S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3581
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 28, 2025
                                ___________
 
 Introduced by M. of A. SIMPSON, MAHER, SHIMSKY -- read once and referred
   to the Committee on Education
 
 AN  ACT  to amend the education law, in relation to establishing a class
   in financial literacy as a requirement of graduation for all pupils in
   grade 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 LITERACY. 1. ALL PUPILS, AT
 LEAST ONCE DURING GRADES NINE, TEN, ELEVEN  OR  TWELVE,  IN  ALL  PUBLIC
 SCHOOLS  IN THE STATE SHALL BE REQUIRED TO RECEIVE A HALF CREDIT OR UNIT
 COURSE OF INSTRUCTION IN FINANCIAL LITERACY.
   2.  PUPILS SHALL PASS THIS COURSE TO RECEIVE THEIR DIPLOMA AND  GRADU-
 ATE  WITH  EXCEPTION  TO  THOSE  DEEMED DISABLED, IMPAIRED, OR OTHERWISE
 MENTALLY HANDICAPPED. THIS SUBDIVISION SHALL NOT APPLY TO PUPILS ALREADY
 ENROLLED IN NINTH, TENTH, ELEVENTH, AND TWELFTH GRADES ON THE  EFFECTIVE
 DATE  OF  THIS SECTION AND SHALL ONLY APPLY TO PUPILS ENROLLING IN NINTH
 GRADE AFTER THE EFFECTIVE DATE OF THIS SECTION.
   3.  THE REQUIREMENTS OF THIS SECTION  MAY  BE  FULFILLED  THROUGH  THE
 CONTINUATION  OF A FINANCIAL MANAGEMENT COURSE CURRENTLY BEING TAUGHT IN
 PUBLIC SECONDARY SCHOOLS AS LONG AS THE CURRENT  COURSE  IS  UPDATED  TO
 MEET  THE  STANDARDS SET BY THE DEPARTMENT AND THE CURRICULUM SET BY THE
 LOCAL SCHOOL BOARD.  ADDITIONAL COURSES ARE ENCOURAGED TO  BE  DEVELOPED
 AND APPROVED AT THE LOCAL LEVEL.
   4. THIS COURSE SHALL BE GRADED ON AN A+ TO F SCALE AND SHALL BE ADMIN-
 ISTERED AS AN INDEPENDENT ELECTIVE.
   5. THIS COURSE SHALL BE INCLUDED IN THE TWENTY-TWO TOTAL CREDITS NEED-
 ED TO GRADUATE.
   6.  THE  BOARD  OF  EDUCATION  OR  TRUSTEES  OF THE SCHOOL DISTRICT IS
 CHARGED WITH DEVELOPING AND MAINTAINING A FINANCIAL LITERACY  CURRICULUM
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04895-01-5
              

 A. 3581                             2
 
 FOR  SECONDARY  SCHOOL PUPILS THAT SHALL INCLUDE, BUT NOT BE LIMITED TO,
 INSTRUCTION IN THE FOLLOWING:
   A. OPENING AND MAINTAINING SAVINGS AND CHECKING ACCOUNTS AND ASSESSING
 THE QUALITY OF BANKING SERVICES;
   B. DEVELOPING A PERSONAL BUDGET AND UNDERSTANDING SAVING METHODS;
   C. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
 DEBT, INCLUDING CREDIT CARD DEBT;
   D. CALCULATING INTEREST RATES;
   E.  EVALUATING  BORROWING OPTIONS, INCLUDING THE RISKS AND BENEFITS OF
 STUDENT LOANS;
   F. COMMON TYPES OF INSURANCE;
   G. COMPUTING STATE AND FEDERAL  INCOME  TAXES,  TYPES  OF  TAXES,  AND
 UNDERSTANDING NET VERSUS GROSS INCOME;
   H.  EVALUATING RENTING COMPARED TO BUYING A HOME OR PROPERTY AND LEAS-
 ING COMPARED TO PURCHASING A CAR;
   I. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
 TO ACHIEVE PERSONAL GOALS;
   J. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   K. ANALYZING REGULATORY AGENCIES AND THEIR ROLE; AND
   L. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS.
   7. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
 SCHOOL  BOARDS  IN  THE  DEVELOPMENT  AND MAINTENANCE OF CURRICULA FOR A
 FINANCIAL LITERACY COURSE WHETHER IT IS A SINGLE COURSE OR MORE  COMPRE-
 HENSIVE  FINANCE  PROGRAM,  INCLUDING PROVIDING EDUCATIONAL RESOURCES TO
 SCHOOLS.
   § 2. This act shall take effect on the first of July  after  it  shall
 have become a law.