Senate proposal would require financial education for WA high school students

OLYMPIA, Wash. — A new state Senate bill proposal would require students at Washington state high schools to meet financial education standards to graduate.

Senate Bill 5080 would make financial education a requirement to graduate from state high schools beginning with the class of 2033.

The first public hearing for the bill was held Tuesday morning during the state Senate Committee on Early Learning & K-12 Education.

The Washington State Board of Education (SBE) would be directed to recommend adjustments to requirements for graduation and other educational offerings to make sure students have the chance to meet the financial education requirement. The Financial Education Public-Private Partnership, formed by the state Legislature, would work with the SBE along with other community members to develop a set of standards for financial education in Washington.

The SBE would have to report its recommendations and findings to the governor and state Legislature by the end of 2026.

“I wish I had had this class when I was in high school,” said Allison McFadden, a personal finance teacher at Olympia’s Capital High School. 

McFadden has taught versions of the financial literacy class since the early 1990s.

“One of the reasons that I am still here is because I love teaching finance; I think it does make such a huge difference,” said McFadden, whose yearlong class covers the importance of personal savings, how to shop for car loans, to invest and to plan for retirement.

She said many of her students don’t get those life lessons at home.

“I’ve had parents like an open house say, you know, ‘Can I come and take this class?'” said McFadden.

School districts would be required to begin publicizing financial education instruction offerings and the associated graduation requirement no later than the 2027-28 school year.

The bill was drawn up at the request of the state treasurer and has a dozen legislative sponsors.