Louisiana Becomes 22nd State to Guarantee a Personal Finance Course for All High School Students
On June 9, Governor John Bel Edwards signed into law Louisiana House Bill 103, bipartisan legislation that makes Louisiana the 22nd state to guarantee a standalone personal finance course for high school students. Advocates, including the Next Gen Personal Finance Mission 2030 Fund, applaud the effort. Louisiana joins West Virginia, Indiana, Minnesota and Connecticut in passing laws in 2023 that will guarantee personal finance courses for future high school graduates.
"In a world where your credit score means more than your character in some cases, financial literacy is more important now than ever before," said Representative Nicky Muscarello, author of HB 103. "In 2023, Louisiana was the second least financially literate state in America. We had to address the problem. This legislation will change lives for our students."
Research shows that high school personal finance courses positively impact student debt decisions and credit scores, help graduates avoid predatory lenders, increase savings rates among teachers, and generate positive spillover effects on parents.
"As I have traveled the state, financial literacy has been a major topic of concern across all walks of life," said Dr. Cade Brumley, Louisiana State Superintendent of Education. "This was priority legislation for us and I was thankful to support Representative Muscarello in ushering it across the finish line."
Louisiana will require students graduating high school in the 2026-27 school year to take a one-unit personal finance course. The financial literacy course will be worked into the existing graduation pathway, acting as a replacement for a math course or an elective.
"So many people have put so much into making this a reality, finally," said Blaine Grimes of the Louisiana Jump$tart Coalition. "Our founding President, Ken Uffman, spent his adult life walking the halls of the Louisiana State Capital for this day. I'm sure he is smiling down on us and promoting financial literacy in Heaven."
The NGPF Mission 2030 Fund, a nonprofit that advocates for this policy in all states, was a supporter of the bill and provided technical support.
"We're excited to see Louisiana join the growing number of states that have recognized the importance of financial education in helping students prepare for the real world," said Tim Ranzetta, Co-Founder of Next Gen Personal Finance. "With 119 sponsors, a unanimous vote from the House and a 35-2 vote in the Senate, Louisiana continues the trend of incredible bipartisan support for this policy."