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Michigan is getting poor marks for its efforts to improve financial literacy education, so a bill is working its way through the legislature to do just that.
The legislation, sponsored by State Representative Jim Tedder, would allow for a personal economics or financial literacy course to be taken as an elective to fulfill an economics requirement for graduation.
The Clarkston Republican says the option is critically needed since Michigan received a “D” grade in a study in its efforts to improve financial literacy.
He says that study found only 32-percent of 16 to 18 year-olds in Michigan understand how credit card interest and fees work, and only 20 percent know what a 401K is.
Tedder says even more troubling is that 75 percent of students get their financial literacy education from their parents, but only 33 percent of adults are financially literate.
The bill won unanimous approval in the state House, and is before the Senate Education Committee.
