(The Center Square) – Under legislation floated for a second time in Olympia, students graduating high school would be required to receive financial education instruction.
House Bill 1285 is meant to ensure that graduating students have a basic grasp of financial literacy, including things like balancing a household budget and understanding the interest on a loan.
“This has been a topic I’ve been hearing from the public on for a long time and students are asking for it, too,” said bill sponsor Rep. Skyler Rude, R-Walla Walla, in a Thursday interview with The Center Square.
According to an emailed news release, under HB 1285, school districts must provide financial education instruction and ensure students meet state financial literacy standards to graduate.
“As they’re leaving high school, every one of these graduates is going to be making financial decisions, whether it’s continuing education or purchasing their first car and insurance, it’s something they need to understand,” Rude said.
A similar bill was on track for passage during the 2024 legislative session but got derailed.
“Last year, it passed the House unanimously, and it imposed a graduation requirement of half a credit, and that was the challenge because educators were asking how they could fit in another half credit into the existing system,” Rude explained.
He noted that the Washington Board of Education is working through a broader overview of graduation requirements in general, and there was concern about Rude’s bill potentially interfering with that work.
“So, this year, I removed the half-credit requirement,” Rude said. “It maintains the graduation requirement, but doesn’t quantify it, in deference to the work the state board is doing.”
This bill emphasizes flexibility for districts, allowing students to receive financial education through career and technical education courses, online programs, or integration into existing classes like math.
“There is also a provision in law that allows professionals to come in and teach in schools, and the credit unions have already offered to help and the state treasurer has a financial education program for adults, so there are a lot of opportunities out there,” Rude continued.
The Office of Superintendent of Public Instruction already has standards in place for financial education. OSPI’s Financial Education Public Private Partnership will meet at 4 p.m. on Tuesday, Jan. 21.
In an email to The Center Square, OSPI indicated it would reserve comment on the legislation for a hearing next week.
A bill passed in 2022 required Washington’s 295 public school districts to adopt one or more financial education goals by March 1, 2023. Rude’s bill goes further, requiring financial education for every student as a condition of graduation.
“So, it’s ready to go,” Rude said. “The only piece that will require a little time is the professional development aspect for educators. It’s going to require teachers have training in this subject area.”
The bill mandates that all high school students receive instruction aligned with state financial education learning standards beginning in or before the 2027-2028 school year.
“I feel optimistic about it this year,” Rude said.
The bill has several co-sponsors, including Rep. Monica Stonier, D-Vancouver, and Rep. Debra Lekanoff, D-Bow.
HB 1285 is scheduled for a public hearing at 8:30 a.m. on Jan. 23 before the House Committee on Education.