ISTA Backing Financial Literacy Proposal

September 18, 2012

News Release

Statehouse -- State Sen. Brent Waltz (R-Greenwood) and officials with the Indiana State Teachers Association (ISTA) today at the Indiana Statehouse announced support of a new legislative proposal that aims to be the most comprehensive financial literacy initiative in the United States.

ISTA president Nate Schnellenberger and Waltz highlighted the initiative establishing financial literacy curricula in an effort to help Hoosier students statewide successfully plan for their financial futures.

“Our goal is to provide Hoosier students with the best education possible and give them the tools needed to be responsible members of society,” Waltz said. “Equipping future generations with financial knowledge will help them make informed decisions. I am committed to working with ISTA and the banking community as we focus on integrating into existing curriculum the skills needed for our students to become wise and responsible financial stewards.”

Waltz, an investment banker and member of the Senate Committee on Commerce and Economic Development, will author a bill in the upcoming 2013 legislative session outlining and appropriating funds for financial literacy coursework for all public, charter and accredited non-public schools. Some key components of the bill include:

• Implementing financial literacy coursework for grades 6 through 12
• Establishing a task force to develop financial literacy guidelines and model curricula
• Creating a financial literacy grant fund to assist public schools in implementing financial literacy instruction

“Indiana is making a commitment to helping young people understand finances,” Schnellenberger said. “We invest resources in preparing students for the work force so they can earn a living. By establishing a financial literacy curriculum, we will also be teaching students how to wisely spend and invest the money they earn. With this comprehensive financial literacy proposal, Indiana will become a national leader in equipping our students with financial know-how.”

Waltz said the goal of the financial literacy initiative is to teach young people how to craft personal financial plans, understand credit and debt, and save and invest. He has been working with the Indiana banking community to determine what financial literacy skills Hoosier students seem to be lacking and will need to be prepared for making smart, financial decisions.

“In the end, Hoosiers will have a higher quality of life if they not only know the basics of finances, but understand how to make reasonable financial decisions,” Waltz said. “They need to think about consequences to those decisions, know how to locate and evaluate financial information from various sources, control personal information in this electronic age, understand consumer protection laws and create a system for tracking financial records. If this legislation helps students start off on sound financial footing, then we will have achieved success.”

Source: Office of Indiana State Senator Brent Waltz