Legislators amend bill, making it easier for schools to teach financial literacy

Rather than requiring a specific course in financial literacy for high school graduation, lawmakers have amended the legislation so that school districts could incorporate the same information into one or more classes as long as the material is covered.

The amended Senate bill would require school districts to teach students how to open and manage an account at a financial institution, prepare a budget and manage debt and credit cards. It also would require districts to teach students about loans, insurance, taxes, financial fraud, retirement accounts, scholarships and other financial aid, and the financial implications of holding shares in an Alaska Native corporation.

But instead of rolling it all into one course, schools could cover the subjects in other classes, as long as the program’s hours of instruction are “equivalent to a one-half-credit-hour course.”

The bill’s sponsor, Anchorage Sen. Bill Wielechowski, said he understands the burden of requiring a new, dedicated course, particularly in rural school districts.

“As long as the concepts are taught,” the senator said, the amended version of Senate Bill 99 still meets the intent of his original legislation.

Wrangell High School already incorporates some aspects of financial literacy in its career planning and job-skills classes, and seniors also take economics, according to the school district.

The Senate Education Committee amended Wielechowki’s bill on April 19, sending it to the Finance Committee. From there, the next stop would be a vote in the full Senate before going to the House for its consideration. Bills that do not pass both the House and Senate by the May 19 adjournment deadline will come back next year for a second shot at winning approval.

The requirement that districts teach financial literacy would take effect in the 2025-2026 school year, and students would be required to pass the classes to earn a high school diploma starting in 2026.

In introducing the bill, Wielechowski said it is important to teach students “to avoid common financial pitfalls and manage their money successfully.”