Golden State Today

State Superintendent of Public Instruction Tony Thurmond hosted a Personal Finance Summit in Sacramento today, where he expressed his backing for Assembly Bill 2927 (McCarty), a proposed legislation that would mandate a personal finance education course for California high school graduation. Thurmond also revealed his plans to form a Personal Finance Task Force during the summit, aimed at guiding the implementation of personal finance education for K–12 students across the state.

“This effort is fundamentally about empowering our youth and uplifting our communities. Personal finance provides our young people with the tools to understand and improve their own economic situation,” stated Thurmond during the summit. He emphasized the importance of equipping students with financial skills, highlighting the potential to reduce the gender wage gap and foster generational wealth in marginalized communities.

Assembly Bill 2927, if passed, would introduce a one-semester personal finance course as a graduation requirement for California students starting from the 2029–30 school year. Local educational agencies would be mandated to offer this course from the 2026–27 school year onwards.

The summit panel, moderated by Thurmond, featured industry experts including Tim Ranzetta, William “Bill” Borzage, Valerie Chapman, and Annamaria Lusardi. Discussions revolved around topics such as personal finance instruction, available resources for educators, and the importance of nurturing an entrepreneurial mindset.

Research presented at the summit highlighted the positive impact of quality personal finance education on students' financial well-being. It was noted that students who receive such education tend to have better financial outcomes as adults, leading to reduced debt and an improved quality of life. According to data from Next Gen Personal Finance, the economic value of just one semester of personal finance education amounts to $127,000 in added wealth per student.

For those interested in participating in the Personal Finance Task Force for California students, inquiries can be directed to communications@cde.ca.gov. Additional information on personal finance education can be found on the California Department of Education's Grades K–12 Financial Literacy Resources web page.