to amend the education law, in relation to establishing a course
of study in financial education for certain students
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. Courses of study in financial education. 1. All pupils in
4 grades nine, ten, eleven and twelve shall be offered a half-credit
5 course in financial education delivered by means of a comprehensive
6 financial literacy program.
7 2. The commissioner, in consultation with the department of financial
8 services, shall develop a curriculum for the study of financial literacy
9 pursuant to subdivision one of this section. Such curriculum shall
10 include, but not be limited to, instruction in the following:
11 a. opening and maintaining an account at a financial institution;
12 b. types of financial products offered including insurance;
13 c. understanding loans including auto loans, student loans, and
14 personal loans;
15 d. on-going monitoring of expenditures and deposits;
16 e. basic principles of money management, such as spending, credit,
17 credit scores, and managing debt;
18 f. taxes;
19 g. computing interest rates by various mechanisms;
20 h. simple contracts;
21 i. understanding billing statements;
22 j. types of savings and investments;
23 k. state and federal laws concerning finance;
24 l. financial planning; and
25 m. understanding the present value of money.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD02618-01-5
S. 4812 2
1 § 2. This act shall take effect on the one hundred twentieth day after
2 it shall have become a law. Effective immediately, the addition, amend-
3 ment and/or repeal of any rule or regulation necessary for the implemen-
4 tation of this act on its effective date are authorized to be made and
5 completed on or before such effective date.
