South Carolina Senator Luke Rankin wants all state high school students to know more about personal finance.
Rankin has pre-filed a bill ahead of the upcoming legislative year that would require students to take a personal finance class.
If passed, the law would mandate a one-half credit course of studying personal finance.
All high school students would be required to take the course and would have to take a test at the end of the year as a graduation requirement.
Personal finance is basically everything to do with managing your money. It can cover budgeting, banking, insurance, mortgages, retirement planning and taxes.
All of that can be pretty overwhelming for teenagers as they make the transition into the real world.
“You can really put yourself in a really bad hole that you’re gonna be digging yourself out of the rest of your life,” Dr. Christopher St. John, Certified Financial Planner at Carolina Wealth Advisors, said.
Since there is currently no statewide course requirement, some districts have stepped up with their own curriculum. Horry County offers financial education as an optional elective.
“It really kind of does day-to-day and preps kids for after graduation and how to prepare for their finances and the importance of personal finance responsibility,” Lisa Bourcier, Horry County Schools spokesperson, said.
If passed, the bill is intended to go into effect in time for the 2020-2021 school year.
Right now, the legislation sits in a senate education committee.
