Representative Paris Applauds Passage of SB 1165, Financial Literacy BillMay 30, 2023
State Representative Corey Paris (D-Stamford) applauded today's passage of SB 1165, "An Act Concerning Financial Literacy Instruction" in the House. The bill has already passed in the Senate, with overwhelming, bipartisan support. Today's vote in the House also showed strong support, passing 138-12.
"This bill had widespread support and I'm happy to see it will become part of the high school curriculum," said Rep. Paris, who was an introducer of the bill. "I'm proud to champion this legislative win, along with Senator Doug McCrory and Representative Tom Delnicki."
Rep. Paris added, "Financial literacy empowers marginalized communities and lays the foundation for building generational wealth, once unattainable to so many within Connecticut. These classes help narrow the opportunity gap between students who are well-prepared for future financial realities after high school and those who are left basically to fend for themselves. We have one chance to teach them this important life skill before they leave our high schools."
The newly passed legislation will require students, starting with classes graduating in 2027, to take a half-credit course on personal financial management and financial literacy.
Connecticut ranked 21st for statewide financial education access in 2022, according to Next Gen Personal Finance, a non-profit provider of personal finance curriculum and professional development in the United States. Just 15.3% of CT high schoolers are currently guaranteed to take a personal finance course of at least one semester before graduating. Passing this bill makes Connecticut the 18th state in the nation to guarantee financial literacy classes to high school students.
“I am happy to co-sponsor and advocate for this vital proposal for the financial benefit of our young people in a bipartisan manner. If we want young people to succeed in life, we have to make sure we give them the tools they need to thrive,” said State Representative Tom Delnicki (R-South Windsor). “Financial literacy is key to living a successful life and if you know how to manage your finances, you’ll be able to manage your life.”
Public opinion polls consistently show more than 80% support for instituting personal finance as a stand-alone requirement for high school graduation.
“All students, no matter what background they come from, deserve to learn about the importance of financial literacy,” said Education Committee Co-Chair, Senator Doug McCrory (D-Hartford). “Understanding the basics will build the foundation for the rest of their lives. Learning about financial literacy can be beneficial from the time you are ten years old all the way until you retire.”