Require a Financial Literacy Course for High School Graduation in Minnesota

 

The Minnesota Financial Literacy Education Act exists to ensure that all high school students graduate with essential

knowledge in personal finance. This bill mandates the completion of a one-semester financial literacy course covering

budgeting, saving, investing, taxes, credit management, and basic consumer skills. The purpose of this bill is to equip

Minnesota students with the practical financial skills needed for adulthood.

 

Modern students are entering adulthood without the ability to manage personal finances responsibly. Financial literacy

is directly linked to lower debt, better credit scores, improved long-term savings, and greater economic stability.

According to the National Financial Educators Council, the average American lost over $1,800 in 2023 due to financial

illiteracy. Many graduates leave high school understanding advanced math but not how to file taxes, manage debt, or

create a budget. By requiring a structured financial literacy course, Minnesota will prepare students for real-world

decision-making and support long-term economic well-being across the state.

 

“Financial Literacy Course” is be defined as a one-semester class taught at the high school level covering budgeting,

saving, investing, interest, taxes, insurance, loans, and credit management.

“High School” is be defined as any public, charter, or private school in Minnesota that grants a high school diploma.

“Graduation Requirement” is be defined as a mandatory condition that must be met for a student to receive a high school

diploma from a Minnesota school.

 

This bill shall be funded without reliance on new taxes, government surplus, or general state revenue increases. Funding

will come from the following sources:

Partnership Grants: Minnesota’s Department of Education (MDE) will coordinate partnerships with Minnesota-based

financial institutions, credit unions, nonprofit financial education organizations, and philanthropic foundations to

provide curriculum support and teaching materials.

Corporate Education Sponsorships: Banks, investment firms, and financial organizations may voluntarily sponsor schools

or districts by donating approved curriculum materials, guest instruction, or digital learning platforms.

Existing School Professional Development Budgets: Schools will utilize their current teacher training budgets to certify

or train financial literacy instructors, with optional free training provided through nonprofit partners.

Open-Source Curriculum: MDE will approve and distribute no-cost or low-cost open-source financial literacy materials to

minimize expenses for all districts.

 

Schools that fail to offer the financial literacy course by the required implementation date will receive a notification

from MDE and must comply within one academic year.

Continued noncompliance may result in the withholding of nonessential state professional development funds until the

school meets course requirements.

Students will not be issued a high school diploma unless they have successfully completed the required financial

literacy course.

 

This bill will go into effect for the 2028–2029 school year, with the graduation requirement applying to all students

entering 9th grade in the 2028–2029 academic year and beyond.