On April 11, Arizona Governor Doug Ducey signed Senate Bill 1184 into law. Sponsored by Arizona Sen. Sylvia Allen [R-District 6], the state now requires financial literacy for high school graduation. Upon the bill’s passage, Treasurer Kimberly Yee thanked Governor Ducey and Senator Allen for their support of the legislation.

“Financial education addresses the importance of savings, balancing a checkbook and under­standing what it means to carry credit card debt. This basic life skill will now be taught before students enter the real world, so that our young people are prepared to manage their money,” Yee said. “They can be successful if they have financial freedom and understand that you can’t spend more than you make.”

S.B. 1184 codifies economics as a required course for high school graduation in state law and requires financial literacy and personal financial management to be included as components of the required economics course.

For over a decade, Yee has emphasized the urgent need for financial literacy. As a member of the Legislature, she passed laws that require the state’s academic stan­dards to include financial education in each grade level as benchmarks in K-12. She also established a seal of financial literacy on graduation diplomas that can be earned by high school seniors.

According to a recent survey by the National Foundation for Credit Counseling, one in eight adults aged 18 to 34, other­wise known as Millennials, have debts in collections. Seven million Americans are three months behind in car payments.

Yee says her adminis­tration will continue its commitment to financial education in Arizona’s classrooms over the next four years.