This week, Californians for Finance Education announced it has submitted more than 880,000 signatures to qualify the California Personal Finance Initiative for California’s November 2024 statewide ballot.
California State Controller Malia Cohen joined proponents in Sacramento for the announcement to express her support for the initiative. Notably, the initiative is also supported by California Superintendent of Public Instruction Tony Thurmond and California State Treasurer Fiona Ma. To qualify for the November ballot, 546,651 valid signatures are required. With more than 880,000 signatures collected, the initiative has more than enough to meet the threshold.
The California Credit Union League has endorsed the California Personal Finance Initiative, which would guarantee California high school students a stand-alone, one-semester personal finance course as a graduation requirement, starting with the graduating class of 2030. To learn more or get involved with the ballot initiative, click here.
On the legislative front, Assemblymember Kevin McCarty (D-Sacramento) recently introduced Assembly Bill 2927, a bill similar to the ballot initiative that would also require California high school students to complete a one-semester course in personal finance as a graduation requirement. With the positive traction and support that the ballot initiative has been receiving, there’s a possibility for the legislation to gain some momentum instead.
Legislation could remove the need for a ballot initiative, but with the uphill battle that many curriculum bills face in the legislature, it’s more likely that credit unions will see this issue sent to the state’s voters in November.
“The League supports AB 2927 and any additional efforts to increase financial literacy in California,” said Robert Wilson, senior vice president of state government affairs for the League. “Hopefully, 2024 will finally be the year that California steps up and requires financial education for all students.”
