Delaware General Assembly

Lieu/Substituted 2/29/24

If original bill has not been considered in committee, the substitute takes place of original bill. If original bill has been considered in committee, the substitute will be assigned to committee for consideration.

HS 1 for HB 203

6/2/23

Hilovsky

Sen. Hocker, Mantzavinos, Pettyjohn, Pinkney, Wilson
Reps. Schwartzkopf, Dorsey Walker

Sen. Hoffner
Reps. Briggs King, Collins, Dukes, K. Johnson, Longhurst, Parker Selby, Postles, Ramone, Shupe

AN ACT TO AMEND TITLE 14 OF THE DELAWARE CODE RELATING TO THE EQUITY AND INCLUSION IN FINANCIAL LITERACY FOR ALL HIGH SCHOOL STUDENTS IN DELAWARE ACT.

With 60% of U.S. households living paycheck to paycheck, 40% of Americans having less than $300 in savings, 33% of Americans having saved nothing for retirement, 95% of Americans having not saved enough for retirement, and 87% of American teens admitting not understanding their finances, financial literacy education in Delaware high schools is needed. This Act, known as “The Equity and Inclusion in Financial Literacy for All High School Students in Delaware Act”, requires high schools to provide, at a minimum, a half credit course on financial literacy. And, beginning with students entering grade 9 in the 2025 through 2026 school year, successful completion of the course will be required to obtain a high school diploma. This Act requires the course include instruction which meets the financial literacy standards for high school students adopted by the Department of Education and on all of the following financial literacy topics: (1) Introduction to behavioral economics, including understanding the impact of life experiences and biases on personal money management decisions and habits. (2) Understanding the benefits of disciplined and regular savings to achieve financial goals and the power of compounding returns and interest. (3) Introduction to the why and how of different types of risk assessment and investing strategies that lead to sustainable and long-term financial success and a self-sufficient retirement, including introduction and explanation of the Delaware Earns Program. (4) Understanding personal budgeting. (5) Understanding and managing credit and debt, including credit scores; types of credit to include credit cards, auto loans, mortgages, student loans, payday loans, and title loans; the benefits and methods of debt avoidance and repayment; and the rule of 72. (6) Understanding financial institutions, including understanding banking services, brokerage services, account fees, and the difference between fiduciary and non-fiduciary advisors. (7) Understanding personal and payroll-related taxes and the impact on disposable income. (8) Understanding career options, including college vs. trade or technical school and entrepreneurship vs. employment. (9) Comparing financial systems, including what works and what does not and why. (10) Understanding philanthropy. (11) Insurance options. Section 3 of this Act requires the Department of Education to submit a report on the implementation of this Act to the Governor and General Assembly by May 1, 2026.

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Takes effect upon being signed into law

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