Financial Planning Association and FPA of California Applaud Historic Personal Finance Education Law

California guarantees personal finance education for high school students with the signing of AB 2927

DENVER (July 5, 2024)-For over a decade, financial planners across California advocated in Sacramento for a personal finance course requirement for graduating high school seniors. On June 29, 2024, that advocacy turned reality with Governor Gavin Newsom's signing of the Personal Finance Education Bill (AB 2927). By 2027, California public high school students will have access to a personal finance course, and completion of the course will be a graduation requirement by 2031.

The Financial Planning Association^® (FPA^®), the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNER™ professionals, congratulates Assemblymember Kevin McCarty (D-Sacramento) and the State of California on making this landmark law official.

"We are thrilled to see the fruition of AB 2927 and celebrate this momentous achievement in advancing financial literacy education. The dedication and unwavering commitment of FPA of California and our passionate FPA members across the state have played an integral role in championing this essential cause. This legislation underscores our shared belief in equipping students with the knowledge and skills to make informed financial decisions, and we are proud to have been at the forefront of these advocacy efforts," said 2024 FPA President Claudia Kane, CFP^®. "We cannot overstate the significance of this momentous advancement in personal finance education. For FPA and all other staunch financial literacy and wellness advocates, this is a moment in history that will positively impact future generations of savers and investors throughout California."

Over the past 12 years, the Financial Planning Association of California (FPA of CA), a coalition of ten California FPA chapters that advocate for policies that advance financial planning and protect consumers across the state, has diligently pursued a financial literacy requirement in California. As part of this advocacy work, FPA of CA has supported AB 2927 throughout the legislative process through written testimony and during California State Advocacy Days.

"Access to financial education should be a right for everyone. After advocating for financial literacy programs for California students over the last twelve years, we are thrilled California is taking an important first step forward with AB 2927 to help prepare future generations for their financial future," said Jamie Rugg, CFP^®, president of the FPA of CA. "I want to thank our dedicated FPA members for passionately advocating for the financial betterment of all Californians over the years. We look forward to supporting the development and implementation of this important curriculum in our schools."

With the passage of AB 2927 in California, more than half of U.S. states have passed similar laws, largely in response to the country's epidemic of financial illiteracy and the resulting loss of billions of dollars by families without the knowledge to maintain financial wellness in adulthood.

"FPA applauds Assemblymember McCarty for his leadership on this important issue and looks forward to working alongside FPA of CA, our California FPA chapters and members, and other stakeholders to implement this important legislation," added Kane.

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About the Financial Planning Association

The Financial Planning Association^® (FPA^®) is the leading membership organization and trade association for CERTIFIED FINANCIAL PLANNER^TM professionals and those engaged in the financial planning process. FPA is the CFP^® professional's partner in planning by helping them realize their vision of professional fulfillment through practice support, learning, advocacy, and networking. Learn more about FPA at financialplanningassociation.organd on Twitter at twitter.com/fpassociation.

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