Louisiana Makes Strides in Financial Education: Personal Finance Education Now Mandatory for High School Students
In a landmark move, Louisiana has become the 22nd state to pass legislation guaranteeing a dedicated personal finance course for all high school students. Governor John Bel Edwards signed Louisiana House Bill 103 into law on June 9, marking a significant step towards equipping young individuals with essential financial literacy skills. The bipartisan effort behind the bill has received praise from advocates such as the Next Gen Personal Finance Mission 2030 Fund. Louisiana now joins the ranks of West Virginia, Indiana, Minnesota, and Connecticut as states that have passed similar laws in 2023, ensuring personal finance education for future high school graduates.
Representative Nicky Muscarello, the author of HB 103, emphasized the critical importance of financial literacy in today’s world, where credit scores often hold more sway than one’s character. He pointed out that Louisiana ranked as the second least financially literate state in America in 2023, making it imperative to address this issue. Muscarello expressed confidence that the legislation would positively impact the lives of Louisiana students.
Extensive research has shown that personal finance courses in high school have a multitude of benefits. They help students make informed decisions regarding debt and credit, protect against predatory lenders, boost savings rates, and even have positive effects on parents’ financial well-being.
Personal Finance Education
Dr. Cade Brumley, Louisiana State Superintendent of Education, echoed the sentiment of many concerned individuals across the state, emphasizing that financial literacy had emerged as a major topic of concern. He highlighted the legislation as a priority and expressed gratitude for the opportunity to support Representative Muscarello in ensuring its successful passage.
Starting from the 2026-27 school year, Louisiana will require all graduating high school students to complete a one-unit personal finance course. This requirement will be integrated into the existing graduation pathway, replacing either a math course or an elective.
Blaine Grimes of the Louisiana Jump$tart Coalition, a passionate advocate for financial literacy, expressed immense satisfaction at the realization of this long-awaited milestone. He paid tribute to Ken Uffman, the coalition’s founding President, who dedicated his adult life to advocating for financial literacy within the halls of the Louisiana State Capitol. Grimes believed that Uffman would be looking down upon them with pride, continuing to champion financial literacy even in Heaven.
Next Gen Personal Finance
Tim Ranzetta, Co-Founder of Next Gen Personal Finance, commended Louisiana’s commitment to financial education and highlighted the growing trend of bipartisan support for this crucial policy. With 119 sponsors, unanimous approval from the House, and an overwhelming 35-2 vote in the Senate, Louisiana has demonstrated its dedication to preparing students for the real world.
Next Gen Personal Finance, a national nonprofit organization, has played a significant role in promoting financial education across the country. With a comprehensive curriculum and teacher professional development resources, the organization empowers over 80,000 educators to provide students with the necessary skills to thrive in the future. Recognized as a “Top Website for Teachers to Find Lesson Plans” by Common Sense Education, Next Gen Personal Finance serves as a valuable resource for educators nationwide.
Louisiana’s landmark legislation underscores the growing recognition of the importance of financial literacy in equipping young individuals with the tools they need to navigate their financial futures successfully. By ensuring that personal finance education becomes an integral part of high school curricula, Louisiana is taking a proactive step towards empowering its students and preparing them for a financially secure tomorrow.