53A-13-110 - Financial and economic literacy education.
53A-13-110. Financial and economic literacy education.
(1) As used in this section, "financial and economic literacy passport" means a documentthat tracks mastery of financial and economic literacy concepts and completion of financial andeconomic 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 nonprofit entities:
(i) develop a financial and economic literacy passport that students may elect tocomplete;
(ii) develop methods of encouraging parent and educator involvement in completion ofthe financial and economic literacy passport; and
(iii) develop and implement appropriate recognition and incentives for students whocomplete the financial and economic literacy passport, including:
(A) a financial and economic literacy endorsement on the student's diploma ofgraduation;
(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 intoinstruction in kindergarten through twelfth grade by:
(i) coordinating financial and economic literacy instruction with existing instruction inother 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 literacyeducation and other core curriculum concepts; and
(B) demonstrate specific examples of financial and economic literacy concepts as a wayof teaching other core curriculum concepts; and
(iv) using appropriate financial and economic literacy assessments to improve financialand economic literacy education and, if necessary, developing assessments;
(c) work with interested public, private, and nonprofit 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 existingfinancial literacy resources;
(iii) coordinate the efforts of school, work, private, nonprofit, and other financialeducation 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 aUtah Educational Savings Plan account; and
(d) in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, makerules to develop guidelines and methods for school districts and charter schools to more fullyintegrate financial and economic literacy education into other core curriculum courses.
(3) A public school shall provide the following to the parents or guardian of akindergarten student during kindergarten enrollment:
(a) a financial and economic literacy passport; and
(b) information about higher education savings options, including information aboutopening a Utah Educational Savings Plan account.
(4) The state superintendent shall annually report to the Education Interim Committee byNovember of each year on the successes and areas of needed improvement in financial andeconomic literacy education provided pursuant to this section.
Amended by Chapter 95, 2009 General Session