Minnesota

State-by-State Assessment with Regard to Financial Literacy and Personal Finance Education Actions

State Department of Education Link http://education.state.mn.us/  
Legislation and Authorization

House and Senate Bills currently in Legislature: House File 105 - Incorporate a financial literacy curriculum into the economics course required for high school graduation; authorizes rulemaking; appropriates money.

On Friday, March 22, 2013, Administrative Law Judge Barbara Neilson issued the Administrative Law Judge’s Report about these rules. In this report, Judge Neilson approved the Social Studies Academic Standards rules as proposed by the department.

The Notice of Adoption was published in the State Register on May 6, 2013, and the Social Studies Academic Standards rules went into effect on May 13, 2013.

Minnesota Department Education: Social Studies Standards: Economics is contained in the high school Social Studies Standard revised and approved. Personal Finance content in Economics Standard is strong, comprehensive, and detailed. Standard and Benchmarks cover application of reasoning and decision-making skills, personal financial planning, budgeting, spending, saving, investing, borrowing and insuring decisions.

Links to State Bills H.F. 105
Additional Links  
Stand-Alone Personal Finance Standards NO
Personal Finance Standards in Career and Techical Education (CTE), Family and Consumer Sciences NO
Personal Finance Embedded in Social Studies or Economics Standards YES The 2013 K-12 Minnesota Academic Standards in Social Studies - Economics Standard includes strong, comprehensive and detailed personal finance content. The Standard and Benchmarks cover application of reasoning and decision-making skills, personal financial planning, budgeting, spending, saving, investing, borrowing and insuring decisions. Social studies skills identified in the new standards complement, but do not duplicate, the social studies skills found in the 2010 (Common Core) Minnesota K-12 Academic Standards in English Language Arts.
Personal Finance Embedded in Mathematics Common Core Standard NO. The state did not adopted the Mathematics Common Core.
State Has Adopted Mathematics and English Language Arts Common Core The state adopted the English Common Core, but did not adopt the Math Common Core.
Personal Finance or Financial Literacy Course Required or Offered NO 
Personal Finance Course Required for Graduation   NO
Personal Finance Content required in Economics or Other Course Required for Graduation   YES Minnesota requires 1/2 credit of economics for graduation. Extensive Personal finance content in Economics Standard.
Prescribed or Recommended Personal Finance Curriculum  YES
State Requires Economic Reasoning /Thinking Skills  YES
State Standard Correlated with Jump$tart Financial Literacy Standard YES
State Assessment of Personal Finance Required   NO Based on new legislation, the graduation assessment requirements have changed. Additional information will be provided as soon as possible once a comprehensive review of the new requirements is completed (Students must successfully pass statewide graduation assessments as required under Minnesota Statutes, section 120B.30.)
Financial Literacy Bills Currently Being Considered by the State Legislature NONE
Financial Literacy Education Bills Signed by Governor and/or Passed by the House and Senate  House and Senate passed previously incorporate a financial literacy curriculum into the economics course required for high school graduation; authorize rulemaking; and appropriate money.
State Appropriations and State Dept Education Funding for K-12 YES The House and Senate have passed bills to appropriate funds.
Established Financial Literacy Month N/A