WASHINGTON – Today in honor of Financial Literacy Month, Congressman David G. Valadao (CA-22) and Congressman Wiley Nickel (NC-13) introduced the Promoting Financial Literacy in Secondary Schools Act. The legislation aims to make financial literacy education more widely available for high school students.

“Too many people graduate high school with limited knowledge on real-life money skills, like how to file taxes, make a budget, or take out a loan,” said Congressman Valadao. “The Promoting Financial Literacy in Secondary Schools Act attempts to fix this knowledge gap by making financial literacy education more widely available to high school students. Making this curriculum available will ease the burden on  educators and help students make more informed decisions that could set them on a path to future success.”

“I’m proud to join Rep. Valadao in introducing the Promoting Financial Literacy in Secondary Schools Act to help equip our students with the tools they need to make informed decisions about budgeting, credit, and beyond - setting them on a path towards lasting financial success,” said Congressman Wiley Nickel. “Improving financial literacy is not just common sense, but a necessity in an increasingly complex economic landscape.”

Background:

The Financial Literacy and Education Commission (FLEC) within the U.S. Department of the Treasury is tasked with creating best practices for teaching financial literacy. Currently, FLEC only creates guidance for institutions of higher education. As more students continue to seek alternatives to college, they are missing out on these foundational financial literacy programs. This legislation would require FLEC to include high schools when creating their best practices for students about budgeting, financial securities, credit, evaluating financial products, and student loan borrowing. Nothing in this bill requires schools to adopt the best practices created under this bill.