Dauphin News

Legislation sponsored by Sen. Chris Gebhard (R-48) to improve financial literacy among students is on its way to becoming law. The bill, Senate Bill 647, was recently amended into an omnibus bill that made changes to the Public School Code and passed the Senate with flying colors. With its impending enactment, this legislation aims to equip young adults with essential money management skills.

The main provision of the bill is the requirement for high school students to complete a half-credit personal finance course in order to graduate. Sen. Gebhard believes that this course will provide students with the necessary knowledge to make informed decisions about their finances, both in their daily lives and for long-term planning.

In support of the legislation, Sen. Gebhard highlighted the current financial landscape in the United States. He pointed out that there are over 350 million American-owned credit card accounts, with an average of four cards per owner. Additionally, the country is facing a staggering $1 trillion in credit card debt and over $15 trillion in overall debt. Sen. Gebhard expressed concern that many high school students are entering adulthood and the workforce without a solid understanding of basic financial concepts.

"An alarming number of our high school students are currently entering adulthood and the workforce without an appropriate knowledge of basic financial concepts," said Sen. Gebhard. "I want them to have the best foundation possible as they start their own lives – far too often, the financial decisions our younger generations are making have led to unintended consequences that have put them at an economic disadvantage later in life."

By mandating the personal finance course, Senate Bill 647 aims to address this knowledge gap. The course will cover important topics such as credit and credit scores, savings and investments, college, home, and auto loans, as well as planning for postsecondary education and retirement.

The importance of financial literacy cannot be overstated. It is crucial for individuals to have a solid understanding of personal finance in order to make sound decisions and avoid falling into debt traps. With Senate Bill 647, Pennsylvania is taking a proactive step towards ensuring that its students are well-equipped to navigate the complex world of finance.

The bill now awaits further action before it can be signed into law. If it successfully navigates the legislative process, Pennsylvania will join other states that have recognized the importance of financial literacy education. By equipping students with the necessary skills to manage their money wisely, Pennsylvania is investing in the future financial well-being of its citizens.

For more information on this legislation, please contact Matthew Urban at 717-787-5708.

To learn more, click on this link: https://senatorgebhard.com/2023/12/13/gebhard-bill-to-improve-financial-literacy-set-for-enactment/