It's the season of gratitude, and we're thankful for amazing financial education advocates! Did you know that 2024 was the year the most populous state in the U.S. made personal finance a graduation requirement, guaranteeing comprehensive financial education to over 500,000 high school students per year? Learn the secrets to victory from the champions who paved the way for this momentous win.

In less than two years, California went from having no statewide personal finance requirement to guaranteeing that every high school student - more than half a million annually - will receive comprehensive financial education. So, how'd it happen?

1. Grassroots advocates met an important ally in March 2023

The effort to make personal finance a graduation requirement in California gained early momentum at the grassroots - passionate educators collaborating and making the case - while finding support within the state's highest education policy circles: State Superintendent of Public Instruction Tony Thurmond! 

Mr. Thurmond became an early champion, rallying teachers to the cause during NGPF’s statewide Teacher Summit in March 2023. As the state’s chief educator, Mr. Thurmond brought not only the gravitas of his office but his experience at virtually every level of education to this effort.

Mr. Thurmond stood up for financial education even when the odds were long, and we're forever grateful for his advocacy!

2. NGPF Mission 2030 Fund formalized the campaign

NGPF Mission 2030 Fund (NGPF's affiliate advocacy nonprofit) led by NGPF co-Founder Tim Ranzetta, launched the Californians for Financial Education campaign in the Fall of 2023 with funding and strategy support from legendary investor Bill Gurley.

The campaign’s goal was to qualify for the 2024 general election ballot with a measure that, if approved by California voters, would make personal finance a guaranteed course for all high schoolers in the state.

Endorsement by endorsement, Californians for Financial Education became a giant coalition of educators, parents, education officials, elected officials, and community leaders all calling for guaranteed financial education for California high school students. Meanwhile, the campaign gathered 880,000+ California voters' signatures and qualified for the ballot in the span of just a few months!

Thank you all for your support!

3. Teachers led the charge from their classrooms

One of the great ironies of education policy is that policymakers do not always have a direct line into the classrooms they impact with their decisions. As the ballot campaign ramped up and the signatures poured in, superhero teachers Christopher Jackson, Yesenia Medrano, Tara Razi, and Crystal Rigley stepped forward as powerful voices for the cause of financial education, offering that direct line! They openly shared their experiences teaching personal finance in order to close the gap between policymakers’ understanding and the reality of modern classrooms.

They listened carefully and answered questions. They pushed policymakers' thinking with thoughtful questions of their own. They somehow made time despite teaching, admin duties, subbing, and caring for their own children to show up for crucial negotiations and stakeholder meetings. Their passion - and undeniable credibility - kept the campaign’s negotiations with powerful teachers’ unions and administrators’ associations anchored in practice instead of getting sidetracked by hypotheticals.

For example, when these groups raised concerns about a personal finance requirement hypothetically impacting graduation rates, these champion educators were able to show that in practice, graduation rates had not dropped in their schools when they added personal finance courses. In many cases, personal finance was the opposite of a drag on graduation -- it was the most engaging course that students took because it was so relevant to their real lives. Of course, research backs them up!

Thank you, rockstar teachers!

4. Student voices rang out

The movement gained additional momentum through student advocacy, with young leaders making compelling cases in their school publications and local TV broadcasts.

For example, Ava Zuerlein from Loyola Marymount University and Abby Medin from Menlo-Atherton High School each penned thoughtful op-eds in support of guaranteed financial education, demonstrating that students themselves recognize the value of financial education. Students are no strangers to advocating for financial education. Check out Real World Class, the mini documentary produced by NGPF, which showcases five passionate students' calls for financial education.

Thank you, students!

5. Legislative Champions held strong against pressure

In Sacramento, the effort found crucial allies in California's state legislature. Assemblymember Kevin McCarty authored Assembly Bill 2927 with the same language as the ballot campaign, showing his commitment to ensuring students graduate having taken a standalone personal finance course.

The movement reached a crescendo in June 2024 when Governor Gavin Newsom gave his support, signing AB 2927 into law. Gov. Newsom’s signature made California the 26th state to guarantee financial education for all high school students!

Asm. McCarty and Gov. Newsom withstood pressure to water down the bill into an embedded requirement, a policy that would have made little if any positive impact on students’ access to financial education but would look really good. Instead of rubber stamping an ineffective policy taking a victory lap, they held strong and helped craft a policy that will actually be a win for students:

• a standalone personal finance course of at least one semester that...
• must be offered as an elective for all high school students starting with the graduating Class of 2027 and...
• must be required for all high school students starting with the graduating Class of 2031.

That fortitude took courage, and they will always have our gratitude!

6. Implementation leaders showed how it's done

As California's fourth-largest school district, Fresno Unified School District (FUSD) emerged as a trailblazer in implementing personal finance education. Under the leadership of Personal Finance Specialist Jeff Allen, FUSD has taken a proactive approach to expanding personal finance electives well ahead of the new requirement taking effect for the class of 2031.

Allen and his team have demonstrated remarkable creativity in addressing common implementation challenges. They've developed a strategy - in record time - that includes teacher training, curriculum alignment, student events, and peer coaching opportunities for teachers - as they prepare to meet the new graduation requirement.

In a full-circle moment, Fresno educators were featured alongside State Superintendent Tony Thurmond in a Dollars & Sense special on Sacramento’s ABC10 last month!

A team effort

The campaign for guaranteed financial education in California stands out as a remarkable success story in education policy reform. Unlike some policy changes that originate solely from top-down directives, this victory emerged from a grassroots movement that united educators, students, administrators, and policymakers behind a common cause. This broad support not only secured the policy's passage but also created a strong foundation for its successful implementation in the years to come.

Thank you all!

About the Author

Christian Sherrill

Former teacher, forever financial education nerd. As NGPF's Director of Growth & Advocacy, Christian is laser-focused on our mission to guarantee all students a rigorous personal finance course before crossing the high school graduation stage. Having paid down over $40k in student loans in the span of 3 years - while living in the Bay Area on an entry level teacher's salary - he's eager to help the next generation avoid financial pitfalls one semester at a time.

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