Bill Text: DE HR31 | 2023-2024 | 152nd General Assembly | Draft

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Bill Title: Directing The Department Of Education To Expand And Support Equity And Inclusion In Financial Literacy For All Students In Delaware.

Spectrum: Bipartisan Bill

Status: (Introduced) 2024-06-27 - Passed in House by Voice Vote [HR31 Detail]

Download: Delaware-2023-HR31-Draft.html

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SPONSOR:

Rep. Hilovsky & Rep. Longhurst & Rep. Ramone & Rep. K. Williams on behalf of all Representatives

HOUSE OF REPRESENTATIVES

152nd GENERAL ASSEMBLY

HOUSE RESOLUTION NO. 31

DIRECTING THE DEPARTMENT OF EDUCATION TO EXPAND AND SUPPORT EQUITY AND INCLUSION IN FINANCIAL LITERACY FOR ALL STUDENTS IN DELAWARE.

WHEREAS, it is vital that Delaware’s public schools prepare students to be financially literate and make appropriate personal finance decisions that prepare them for college, career, and civic participation; and

WHEREAS, the Council for Economic Education has determined that financial literacy is not just a high school concern, but a concern for students throughout their K-12 education; and

WHEREAS, the Department of Education and State Board of Education have the authority to establish state standards and conduct curricular audits; and

WHEREAS, in accordance with 14 DE Admin. Code 501, instructional programs offered in the public schools of Delaware must be in alignment with the appropriate content standards documents; and

WHEREAS, in 2018 the State of Board of Education adopted Financial Literacy standards for grades K-12 which are included in the requirements for Instructional Program Requirements within 14Del.Admin.C. §503; and 

WHEREAS, the Delaware Financial Literacy K-12 standards were developed, through recommendation of the state’s 2016 Financial Literacy Task Force, by a group of stakeholders representing Teachers from different grade bands and geographic regions of the state, Content Experts, the Department of Education, Higher Education, Non-Profit groups involved in the financial literacy in the community, and Business Leaders from the finance industry; and

WHEREAS, the Delaware Financial Literacy K-12 standards correlate to national financial literacy standards, include clarifying documents for teachers and a K-8 Scope and Sequence document with recommended freely accessible resources and materials to teach the standards; and

WHEREAS, financial literacy is a necessary skill set to enable all students to reach their full potential in life; and

WHEREAS, financial literacy education elevates the financial situation and opportunities of individuals, families, and communities; and

WHEREAS, financial literacy coursework and knowledge has measurable impacts on future success in life for all participants; and

WHEREAS, in 2020, the NAACP passed a resolution to advocate for financial literacy education in schools, stating “present and future financial sustainability of a financially strong Black community is dependent on African Americans becoming more financially literate today so that tomorrow the African-American community will have a fighting chance to close the ever widening financial literacy equity gap that has always existed between Whites and Blacks in America, which, unfortunately, have become even more extensive in this post recession era”; and

WHEREAS, data from the FINRA Foundation’s National Financial Capability Study, spanning 12 years from 2009 to 2021, indicates only 24% of the Hispanic population are rated as financially literate and only 14% of those in the 18 to 34 age group are financially literate. Overall, Hispanic women are only 14% financially literate and only 32% of Hispanic males are financially literate; and

WHEREAS, according to a Social Security Administration report, Native Americans recorded the lowest average financial literacy scores in all age groups when compared to other demographic groups; and

WHEREAS, the NAACP resolution, the FINRA Foundation’s study, and the Social Security Administration report highlight the need to provide this necessary life skill to all high school students of all races; and

WHEREAS, a public better education in personal financial literacy will serve the greater good and enhance the workforce, competitiveness, and economic development of this State.

NOW, THEREFORE:

BE IT RESOLVED by the House of Representatives that the Department of Education is requested to contract with the University of Delaware Institute for Public Administration and in conjunction with the University of Delaware Center for Economic Education and Entrepreneurship to conduct a curriculum alignment study for all local education agencies (LEAs) per 14 DE Admin. Code 502 to ensure implementation of state standards for financial literacy in grades K-12.

BE IT FURTHER RESOLVED that the Department of Education will report the findings of the financial literacy standards curriculum alignment study to the General Assembly no later than May 1, 2025, by delivering a copy of the findings to the Governor, the Secretary of the Senate, the Chief Clerk of the House of Representatives, the Chairs of the House and Senate Education Committees, and the Director and Librarian of the Division of Research.

BE IT FURTHER RESOLVED that the Department of Education will provide assistance to LEAs to improve implementation of existing financial literacy standards in grades K-12, as needed.

SYNOPSIS

This House Resolution requests that the Department of Education does all of the following to expand and support equity and inclusion in financial literacy for all students in the State of Delaware:

1. Contract with the University of Delaware Institute for Public Administration to conduct a curriculum alignment study for all local education agencies (LEAs).

2. Reports the findings of the financial literacy standards curriculum alignment study to the General Assembly no later than May 1, 2025.

3. Provides assistance to LEAs to improve implementation of existing financial literacy standards.

4. Reports its findings and recommendations to the State Board of Education, the General Assembly, and the Governor.