Teaching Our Children About Their Finances

June 3, 2023

I applaud the passage of a proposal that will undoubtedly help our students handle their pocketbooks. This week the House of Representatives passed Senate Bill 1165, which I am proud to cosponsor. SB 1165 will require students, starting with classes graduating in 2027, to take a half-credit course on personal financial management and financial literacy. Teaching our children how to handle money empowers marginalized communities, like Waterbury, and lays the foundation toward growing personal wealth.

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.

The bill now awaits the signature of Governor Ned Lamont. SB 1175 passed both the Senate and House with overwhelming, bipartisan support. Tuesday's vote in the House was 138-12 in favor of the proposal.