Proposal to require financial literacy taught in school

Lake Charles, LA (KPLC) - Louisiana is ranked amongst the worst when it comes to financial literacy; one bill moving through the legislature works to help change that.

“Education is more than just algebra and calculus. Education is about teaching us to be good people, good students, and having good money matters,” Rep Nicholas Muscarello said. “We’re going to do a deep dive. We’re going to do contracts, credit scores...you know how to make a loan. The steps that go along with a loan, interest and how interest works.”

Muscarello authored House Bill 10, proposing Louisiana high school students be required to learn financial literacy.

“Right now, we have what’s called an embedded curriculum,” he said. “We kind of embed some certain aspect of financial literacy into other subjects, but we don’t put our primary focus into financial literacy. This bill is going to say it’s our primary focus. We’re going to give a one-unit credit and you have to complete that credit.”

He explained that Louisiana is ranked 50th in financial literacy. Being among the worst in our country, he hopes to make for a better future.

“This bill is something that would put us out ahead of the curve instead of behind the curve,” Muscarello said.

The proposal is an effort to prepare students to manage their own personal finances and to learn how to be financially independent.

“I just think we’re going to have better citizens,” he said. “We’re going to have more informed citizens. more educated in financial life skills. I think that’s huge because what that does is bring independence to their lives. It makes them more successful. With their success, we achieve success.”

The bill first heads to the education committee. If passed in committee, it will move onto the house floor for discussion.

To view the bill, CLICK HERE.