Bill Text: CA AB166 | 2013-2014 | Regular Session | Chaptered

California Assembly Bill 166 (Prior Session Legislation)

Bill Title: Pupil instruction: financial literacy.

Spectrum: Moderate Partisan Bill (Democrat 6-1)

Status: (Passed) 2013-08-26 - Chaptered by Secretary of State - Chapter 135, Statutes of 2013. [AB166 Detail]

Download: California-2013-AB166-Chaptered.html

BILL NUMBER: AB 166	CHAPTERED
	BILL TEXT

	CHAPTER  135
	FILED WITH SECRETARY OF STATE  AUGUST 26, 2013
	APPROVED BY GOVERNOR  AUGUST 26, 2013
	PASSED THE SENATE  JULY 8, 2013
	PASSED THE ASSEMBLY  AUGUST 8, 2013
	AMENDED IN SENATE  JUNE 5, 2013
	AMENDED IN ASSEMBLY  APRIL 1, 2013
	AMENDED IN ASSEMBLY  MARCH 11, 2013

INTRODUCED BY   Assembly Member Roger Hern�ndez
   (Principal coauthor: Senator Lieu)
   (Coauthors: Assembly Members Ian Calderon, Fox, Mullin, Ting, and
Wilk)

                        JANUARY 23, 2013

   An act to amend Section 51284 of, and to amend the heading of
Article 6 (commencing with Section 51280) of Chapter 2 of Part 28 of
Division 4 of Title 2 of, the Education Code, relating to pupil
instruction.



	LEGISLATIVE COUNSEL'S DIGEST


   AB 166, Roger Hern�ndez. Pupil instruction: financial literacy.
   Existing law requires a school district, as part of its adopted
course of study for grades 7 to 12, inclusive, to offer courses in
specified areas of study, including, among others, social sciences,
drawing upon the disciplines of anthropology, economics, geography,
history, political science, psychology, and sociology.
   Existing law requires the State Board of Education, after January
1, 2003, and concurrently with, but not prior to, the next revision
of textbooks or curriculum frameworks in the social sciences, health,
and mathematics curricula, to ensure that these academic areas
integrate components of human growth, human development, and human
contribution to society, across the life course, and also financial
preparedness.
   This bill would require the state board to integrate financial
literacy, including, but not limited to, budgeting and managing
credit, student loans, consumer debt, and identity theft security
with those specified academic areas. The bill would also make
conforming and nonsubstantive changes.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  The Legislature finds and declares all of the
following:
   (a) California does not have an official statewide policy or
educational plan for the teaching of financial literacy.
   (b) According to the 2011 Consumer Financial Literacy Survey Final
Report of the National Foundation for Credit Counseling, one in
three adults in the United States reported that they had no savings.
   (c) Two in five adults give themselves a grade of C, D, or F on
their knowledge of personal finance.
   (d) Ninety-three percent of Americans indicated in a 2010 Visa
survey that they believe all high school students should be required
to take a class in financial literacy.
   (e) A biennial survey by Jump$tart Coalition for Personal
Financial Literacy, conducted from 1997 to 2008, inclusive, showed
that financial literacy of high school seniors had fallen from 57
percent in 1997 to a record low of 48 percent in 2008.
   (f) A 2011 Junior Achievement and Allstate Foundation survey
revealed nearly 50 percent of American teenagers are unsure how to
use a credit card effectively, yet 24 percent believe high school or
younger is when they should get their first credit card.
   (g) According to a 2011 Capitol One survey of the students
planning to take out student loans, 44 percent of the students said
that they have either not discussed with their parents how student
loans work, or they have had a brief conversation with little detail.

   (h) Financial literacy education is an essential component of
preparing individuals to manage money, credit, and debt, and of
becoming responsible workers, heads of households, investors,
entrepreneurs, business leaders, and citizens.
   (i) The teaching of financial literacy skills empowers young
Californians with the tools they need to enter a globally competitive
workforce.
   (j) In recognition of the importance of teaching financial
literacy, 46 states report having personal finance standards in
various forms, while 13 of those states include personal finance
instruction as part of their graduation requirement.
   (k) At this crucial economic time, it is imperative that
California encourage the provision of financial literacy instruction
for all students.
  SEC. 2.  The heading of Article 6 (commencing with Section 51280)
of Chapter 2 of Part 28 of Division 4 of Title 2 of the Education
Code is amended to read:

      Article 6.  Primary Education Model Curriculum for Lifelong
Health, Aging, and Financial Literacy


  SEC. 3.  Section 51284 of the Education Code is amended to read:
   51284.  Concurrently with, but not prior to, the next revision of
textbooks or curriculum frameworks in the social sciences, health,
and mathematics curricula, the state board shall ensure that these
academic areas integrate components of human growth, human
development, and human contribution to society, across the life
course, and also financial literacy, including, but not limited to,
budgeting and managing credit, student loans, consumer debt, and
identity theft security.