CT School Districts Seek to Comply with New State Law Requiring Financial Literacy Course for High School Graduation

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With a new state law requiring Connecticut high schools to provide students - for the first time - with a course on personal financial management and financial literacy, a nonprofit organization with vast experience in providing students with education and experience in financial literacy, entrepreneurship and career readiness is looking forward to assisting Connecticut school districts.

The two local affiliates of national nonprofit Junior Achievement - Junior Achievement of Southwest New England, which largely covers Hartford, Tolland, New Haven, New London, Middlesex, Litchfield, and Windham counties, and Junior Achievement of Greater Fairfield County - have alerted the Connecticut Association of Public School Superintendents (CAPSS) and the Connecticut State Department of Education (SDE) of their interest in collaborating to support districts in their development of the required coursework.

The new law adds a half-credit of personal financial management and financial literacy to the high school graduation requirements beginning with the graduating class of 2027 - students who will begin their freshman year of high school this fall. The law adds personal financial management and financial literacy to the state’s required program of instruction for public schools.

Connecticut high school students will have to complete the new course in order to earn a diploma after the state legislature voted to add personal financial management and financial literacy to statewide curriculum requirements. Students would be able to fulfill the half-credit (one semester) financial literacy requirement either as a humanities credit or as an elective credit.

Junior Achievement is the nation’s premier organization developing and delivering academic and experiential programs which focus on financial literacy, work and career readiness, and entrepreneurship, dedicated to inspiring and preparing young people with the knowledge and skills they need to succeed in a global economy.

JA academic programs, which are presented in classrooms nationwide largely by volunteers from the local business community, have been utilized in scores of Connecticut school districts and hundreds of districts across the country, from kindergarten through high school and beyond.

In Connecticut, to assist school districts in complying with the new law, JA officials would make their expertise available to either provide a course curriculum that meets the law’s requirements or consult with districts as they develop a curriculum for their high school(s). During the 2022-23 academic year, JA of Southwest New England served more than 29,000 students, working with 54 school districts and 72 high schools statewide. That same year, JA Greater Fairfield County worked with 540 classes and more than 11,000 students.

“JA has a proven track-record of delivering for Connecticut students, providing a top flight curriculum that helps students to get a foothold on building their own economic success,” said Jeremy Race, President & CEO of Junior Achievement of Southwest New England. “The new Connecticut law is an unprecedented opportunity to reach more young people with valuable life skills, expand collaborations with local school districts, and make a meaningful difference in the lives of Connecticut’s high school students.”

The impact of the JA curriculum is unmistakable:

• Nationally, JA alumni between the ages of 18 and 29 are twice as likely as their peers (68% vs. 34%) to be financially independent from their parents and nearly twice as likely to be saving for retirement (65% vs. 40%).
• JA alumni are 30% more likely to have a Bachelor’s degree and 67% more likely to have an Advanced degree.
• 88% of JA alumni say they are satisfied with their careers, compared to 49% of the public.
• 96% of Black alumni, 95% of Hispanic alumni, and 93% of White alumni say JA positively impacted their future.

“Financial Literacy is essential for lifelong success. We are proud of our history partnering with local school districts and corporations to deliver these lessons and embrace this new opportunity to empower students throughout Fairfield County with the skills they need to succeed,” said Bernadine Venditto, President & CEO of Junior Achievement of Greater Fairfield County.

Junior Achievement provides essential business and life skills which empower students to build their own successful futures and help to close the opportunity gap. JA programs are designed to meet the needs of local schools and students, through in-person or virtual delivery models. JA is committed to delivering practical, relevant, and innovative learning experiences that prepare young people to succeed in their careers and to manage their personal finances.

In recent years, JA has elevated the focus on outcomes for high school students and created new and immersive career readiness and financial literacy programs. Topics include Entrepreneurship, Finance & Financial Literacy, Marketing, Business Communications and Economics. A growing number of local universities and colleges - including Central Connecticut State University, University of Hartford, and University of Saint Joseph – are committed to offering free college credits for completion of courses that align directly with their class offerings.

The legislation (Senate Bill 1165) was approved 35-1 by the State Senate, following a House vote of 138-12, in the final weeks of the legislative session. Public Act 23-21 became law with Governor Ned Lamont’s signature last month. State law defines financial literacy to include banking, investing, savings, the handling of personal finance matters, and the impact of using credit cards and debit cards. Nearly two dozen states require varying levels of financial literacy coursework in high school.