Lawmaker again pushes for financial education

RICHMOND

Del. Lionell Spruill Sr., D-Chesapeake, says too many young people these days are financially illiterate.

"Kids do not know how to balance their checkbook," he said.

For the second year in a row, Spruill is trying to pass a bill requiring students to complete 12 hours of financial education before they graduate from high school. Students are supposed to be getting those lessons already, but Spruill say s many are not, based on what he's heard from some school divisions.

State law has required schools to teach matters of "economic education and financial literacy" since July 1, 2006, said Charles Pyle, a spokesman for the Virginia Department of Education. Mandatory lessons address subjects such as opening a bank account and managing debt.

However, school divisions are not required to report whether they are in compliance on their financial literacy efforts, Pyle said.

"If there are school districts out there that aren't doing what's being required, I think that's what we need to know," said Del. Phil Hamilton, R-Newport News, a member of a House subcommittee that heard Spruill's bill, HB2112, on Tuesday.

The subcommittee decided to vote on the measure later. Last year's bill died in committee.

Dave Forster, (757) 477-6386, dave.forster@pilotonline.com