New law requires financial education in AZ high schools

AZ Treasurer led initiative to pass S.B. 1184

YUMA, Ariz. (KYMA) - There is a new law aimed at teaching your children about financial education.

Arizona treasurer, Kimberly Yee, led the initiative to pass S.B. 1184, which requires Arizona high schools to teach financial education, starting 2020.

Yee wants to capture these students before they hit the real world or before the real world of bills and debt hits them.

Did you know that 39% of millennial women simply do not pay their bills on time?

Also, this nation has $1.6-trillion in student debt.

Why are so many young Americans in the red?

Yee has made financial education the cornerstone of her administration, and says, “Finally students are able to have personal financial education before they graduate from high school.”

Her initiative incorporates the basic understandings of managing budgets, balancing a checkbook, and understanding the consequences of not paying off your credit cards.

But how early should kids start learning about finances?

Some parents say much earlier than high school.

Laura Anub started teaching her daughters about finances as young as six-years-old.

Anub said, “I give [my daughter] like $1.50, and I’ll give her five things: rent, groceries, a toy, and I'll have the prices for each. She won’t be able to get all of them with that amount but she'll have to pick which ones she’s going to [buy], and which she’ll wait until next time to [buy].”

Yee agrees that it’s important to create a story for younger children about budgeting and saving money.

"When students see [money] doesn’t grow on trees and they’re earning that money with chores, they’re creating respect for the money that's in their pockets.”

Yee also started the first state-wide financial literacy task force, where longtime financial advocates teach students K-12 about personal finances.

Visit aztreasury.gov for more information.