53A-13-110. Financial and economic literacy education.
(1) As used in this section, "financial and economic literacy passport" means a document
that tracks mastery of financial and economic literacy concepts and completion of financial and
economic activities, including the following:
(a) basic budgeting;
(b) saving and financial investments;
(c) banking and financial services, including balancing a checkbook or a bank account;
(d) career management, including earning an income;
(e) rights and responsibilities of renting or buying a home;
(f) retirement planning;
(g) loans and borrowing money, including interest, credit card debt, predatory lending,
and payday loans;
(h) insurance;
(i) federal, state, and local taxes;
(j) charitable giving;
(k) online commerce;
(l) identity fraud and theft;
(m) negative financial consequences of gambling;
(n) bankruptcy;
(o) free markets and prices;
(p) supply and demand;
(q) monetary and fiscal policy;
(r) effective business plan creation, including using economic analysis in creating a plan;
(s) scarcity and choices;
(t) opportunity cost and tradeoffs;
(u) productivity;
(v) entrepreneurism; and
(w) economic reasoning.
(2) The State Board of Education shall:
(a) in cooperation with interested private and non-profit entities:
(i) develop a financial and economic literacy passport that students may elect to
complete;
(ii) develop methods of encouraging parent and educator involvement in completion of
the financial and economic literacy passport; and
(iii) develop and implement appropriate recognition and incentives for students who
complete the financial and economic literacy passport, including:
(A) a financial and economic literacy endorsement on the student's diploma of
graduation;
(B) a specific designation on the student's official transcript; and
(C) any incentives offered by community partners;
(b) more fully integrate existing and new financial and economic literacy education into
instruction in kindergarten through twelfth grade by:
(i) coordinating financial and economic literacy instruction with existing instruction in
other core curriculum areas such as mathematics and social studies;
(ii) using curriculum mapping;
(iii) creating training materials and staff development programs that:
(A) highlight areas of potential coordination between financial and economic literacy
education and other core curriculum concepts; and
(B) demonstrate specific examples of financial and economic literacy concepts as a way
of teaching other core curriculum concepts; and
(iv) using appropriate financial and economic literacy assessments to improve financial
and economic literacy education and, if necessary, developing assessments;
(c) work with interested public, private, and non-profit entities to:
(i) coordinate school use of existing financial and economic literacy education resources;
(ii) develop simple, clear, and consistent messaging to reinforce and link existing
financial literacy resources;
(iii) coordinate the efforts of school, work, private, non-profit, and other financial
education providers in implementing methods of appropriately communicating to teachers,
students, and parents key financial and economic literacy messages; and
(iv) encourage parents and students to establish higher education savings, including a
Utah Educational Savings Plan account; and
(d) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, make
rules to develop guidelines and methods for school districts and charter schools to more fully
integrate financial and economic literacy education into other core curriculum courses.
(3) A public school shall provide the following to the parents or guardian of a
kindergarten student during kindergarten enrollment:
(a) a financial and economic literacy passport; and
(b) information about higher education savings options, including information about
opening a Utah Educational Savings Plan account.
(4) The state superintendent shall annually report to the Education Interim Committee by
November of each year on the successes and areas of needed improvement in financial and
economic literacy education provided pursuant to this section.
Amended by Chapter 95, 2009 General Session
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Last revised: Thursday, May 28, 2009