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close up view of a hand holding bank notes

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According to ABC News 15, State Sen. Luke Rankin, R-Horry County, proposed a bill to require a half-credit course in personal finance with an end-of-year test as a requirement for high school graduation for some students in South Carolina. The course would include topics such as insurance, taxes, retirement planning, budgeting, banking, and how to avoid too much debt.

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The senator says he believes the course will support students in making sound financial decisions in the future which will not only be beneficial in their own lives but to the country as a whole:

“South Carolina and the nation as you know, many do not handle credit well particularly the young folks.”

“Personal debt is at a record level, folks getting out of high school going into college taking on student debt at a record level.”

If passed, the bill would go into effect in the 2020-2021 school year. Parents in the area agree that the class is a great idea, particularly with school loan rates being at a historical record high. Jamie Houp who currently has three kids attending school in South Carolina shares that knowing how to manage money is crucial when transitioning into adulthood:

“I maxed out my credit card bills at 18, 19 years old because I didn’t know how to manage my money properly because I didn’t have a course like that.”

With a number of other sates already implementing classes and testing standards regarding personal finance and experiencing success, Rankin is hopeful that the move will better prepare South Carolina students to be better world citizens:

“I’m hopeful that we will pass this and South Carolina will have something to brag about as regards to what we require of our students and as a public policy, to make our future bright for all of our citizens.”