OLYMPIA – Legislation to include financial education as a graduation requirement in Washington public schools was announced today by a bipartisan coalition of state legislators. House Bill 1915, sponsored by Rep. Skyler Rude (R-Walla Walla) and Senate Bill 5819, sponsored by Sen. Javier Valdez (D-Seattle) would phase financial education curriculum into K-12 classrooms and culminate with a half-credit requirement beginning with the class of 2029.
State Treasurer Mike Pellicciotti, whose office operates a financial education program and supports Washington’s Financial Education Public-Private Partnership (FEPPP), has been highlighting the growing need for financial literacy and engaging with communities around the state to elevate the issue ahead of the 2024 legislative session.
“Financial literacy is an essential skill that can help individuals seize economic opportunities, plan for their futures and weather financial hardships,” said Pellicciotti. “As I’ve met with community organizations, small business owners, elected officials, and educators around the state, the necessity of equipping Washingtonians with basic financial skills in today’s increasingly complex world is one of those rare issues which finds nearly universal consensus.”
A key strength of the legislation is the flexibility it provides districts to offer financial education as either a standalone course or to be integrated into other courses and subject areas.
In addition to prime sponsorship from Rep. Rude, the bill has received signatures for bipartisan co-sponsorship from 17 legislators in the House, including second sponsor Rep. Monica Stonier (D-Vancouver).
“Financial education has great potential to address issues of inequity and improve personal quality of life for our students as they enter adulthood,” said Rep. Rude.
Sen. Valdez will be partnering with Sen. Matt Boehnke (R-Kennewick) for efforts in the Senate.
“Empowering our youth with financial knowledge is an investment in the prosperity of our state and its people,” said Valdez. “We need to provide our students with strong knowledge about finances through practical and easy-to-understand financial education, ensuring they can succeed in the years to come.”
In addition to the high school graduation requirement, the legislation establishes three tiers of financial education instruction for students in elementary and middle school grades. These standards also apply to charter schools and state-tribal education compact schools.
The bills now await referral for consideration in legislative committees for the 2024 session, which begins on January 8, 2024.