ST. PAUL — There is a push at the Minnesota State Capitol to make taking a personal finance course a requirement for high school seniors. The bill passed the Minnesota House Education Policy Committee and is now going to the House floor.
Tim Ranzetta is the co-founder of a non-profit called Next Gen Personal Financing. He says the bill states that students beginning 9th grade in the fall of 2023 and later must successfully complete a personal finance course during their senior year.
It also lists the topics that would be included like budgeting, loans, how interest works, home mortgages, filing taxes, the impact of student loan debt, and how to read a paycheck and payroll deduction.
Ranzetta says nationally one in five students are offered this type of course and in Minnesota, it is just one in 16. His non-profit has a mission to ensure that by the year 2030 every high school student in America will take a full semester personal finance course.
They have also developed the curriculum for teachers to use, and if it passes the Minnesota State Legislature they will provide over $300,000 in stipends for teachers to attend professional development.
We’ve reached nationwide over 8,000 teachers who have invested on average 20 hours in our professional development because we recognize the world of professional finance is constantly changing.
Ranzetta says he’s still looking for a sponsor to take up the bill in the Minnesota Senate. Representative Hodan Hassan of Minneapolis carried the bill in the House. He says 26 states have introduced over 50 bills in Minnesota this year.
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