May 24, 2023

Minnesota Becomes 20th State to Guarantee Personal Finance for all High School Graduates

On May 24, Minnesota Governor Tim Walz signed House Bill H.F. 2497, officially making Minnesota the 20th state in the nation to guarantee a personal finance course for high school graduates.

H.F. 2497 incorporated financial education bills that were originally sponsored by Rep. Hodan Hassan (H.F. 651) and Sen. Steve Cwodzinski (S.F. 901).

“The passage of guaranteed personal finance education is a major win for greater equity in education,”  said Dr. Julie Bunn, Executive Director of the Minnesota Council on Economic Education (MCEE). “Minnesota has guaranteed that all students receive this life-changing, security-building, and community-enhancing instruction no matter the location, wealth, or demographic makeup of their school.”

This year, nearly 300 individuals and over 20 organizations formed the Financial Literacy Coalition of Minnesota (FLCM) and worked together with the MCEE to successfully advocate for a personal finance requirement. 

"The passing of this legislation was years in the making and is a product of organized teamwork,” said Steve Lear, Co-Coordinator of FLCM. “I believe this financial literacy class is a vital way for us to help people feel secure and productive. It is amazing what people can do when they are confident they have a solid plan to achieve their goals.”

The legislation requires high school students to take a personal finance course in grade 10, 11, or 12, starting in the 2024-2025 school year and later. 

"I am excited to see the benefits that will be realized for our students and communities with all high school students having access to personal finance education," said Jason Kley, FLCM Co-Coordinator.

“Financial literacy is essential for success in life, and this requirement will ensure that all Minnesota students will learn to make better financial decisions and build a brighter future for themselves. This is a critical investment in Minnesota’s future,” said James Redelsheimer, a personal finance teacher at Robbinsdale Armstrong High School in Plymouth, Minnesota. 

The MCEE and FLCM, in collaboration with Minnesota Jump$tart Coalition and Next Gen Personal Finance, will assist districts in implementing the new requirement by providing teachers with professional development and access to free, high quality curricular resources.

“Minnesota’s success continues to build upon the strong momentum we’ve seen across state legislatures over the past two years as the number of states guaranteeing a personal finance course to high schoolers has grown from 8 to 20,” said Tim Ranzetta, co-founder of Next Gen Personal Finance. 

NGPF is a national nonprofit dedicated to providing the best personal finance curriculum and professional development to teachers across all 50 states, and does so at no cost. They created an affiliated organization in 2021, NGPF Mission 2030 Fund, to provide technical assistance and invest in state-specific advocacy. NGPF Mission 2030 Fund was a FLCM coalition member and provided financial support to this effort. 

About the Author

Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.

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