Students graduating Alabama high schools have proven themselves to be proficient in math, English, and science. Financial literacy will soon be added to their list of skills if HB164 sponsored and authored by Representative Andy Whitt is passed.

The non-partisan bill has garnered tremendous support and would “require students to complete a personal finance and money management course before graduation.” Whitt worked with Lt. Governor Will Ainsworth and State Treasurer Young Boozer on the bill with input from the State Board of Education.

“This is a financial literacy bill, and this legislation would make sure that these skillsets are not only taught in Alabama schools but they are also tested on,” Whitt said. “As a community banker for over the last 30 years, I have continuously witnessed the decline in the consumer’s ability to understand the basic skills dealing with personal financial situations. What people don’t realize, these are not just math skills, they are life skills that everyone needs.”

There are nine different skill sets that would be added to existing curriculum.

• Types of bank accounts offered, opening and managing a bank account, and assessing the quality of services provided by a depository institution.

• Balancing a checking account.

• Basic principles of money management including but not limited to spending, credit, credit scores, and managing debt, including retail and credit card debt.

• Evaluating types of loans.

• Basic principles of personal insurance policies.

• Understanding percentages as relating to taxation.

• Computing interest rates by various mechanisms.

• Simple contracts.

• Types of savings and investments.

“Simple life skills that will improve our citizens’ lives. Some were probably taught these at home but they are no longer taught at home. We have just seen a continuous decline here at the bank and in the community and we are trying to reverse that,” Whitt said. “I believe it is 88 percent of Americans right now that did not receive any type of financial literacy instruction while they were in school.”

Students will be tested on these skills prior to graduating. Those results will be reported back to the Alabama Board of Education. If HB164 passes, financial literacy skills would be required beginning with public school students entering ninth grade in the 2024-2025 school year.

“I think it is going to be a wildly popular bill and one that will benefit our students,” Whitt said.