Introduction
A senior at Southridge High School is rallying support among students for a proposed state law that mandates financial education before high school graduation.
Student Advocacy
Since August, Ashwin Joshi of Kennewick has been actively engaging with Rep. Skyler Rude, R-Walla Walla, to discuss the importance of financial education for young people. Joshi also held discussions with State Superintendent Chris Reykdal in October and Rep. April Connors, R-Kennewick, in September, underscoring his dedication to the cause.
Legislative Efforts and Community Involvement
Joshi, the founder of the Ashwin Teen Financial Academy (ATFA), expressed his enthusiasm for Rep. Rude’s press release about the prefiling of a nonpartisan policy on this graduation requirement. He founded ATFA in 2020 with the aim of making financial education accessible to all students. Joshi appreciates the opportunities Rep. Rude has provided for him to be involved in this legislative process.
Current Financial Education Requirements
While Richland and Pasco school districts require financial education for graduation, this is not a statewide mandate. In Kennewick, students are not required to take a financial literacy course to graduate, highlighting the inconsistencies in educational requirements across different districts.
Importance of Financial Education
Rep. Rude, a member of the House Education Committee, emphasized the significance of financial education as a means to enhance opportunities for individuals. Despite some districts prioritizing financial education, many students still graduate without any formal training in this essential life skill.
Proposed Legislation Details
The proposed House Bill 1915 aims to:
- Require public school students, starting with the class of 2029, to complete at least one-half credit of financial education coursework for graduation. This coursework can be integrated into other subjects or offered as standalone courses.
- Mandate that all public school students in elementary and middle school receive financial education starting by the 2026-2027 academic year.
- Require school districts to submit a plan and schedule to the state board of education by December 15, 2024, ensuring students can meet graduation requirements.
- Provide flexibility for school districts to tailor financial education programs to local needs without increasing the total credit requirements for graduation.
Support and Resources
To support the implementation of financial education in public schools, the state established the Financial Education Public-Private Partnership (FEPPP) in 2004. This initiative offers free teacher training and high-quality resources to school districts. In 2022, the Legislature awarded grants through FEPPP to expand financial education programs, including for professional development.
Statewide Support
State Comptroller Mike Pellicciotti supports Rude’s proposed policy, highlighting that basic financial skills are crucial for the financial well-being of all Washingtonians. He noted that these skills are essential for planning for the future, seizing new opportunities, and navigating economic challenges.
Next Steps
When the Legislature reconvenes on January 8th, House Bill 1915 and its companion Senate Bill 5819 may be assigned to their respective committees and await public hearings.
Conclusion
The Tri-Cities Area Journal of Business featured Joshi’s efforts to promote financial education through ATFA in an August article, showcasing his commitment to this vital cause.