The Minnesota Senate Education Policy Committee today heard a bill by Senator Rich Draheim (R-Madison Lake) that would require Minnesota high school students to pass an online personal finance class in 12th grade as part of their graduation requirements. The proposed course would help students learn practical skills to manage their finances and prepare for their future.

“Understanding personal finance is crucial for students to have successful futures,” Draheim said. “It is a critical life skill that every student should have. Unfortunately, many students graduate high school without basic knowledge of personal finance. This bill will equip our students with the tools they need to make smart decisions about their financial futures. This will not only benefit our students but also our communities and our state as a whole.”

The course would cover topics such as creating a household budget, taking out loans and accruing debt, how interest works, home mortgages, how to file taxes, the impact of student loan debt, and how to read a paycheck and payroll deductions.

Seventeen states already require personal finance education for high school graduation, and additional states integrate personal finance coursework into other classes.

The bill was laid over and will be considered for a larger education bill later in session.