updated 09/03/13 10:45 AM
FIN. LITERACY BILL SIGNED INTO LAW
Budgeting, Credit, ID Theft Addressed
Assembly Bill 166—which was supported by the California Credit Union League and will require financial literacy be taught as part of the official state K-12 curriculum—was signed into law Aug. 27 by Gov. Jerry Brown.
California Gov. Jerry Brown
California Assemblyman Roger Hernández, D-West Covina, authored the bill—which will include education on budgeting, student loans, managing credit, consumer debt, and identity theft security. AB 166 becomes effective once the California Department of Education revises the history/social science, health, and mathematics curriculum frameworks.
“Credit unions have worked for almost a decade to promote financial literacy at the state Capitol. AB 166 had no official opposition on record and enjoyed bipartisan support in Sacramento,” said Diana Dykstra, president and CEO of the California and Nevada Credit Union Leagues.
The Richard Myles Johnson Foundation last year launched a new financial education program for teens called Bite of Reality. The simulation program offers young people the opportunity to learn about real-world finances in a safe and fun environment.
The foundation hopes to position itself as a primary resource for financial education—in the form of expanded use of its Bite of Reality program.
A biennial survey by the National JumpStart Coalition for Personal Financial Literacy, conducted between 1997 and 2008, showed financial literacy of high school seniors had fallen from 57 percent in 1997 to a record low of 48 percent in 2008.
“AB 166 empowers young Californians with the financial literacy tools they need to enter a globally competitive workforce and helps protect them against deceptive practices,” Hernández said.
    © 2014 California Credit Union League