Assemblymember Dababneh’s Bill to Boost Financial Literacy for Students
Measure prompted by need to reduce the number of the “unbanked” heads to State Senate.
SACRAMENTO — Last week, Assembly Bill (AB) 858, a bill to improve the financial literacy of California students, passed the State Assembly with strong, bipartisan support. Authored by Assemblymember Matt Dababneh (D – Woodland Hills), AB 858 creates the California Financial Literacy Initiative to provide students with resources they will need after high school to manage their finances, including tools to protect their financial information from theft.
“Many of our high school students graduating this summer lack the meaningful personal finance education needed in the real world,” stated Assemblymember Dababneh. “Over 20 percent of California residents are either unbanked or under-banked – meaning they are not protecting their assets in banks or credit unions and can be easily preyed upon by the predatory subprime lending industry. By building this knowledge earlier in life, individuals will be able to better protect themselves in real life situations and have an easier time understanding the value of good credit, knowing the steps to save for homeownership and how to appropriately manage their student and consumer debt.”
AB 858 will increase financial literacy among our youth by identifying successful curriculum and educational strategies and sharing them with teachers, parents and students. It authorizes the State Superintendent of Public Instruction to convene a committee to review materials that educators may use to advance financial literacy in our schools, and incorporating these concepts into current curriculum at all grade levels.
“As a high school teacher for over 28 years, I have had to scramble to find resources to help me teach financial literacy skills to my students,” said Gregg Solkovits, a social studies teacher in the Los Angeles Unified School District. “This bill will create an easier process for teachers up-and-down the state to get the materials they need for better financial literacy instruction and students will benefit greatly from the new skills resulting from AB 858.”
This bill is supported by State Board of Equalization Member Fiona Ma, along with a broad coalition of education advocates and financial institutions.
AB 858 will now be considered by the California State Senate.