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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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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-Amended.html

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BILL NUMBER: AB 166	AMENDED
	BILL TEXT

	AMENDED IN SENATE  JUNE 5, 2013
	AMENDED IN ASSEMBLY  APRIL 1, 2013
	AMENDED IN ASSEMBLY  MARCH 11, 2013

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

                        JANUARY 23, 2013

   An act to amend  Sections 51282 and 51824  
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, as amended, Roger Hernández. 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 Superintendent of Public Instruction to
make available to teachers a curriculum, as specified, on, among
other things, financial preparedness. Existing law also requires the
State Board of Education to integrate, among other things, financial
preparedness with specified academic areas, as specified. 

   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  revise the curriculum that is required to
be made available, to instead require the Superintendent to make
available a curriculum that includes instruction on  
require the state board to integrate  financial literacy,
including, but not limited to, budgeting and managing credit, student
loans,  and debt. The bill would also require the state
board to integrate financial literacy, as specified,  
consumer debt, and identity theft security  with those specified
academic areas. The bill would also make conforming  and
nonsubstantive  changes.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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 51282 of the Education Code is
amended to read:
   51282.  (a) It is the intent of the Legislature to enact
legislation to establish educational requirements in order to instill
in California's youth a sense of importance about lifelong financial
planning and preparation, including, among other things, the costs
of health care, in a much-extended later life.
   (b) Educational institutions have developed a model curriculum in
lifelong healthy aging and financial literacy, with materials, free
of charge, for the Superintendent to disseminate to school teachers
at the local level.
   (c) The Superintendent shall make this existing curriculum
available to teachers, using materials that are currently available
at no cost, with information and links provided through the Internet,
in order to provide to pupils in grades 7 to 12, inclusive,
instruction on human growth, human development, and financial
literacy, including, but not limited to, budgeting and managing
credit, student loans, and debt. 
   SEC. 4.   SEC. 3.   Section 51284 of the
Education Code is amended to read:
   51284.  Concurrently with, but not prior to, the next revision of
 text books   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,  and   consumer  debt  , and
identity theft security  .