“As college students that are fresh out in the world, we have experienced the struggle of understanding how the financial system works.”

Those were the words of Hunter Weathers, vice chair of the College Republican Federation of Alabama.

According to Weathers, the group has for two years been pushing for legislation that could help to “alleviate the financial stresses of emerging adulthood.”

As of today, there is legislation within the Alabama House that would help to address that “struggle.” The bill, HB 164, if passed, will add a financial literacy curriculum requirement that Alabama high school students must meet in order to graduate.

The bill is being sponsored by Rep. Andy Whitt (R-Harvest) and has bipartisan support.

“This is a financial literacy bill, and this legislation would make sure that these skillsets are not only taught in Alabama schools but they are also tested on,” said Whitt. “As a community banker for over the last 30 years, I have continuously witnessed the decline in the consumer’s ability to understand the basic skills dealing with personal financial situations.

“What people don’t realize, these are not just math skills, they are life skills that everyone needs.”

The bill lists nine subjects that would be required to be taught as part of a new curriculum. It would touch on topics such as types of bank accounts; loans and investments; principles of money management, such as saving, credit and debt; and basic money-related computing, which is necessary for determining interest rates and taxation.

If enacted, the requirement would go into effect starting with students entering ninth grade in the 2024-2025 school year.

Austen Shipley is a staff writer for Yellowhammer News.