Melanie Cuevas, VP, Government Relations
California’s banks are reflections of the communities that they serve. Empowering the state’s youth through strong financial literacy and empowerment enhances the quality of life and is a cornerstone to helping those communities grow. This year, the California Bankers Association is pleased to support several measures that aim to support and enhance financial literacy efforts.
SB 342 (Seyarto) – Requires the Instructional Quality Commission (IQC) to include age-appropriate information for kindergarten through grade 12 when the commission next revises the history-social sciences curriculum framework. Status: Failed Deadline
SB 531 (Ochoa Bogh) – Requires the Student Aid Commission and the Department of Financial Protection and Innovation to prominently display a link to a resource made by the Federal Student Aid Information Center about financial literacy. Status: Advanced to the Assembly
AB 431 (Papan) – Requires the State Board of Education to integrate age-appropriate financial literacy components into the K12 curriculum and directs the Superintendent of Public Instruction to allocate one-time funds for instructional materials and for professional development in that content. Status: Failed Deadline
AB 546 (Ta) – Requires the State Board of Education to integrate age-appropriate financial literacy components into the K12 curriculum and directs the Superintendent of Public Instruction to allocate one-time funds for instructional materials and for professional development in that content. Status: Failed Deadline
AB 984 (McCarty) – Requires the development and adoption of a one-semester personal finance course as a requirement for graduation commencing with the graduating class of 2028-29, and requires local educational agencies (LEAs) and charter schools to offer a one-semester course in financial literacy commencing with the 2025-26 academic year. Status: Failed Deadline
AB 1161 (Hoover) – Changes the requirements for the Instructional Quality Commission (IQC) to include age-appropriate information about estate planning and the use of trusts and wills when the history-social sciences curriculum framework is next revised. Status: Failed Deadline
ACR 34 (Chen) – Designates April 2023 as Financial Capability Month. Status: Signed by the Governor
Existing California law contains some financial literacy content for pupils in kindergarten through grade 12 and gives school districts the choice to provide financial literacy lessons, including permission for a financial literacy elective. Currently, less than one-third of California high school students attend schools that offer personal finance classes, according to the State Superintendent of Public Instruction. While 17 states require students to take a personal finance class, California does not. For years, advocates have supported efforts to strengthen financial literacy, particularly personal finance, programs in California schools. Unfortunately, those efforts have been stymied by populations expressing concern about the mandatory, rather than permissive, nature of these efforts and the burdens placed on educators who often struggle to keep up with the myriad mandatory coursework. This year is no different. Of these seven measures, five failed to advance through the legislative process thus far.
Sidebar: National Financial Literacy Month is recognized each year in April to raise public awareness of the importance of financial literacy and maintaining smart money management habits. CBA is pleased to support financial literacy and empowerment efforts through legislation in Sacramento as well as our members’ efforts throughout California communities.