Legislation requiring personal finance course in high school passes House

Feb. 16—CHARLESTON — A bill now in the West Virginia Senate Education Committee would require all high school students to pass a class in personal finance before graduating.

Co-sponsored by Del. Joe Ellington, R-Mercer County, who is also Chair of the House Education Committee, House Bill 3113 passed the House 94-4 and was sent to the Senate.

Ellington said Wednesday he thinks the bill will pass the Senate as well.

Sen. Chandler Swope, R-6th District, is also in favor of the bill.

"Education in personal finance is critical to every student and has long been ignored," he said Wednesday. "I am totally in favor (of this bill)."

According to a 2022 article in Forbes, only 24 percent of millennials understand basic financial principles and 87 percent of teenagers admit not understanding their finances.

That lack of knowledge impacts their wealth management and financial wellness, the article said, and it is caused by financial illiteracy being "deep-rooted and systemic."

According to various reports, 21 states now require coursework in personal finance, but only nine states, including Virginia, require a separate course for personal finance.

The purpose of the bill is to "require each high school student to complete a program of instruction in personal finance prior to high school graduation and to require additional program delivery options."

According to the bill, "persons with an understanding of personal finance are better prepared to manage their money and that providing a personal finance program in secondary schools in West Virginia will prepare students to handle their finances."

The class will provide students a basic understanding of personal finance, the bill says, and the state Board of Education "will develop a program of instruction on personal finance which may be integrated into the curriculum of an appropriate existing course or courses for students in secondary schools."

If the bill passes and signed by Gov. Jim Justice as it now is, the requirement would begin with the 2023 — 2024 school year.

Students would have options on how to take the course, which would require a final exam as part of the grade.

The board will develop the curriculum for this coursework before July 1, 2023.

— Contact Charles Boothe at cboothe@bdtonline.com

Contact Charles Boothe at cboothe@bdtonline.com