Personal Finance Bill in Colorado
Have you heard of the current bill making its way through Colorado’s legislature proposing a change to how schools teach personal finance to high schoolers?
Well, it’s time you hear! House Bill 1192 (HB25-1192) is aiming to transition the recommendation or encouragement to public and charter schools that they teach personal finance to a requirement. The bill, as of writing, has passed the education committee and is making its way through appropriations. If enacted, schools will have to teach a half year course on personal finance to 11th or 12th graders and require them to fill out either the Colorado Application for State Financial Aid (CAFSA) or the federal Free Application for Student Aid (FAFSA) in order to graduate.
The CAFSA/FAFSA requirement does have a waiver option that allows students/families to opt out and does not require justification.
According to the Colorado Department of Education (CDE), only around 25% of schools statewide currently require a personal finance course for graduation. The CDE does maintain a Personal Finance Literacy Resource Bank, which is hosted on its website and provides free and paid tools for teachers spanning elementary school to personal development/post-high school.
The bill’s primary sponsors are Representatives Anthony Hartsook (R- Douglas) and Jennifer Bacon (D-Denver) as well as Senators Jeff Bridges (D- Arapahoe/Denver/Jefferson) and Lisa Frizell (R-Douglas).
Here at Prosperity, we applaud this effort to increase financial literacy among Coloradans. This bill has bipartisan support, showing that elected officials on both sides of the aisle understand that teaching personal finance to high schoolers can improve their outcomes as adults. Colorado would join the 27 other states that currently require such a course, up from 11 in 2021.
Want to reach out to your local legislator in support of this bill? Find out who you’re represented by here. Don’t know what to say? Fill out the contact form and you’ll get an email with a script!
