Yee tours state to announce passage of financial literacy bill
New law will require all high schoolers in Arizona to take financial literacy class to graduate
Arizona State Treasurer Kimberly Yee has been traveling through all 15 counties of Arizona to spread the word about legislation she helped become a law that will require all high school students in Arizona to take a financial literacy class.
The idea for the legislation grew out of an experience Yee had when she saw college students signing up for their first credit card. She later asked these students how many of them had taken a financial literacy class in high school, and none said they had.
“That told me 12 years ago the state of where we were on just educating on this very important topic that I consider a life skill,” she said. “It’s very important because when we look at the fiscal responsibility of the state, it really does begin with how we’re managing our own money. If people don’t understand the importance of debt, they’re going to get themselves into it quickly. It’s very, very difficult to get out of a spiral of debt, and we really want to get young people before they get in those situations.”
This bill, signed by Gov. Doug Ducey in April, will require that Arizona high schoolers complete one-half of a course credit that teaches financial literacy and personal financial management.
Although the bill aims at teaching financial literacy in high schools, Yee’s broader goal as state treasurer is to educate everyone who might have missed the opportunity to learn about financial literacy.
“Beyond our students, I really want to promote financial education from our students to our senior citizens as well as veterans, military families and our vulnerable populations, those who are trying to get back on their feet from a very difficult situation,” she said. “They also need tips on how they can manage their money.”
Yee said that as she’s toured Arizona to promote and announce this new legislation, she’s received positive responses from Arizonans young and old as well encouraging responses from local and state government officials.
Yee said she started a 17-member financial literacy task force composed of experts in multiple areas of financial education to help her spread the word. The state treasurer’s office also offers free resources on their website to provide anyone with basic financial literacy skills like tips on better managing personal finances.
“We really need to move in the direction of helping our families, helping our young people, our emerging adults with how they can better manage their money,” she said. “It really does matter because the fiscal health of our state matters.”
Yee has promised to make financial education the cornerstone of her administration as state treasurer. Yee said she’s “a passionate education advocate,” and worked on education policy for a couple of governors and served as the chairperson of the education committee in the Arizona state Senate.
“Education is an area that I’ve long fought for,” she said. “I think that it really will matter when kids have this as a basic understanding when they graduate from their high schools into the real world.”