Financial literacy class may be mandatory for high school students

A bill introduced by Rep. Jeff Hilovsky, R-Long Neck, would require high school students to complete a financial literacy course before receiving their diplomas.

Hilovsky said in a June 8 interview that the genesis of the bill arose from his work in public schools, which in turn began even further back. An optometrist, he said he noticed about 15 years ago that some student patients didn’t make eye contact or speak cogently as well as they should. 

Students could benefit from a personal growth and leadership program, Hilovsky thought, so he developed a course that he voluntarily teaches at Cape Henlopen, Sussex Central and Delmar high schools. 

While teaching, Hilovsky said students’ interest waned when he discussed financial issues, so he developed financial lessons to fill in the gaps.

Once elected to the House of Representatives, Hilovsky said, he thought he could do more. Some schools teach financial literacy courses, but not to everyone, he said, noting most schools that don’t offer such coursework are in the state’s poorest neighborhoods.

“How better to help them learn to take care of their finances?” he said. “We’re trying to level the playing field for everyone in Delaware, to give people the opportunity to make themselves better.”

Hilovsky said he met with representatives from the Delaware Department of Education, who guided him in developing the concept for a required course while also respecting the local control of Delaware schools. 

Citing a May 22 Cape Gazette poll, Hilovsky said 86% of 1,051 respondents said financial literacy should be included in high school curriculum, while 4% said no and 10% said such education should occur earlier.

Hilovsky said he has received support from other legislators and financial leaders.

“Not one person didn’t think this was a good idea,” he said. “This has 100% of the student needs involved. Period. That’s the goal.”

Cape Superintendent Bob Fulton said he agreed that teaching financial literacy is very important, but it should not be a requirement for graduation. He said his position is shared by the Delaware Chief School Officers Association and  Delaware Association of School Administrators.

If a student takes the class and fails, they would not receive their diploma, Fulton said.

Cape High offers a required economics course for 10th-graders, he said, which includes financial literacy standards, as well as a financial algebra class that discusses personal investing, banking, credit management, income taxes, insurance and budgeting. This past school year, he said, a personal finance course was also offered for the first time in partnership with Jack Riddle of Community Bank.

“It’s important for students to understand financial concepts, but we’re not at the point where it should be required for graduation in Delaware,” Fulton said.

House Bill 203, also known as The Equity and Inclusion in Financial Literacy for All High School Students in Delaware Act, was introduced June 2 and would be effective beginning with students entering grade nine in the 2025-26 school year. 

Each district or charter school would provide, at minimum, a half-credit course that includes instruction on behavioral economics, the benefits of savings, risk assessment and investing strategies, personal budgeting, credit and debt, financial institutions, taxes, career options, philanthropy and insurance options. Students would be surveyed in writing at the beginning and end of the course to measure its efficacy.

The bill was assigned to the House Education Committee June 2, and Hilovsky said he is hopeful for a committee meeting on the matter June 14.

“I hope to get it to the floor quickly, and to the Senate, and I hope to pass it by the end of the year,” he said.