Carney Lauds Greater Financial Literacy for Students

State Rep. Devin Carney (R-23) today lauded the passage of a proposal to bring a comprehensive financial literacy curriculum to Connecticut schools.

The legislation seeks to ensure that all students who graduate from Connecticut schools are comfortable managing a household budget, saving and investing their income, and avoiding the pitfalls of credit card debt.

“This is a great bill,” said Rep. Carney. “This is something all students should learn in their graduating year of high school.”

Senate Bill 319, An Act Concerning Financial Literacy Education, will allow educators around the state to access a financial literacy curriculum designed by the State Board of Education. This curriculum covers banking, investing, savings, handling of personal finance matters, and the impact of using credit and debit cards.

Rep. Carney said, “I wish this was available when I was a high school senior. We are certainly dealing with somewhat of an epidemic, especially with student loan debt. Introducing a financial literacy curriculum to high school seniors will help the future of our state.”

Studies from the Federal Reserve Bank have said that young adults who receive financial literacy training have increased credit scores and lower debt. These students are more aware of their own credit history and scores, and are less likely to engage in risky spending and borrowing practices.

After passing the state House and Senate, the legislation now heads to the governor’s desk to be signed into law.