In June, Governor Whitmer signed a bipartisan bill requiring high school students in Michigan to take some sort of financial literacy course in high school. The new requirement will begin with ninth-graders in 2024.
Michigan is now one of the few states that requires high school students to learn about finances. However, students have already been seeking out their own education, including through summer courses, so they're more prepared for life after school.
Western Michigan University hosts asummer financial literacy course called Dollars and Sensewhere for a week students can learn about things they need to know to be financially successful.
"Retirement planning, budgeting, insurance, college education, funding," Eldon McCabe, Assistant Program Manager at WMU's Sanford Center for Financial Planning and Wellness said.
McCabe taught the Dollars and Sense course in Grand Rapids, although the camp is offered at multiple locations across West Michigan free of charge for students through the Gear-Up Program.
However, McCabe says teaching high-schoolers everything they need to know about finances in a week is no easy task.
"It is challenging," he said. "There's so much to cover."
Starting in 2024, students will be able to learn these skills right in the classroom. The new financial literacy requirement could fulfill a half credit of the four-credit mathematics requirement, the two-credit language other than English requirement, or the one-credit visual, performing, or applied arts requirement. The course could also be completed as part of an approved career and technical education program.
"I think it's awesome. I think that it should have been required a long time ago," McCabe said.
15-year-old Alexsandra Cortez-Torres participated in the financial camp because she wants to grow her new crocheting business.
"It's something for my future, my career. I really want to do something with business," the young student said.
She didn't know about savings or business and wanted those skills for reasons that are bigger than just her.
"I'm getting to the point where I need to start helping my mom because I don't have a father figure. So I have to start helping her with bills. that's why I need to start saving up now to try to help her," Cortez-Torres said.
And there are things all young adults and students can do right now to set themselves up for financial success:
- Start saving early and set up a savings account in case of an emergency
- Set up a retirement plan, the earlier the better
- Consider opening up a debit or credit card with the assistance of a parent or guardian, but make sure all parties are responsible with that card so it doesn't negatively affect anyone's credit score
- Learn to budget early
There are also online resources to help with savings plans, including a free savings calculator that shows you how much you need to save per month to reach your goals.
Cortez-Torres' crocheting business is taking off and the young entrepreneur hopes to expand in the future. She will be at "Boss Fest" in Grand Rapids at 341 Hall Street from 12pm to 4pm Sunday, July 10th, showcasing her products at a pop up shop.
