‘Help prepare them’: Michigan to require financial literacy class

KALAMAZOO, Mich. (WOOD) — Gov. Gretchen Whitmer has signed a bill that will require high school students to take a financial literacy course.

The bill received bipartisan support and puts Michigan in a category with a handful of states that have the class as part of the curriculum.   

The Dollars and Sense Summer Camp at Western Michigan University welcomed the announcement Thursday.

Instructor Todd Mora said it will have an impact on many generations. 

“It can help prepare them to take the best steps as they go forward for things like savings, retirement, home purchases, using credit responsibly,” Mora said.

Zane McCabe, a high school student from Scottville participating in the camp, said a financial literacy education will have an impact. 

“It gives people understanding before they go into college and have no idea what’s happening when they’re kind of let on their own,” McCabe said.

Chloe Klimp, a Portage Central High School student, agrees the knowledge is beneficial.

“I think it’s a good thing for teenagers especially my age to be able to understand how to use our finances,” Klimp said.    

The Sanford Center for Financial Planning and Wellness also offers a program that teaches financial literacy to college students through a peer financial coach. Andrew Leon, a WMU business student, is an instructor in the program.

“Personal finance education is not common in secondary schools. I literally say that at every presentation I give to WMU students,” Leon said. “It can be really boring at times, really technical, very specific but in the long run knowing these things can help you in your future and give you more peace of mind,” Leon said.

The requirement will begin with ninth graders starting in the 2024 school year.