House Bill 203 is one of those bills with mostly Republican sponsorship that seems like a good idea, but you wonder what the catch is. The bill does have three Democratic sponsors, in Represenatives Kendra Johnson and Peter Schwartzkoopf and Senator Spiros Mantzavinos, but you wonder why there aren’t more. The proposed legislation does have a rather awkward and lenghty title: The “Equity and Inclusion in Financial Literacy for All High School Students in Delaware Act.” Or the EAIIFLFAHSID Act. Equity and Inclusion, those are “woke” terms, if I am not mistaken. Don’t tell these Republican sponsors, or they will abandon their own bill.
Seriously though, the bill requires high schools to provide, at a minimum, a half credit course on financial literacy. And, beginning with students entering grade 9 in the 2025 through 2026 school year, successful completion of the course will be required to obtain a high school diploma.
House Bill 203 requires the course include instruction which meets the financial literacy standards for high school students adopted by the Department of Education and on all of the following financial literacy topics:
- (1) Introduction to behavioral economics, including understanding the impact of life experiences and biases on personal money management decisions and habits.
- (2) Understanding the benefits of disciplined and regular savings to achieve financial goals and the power of compounding returns and interest.
- (3) Introduction to the why and how of different types of risk assessment and investing strategies that lead to sustainable and long-term financial success and a self-sufficient retirement, including introduction and explanation of the Delaware Earns Program.
- (4) Understanding personal budgeting.
- (5) Understanding and managing credit and debt, including credit scores; types of credit to include credit cards, auto loans, mortgages, student loans, payday loans, and title loans; the benefits and methods of debt avoidance and repayment; and the rule of 72.
- (6) Understanding financial institutions, including understanding banking services, brokerage services, account fees, and the difference between fiduciary and non-fiduciary advisors.
- (7) Understanding personal and payroll-related taxes and the impact on disposable income.
- (8) Understanding career options, including college vs. trade or technical school and entrepreneurship vs. employment.
- (9) Comparing financial systems, including what works and what does not and why.
- (10) Understanding philanthropy.
- (11) Insurance options.
| HOUSE BILL 203 – EQUITY AND INCLUSION IN FINANCIAL LITERARCY FOR ALL HIGH SCHOOL STUDENTS IN DELAWARE ACT. | Currrent Status – House Education 6/2/23 |
| House Sponsors – Hilovsky, Briggs King, Collins, Dukes, Postles, Ramone, Shupe // Johnson, Schwartzkopf | Senate Sponsors – Hocker, Pettyjohn, Wilson // Mantzavinos |
| House Yes Votes – | Senate Yes Votes – |
| House No Votes – | Senate No Votes – |
| House Absents or Not Voting – | Senate Absent or Not Voting – |
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