California high school students will soon be required to take a financial literacy course to graduate, thanks to a bill slated to be signed by Gov. Gavin Newsom soon. AB 2927, sponsored by Democratic State Rep.
The release indicated that Newsom, along with Senate President pro Tempore Mike McGuire, Assembly Speaker Robert Rivas and NGPF Mission 2030 – a national financial literacy nonprofit – agreed to make the content a requirement for high school graduates in the near future. McCarty, commenting on the bill's success, said he is 'thrilled' to know the legislation will be signed into law.
This comes as some findings, including data from a recent WalletHub survey, indicate Gen Z is the least financially confident generation, with 28% expressing a lack of confidence in their ability to manage money, along with a lack of budgeting and a skeptical attitude toward the possibility of homeownership at some point in their lives.
Less than half of highschoolers felt prepared to fill out the FAFSA – or the Free Application for Federal Student Aid – and only a third believed they could 'read and understand loan offers,' the survey said. Additional findings indicated that less than half of high school students felt confident that they understood how to read a paycheck or felt they could successfully 'select, open, and manage' a savings or checking account.