Reps. Rick Larsen (WA-02) and Trent Kelly (MS-01) introduced a bipartisan bill aimed at boosting financial literacy for military children. The Department of Defense Student Financial Literacy Act would make financial literacy education a graduation requirement in high schools operated by the Department of Defense Education Activity (DoDEA).
WASHINGTON, D.C. – On June 15, 2023, Reps. Rick Larsen (WA-02) and Trent Kelly (MS-01) introduced a bipartisan bill aimed at boosting financial literacy for military children.
The Department of Defense Student Financial Literacy Act would make financial literacy education a graduation requirement in high schools operated by the Department of Defense Education Activity (DoDEA).
“High schools must give military children the tools they need to succeed and thrive,” said Larsen, who served for 22 years on the Armed Services Committee. “This bipartisan bill ensures students who attend DoDEA high schools can develop the same financial literacy skills as the growing number of students who attend public high schools across the country.”
“Students should be taught how to manage their money wisely,” said Kelly, a member of the Armed Services Committee. “If enacted, this legislation will equip students with the knowledge and skills they need to make responsible financial decisions now, and in the future.”
Background Information
- The DoDEA currently does not require high school students to take a financial literacy course to graduate. The DoDEA has developed financial literacy curriculum, which it offers to high school students as an elective course
- A growing number of states require a semester-long personal finance course to graduate high school. According to a 2023 report, 21 states require high school students to take a semester-long course on personal finance, compared to just six states in 2019.
- According to a 2021 Financial Industry Regulatory Authority (FINRA) survey, individual respondents with higher financial literacy were more likely to be prepared for short and long-term needs than respondents with lower financial literacy.
Additional Information
For text of H.R. 4118, the Department of Defense Student Financial Literacy Act, click here.
Original source can be found here.
