Assembly Bill A109

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    109
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (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:
 
   Section 1. The education law is amended by adding a new section  803-c
 to read as follows:
   § 803-C. INSTRUCTION RELATING TO FINANCIAL EDUCATION. 1. ALL PUPILS IN
 GRADES  NINE,  TEN,  ELEVEN OR TWELVE IN ALL PUBLIC SCHOOLS IN THE STATE
 SHALL RECEIVE A COURSE OR FULL UNIT OF INSTRUCTION IN  FINANCIAL  EDUCA-
 TION DELIVERED BY MEANS OF A COMPREHENSIVE FINANCIAL LITERACY PROGRAM.
   2.  THE  REQUIREMENTS  OF  THIS  SECTION  MAY BE FULFILLED THROUGH THE
 FINANCE UNIT OF THE REQUIRED HIGH SCHOOL ECONOMICS COURSE OR THE CONTIN-
 UATION OF FINANCIAL MANAGEMENT COURSES CURRENTLY BEING TAUGHT IN  PUBLIC
 SECONDARY SCHOOLS. ADDITIONAL COURSES ARE ENCOURAGED TO BE DEVELOPED AND
 APPROVED AT THE LOCAL LEVEL.
   3.  THE  BOARD  OF  EDUCATION  OR  TRUSTEES  OF THE SCHOOL DISTRICT IS
 CHARGED WITH DEVELOPING AND MAINTAINING A FINANCIAL LITERACY PROGRAM FOR
 SECONDARY SCHOOL PUPILS THAT SHALL  INCLUDE,  BUT  NOT  BE  LIMITED  TO,
 INSTRUCTION IN THE FOLLOWING:
   A. RECOGNIZING THE RELATIONSHIP BETWEEN FINANCIAL PLANNING AND ATTAIN-
 ING FINANCIAL GOALS;
   B. OPENING AND MAINTAINING BANKING AND CHECKING ACCOUNTS AND ASSESSING
 THE QUALITY OF BANKING SERVICES;
   C. DEVELOPING A PERSONAL BUDGET;
   D. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
 DEBT, INCLUDING RETAIL AND CREDIT CARD DEBT;
   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
 
   F. EVALUATING BORROWING OPTIONS;
   G. ASSESSING THE IMPLICATIONS OF AN INHERITANCE;
   H.  COMPUTING STATE AND FEDERAL INCOME TAXES, UNDERSTANDING NET VERSUS
 GROSS INCOME AND REQUIRED TAX DEDUCTIONS;
   I. ANALYZING LOCAL TAX ASSESSMENTS;
   J. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
 TO ACHIEVE PERSONAL GOALS;
   K.  RECOGNIZING  HOW  INVESTMENTS  HELP  TO  ACHIEVE  FINANCIAL  GOALS
 THROUGHOUT THE STAGES OF AN INDIVIDUAL'S LIFE;
   L. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   M. RECOGNIZING THE BASIC PRINCIPLES OF PERSONAL INSURANCE POLICIES;
   N. ANALYZING REGULATORY AGENCIES AND THEIR ROLE;
   O. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS; AND
   P. RECOGNIZING THE IMPORTANCE OF INSURANCE AS AN ESSENTIAL ELEMENT  OF
 FINANCIAL SECURITY.
   4. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
 IN  THE DEVELOPMENT OF CURRICULA FOR COURSES OF STUDY WHICH SHALL BE AGE
 APPROPRIATE AND DEVELOPED ACCORDING TO THE NEEDS AND ABILITIES OF PUPILS
 IN GRADES NINE, TEN, ELEVEN OR TWELVE.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law.