Financial literacy requirements adopted

Lawmakers gave final approval May 20 to a bill intended to improve the personal finance skills of Nebraska students.

LB452, introduced by Omaha Sen. Terrell McKinney, requires each school district to include financial literacy in its elementary and middle school instructional program. The bill also requires all students to complete at least one half-credit high school course in personal finance or financial literacy as a graduation requirement.

Under the bill, financial literacy includes knowledge and skills regarding budget and financial record keeping, taxes, debt, savings, risk management, insurance, investment strategies and establishing, building, maintaining and monitoring credit.

The State Board of Education will adopt measurable academic content standards for financial literacy as part of the state’s social studies standards. Beginning Dec. 31, 2024, each school district is required to provide an annual financial literacy status report to its school board.

Senators passed LB452 on a 49-0 vote.