Home » State Activities » State Financial Education Requirements » State Requirements - Virginia

State Requirements - Virginia

2005 VA SB 950

Authorization:
SB 950 Chapter 741 Approved by Governor 03/26/05. Economic education and financial literacy are required in the middle and high school grades. By July 1, 2006, the Board of Education is required to develop and approve objectives for economics education and financial literacy in grades six through 12. The principles of the American economic system and financial literacy must also be systematically infused in the Standards of Learning, and in career and technical education programs. However, these objectives are not required to be included in the Standards of Learning assessments. Board of Education to establish objectives for economic education and financial literacy; banking-at-school programs.

Curriculum:
Objectives for economics education and financial literacy at the middle and high school levels shall include, but not be limited to, personal living and finances; personal and business money management skills; opening an account in a financial institution and judging the quality of a financial institution's services; balancing a checkbook; completing a loan application; the implications of an inheritance; the basics of personal insurance policies; consumer rights and responsibilities; dealing with salesmen and merchants; debt management; managing retail and credit card debt; state and federal tax computation; local tax assessments; computation of interest rates by various mechanisms; understanding simple contracts; and learning how to contest an incorrect bill.

Status Description:
By July 1, 2006, the Board of Education shall develop and approve objectives for economics education and financial literacy at the middle and high school levels, that shall be required of all students, and shall provide for the systematic infusion of economic principles in the relevant Standards of Learning, and in career and technical education programs.

Resources:
  SB 950 BILL
  Graduation Requirements
  Personal Finance Objectives and Correlations
  Standards of Learning