SUMMARY OF GRADE
Significant Accomplishments: High school financial literacy instruction requirement; Financial literacy standards in most K-8 social studies standards; required high school stand-alone personal finance course
Needs Improvement: Needs to implement grade-specific K-8 financial literacy standards
AN IN-DEPTH LOOK
2016 Louisiana Act No. 624 (House Bill No. 401) mandates that “each public elementary or secondary school shall offer instruction in personal financial management based on the concept of achieving financial literacy… such instruction and subject matter shall be integrated into an existing course of study.” This was an amendment, as the previous wording made financial literacy instruction an option rather than a requirement. In the Louisiana Student Standards: Social Studies, some grades have economics standards which align with personal finance standards.
Previously it was required that Louisiana students must receive financial literacy “instruction as a requirement for high school graduation,” in accordance with 2018 Louisiana Act No. 154 (Senate Bill No. 315) but that instruction could be embedded in another course. Louisiana Act No. 116, (House Bill No. 239), mandated that the required instruction for personal financial management include the component of “the process and responsibilities, including repayment and default, of borrowing money to fund postsecondary education opportunities.”In June 2023, the Legislature of Louisiana passed HB103 “to add Financial Literacy as a required high school course; to remove requirements for instruction in personal financial management” replacing the embedded personal financial management instruction with a standalone financial literacy course.
Louisiana guarantees financial literacy instruction through a standalone financial literacy course and some K-8 standards, earning a “B.” In order to improve its grade, Louisiana must implement more foundational financial literacy standards for Grades K-8.