Texas

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

State Department of Education Link http://www.tea.state.tx.us/  
Legislation and Authorization Texas State Board of Education (SBOE) Approves of PFL TEKS The State Board of Education voted unanimously to include the Proposed PFL TEKS as amendments in the revised curriculum standards for mathematics for each of the grade levels K to 8. The draft of the Mathematics TEKS, as well as the PFL amendments, can be viewed on the Texas Education Agency (TEA) website. Also see Jump$tart PF Word Doc. Signed by the governor 6/17/11, Chapter 214 amends the Education Code to include instruction in methods of paying for postsecondary education and training in the personal financial literacy instruction required by the Texas essential knowledge and skills in the public high school curriculum. The bill requires each school district and each open-enrollment charter school that offers a high school program, beginning with the 2013-2014 school year, to provide to a student such instruction in personal financial literacy in any course meeting the requirements for an economics credit, using materials approved by the State Board of Education, and to ensure that a district or charter school student enrolled at an institution of higher education in a dual credit course meeting the requirements for an economics credit receives the required personal financial literacy instruction. The bill requires the board to identify the applicable essential knowledge and skills of personal financial literacy not later than January 31, 2012, and to approve materials that provide for such instruction not later than August 31, 2012. H.B. 3232 and S.B. 290 signed by the governor 6/17/11, Chapter 885 amends the Education Code to require the Texas essential knowledge and skills to require instruction in personal financial literacy in mathematics instruction in kindergarten through grade eight. The bill requires the commissioner of education to adopt a list of instructional material for use as part of the foundation curriculum for personal financial literacy in kindergarten through grade eight. The bill requires the State Board of Education to review and adopt mathematics textbooks that satisfy the requirements for instruction in personal financial literacy on the next scheduled review and adoption cycle for mathematics textbooks after the bill's effective date.
Signed by governor 6/17/11, Chapter 230 Amends the Education Code to require the Texas Higher Education Coordinating Board by rule to require a general academic teaching institution to offer training in personal financial literacy and to require such institutions to offer that training as soon as the coordinating board considers practical, but not later than the 2013 fall semester. The bill requires the coordinating board by rule to determine the topics to be covered by the training and authorizes the coordinating board by rule to provide for the training to be offered in an online course.
Links to State Bills  
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 High school (9-12) economics course has extensive personal finance content. As referenced in House Bill 492, an act of the Texas Legislature signed into law in 2005, the concepts of personal financial literacy are to be mastered by students in order that they may become self-supporting adults who can make informed decisions relating to personal financial matters. These concepts are incorporated into the student expectations of Economics with Emphasis on the Free Enterprise System and its Benefits: understanding interest, avoiding and eliminating of credit card debt; understanding the rights and responsibilities of renting or buying a home; managing money to make the transition from renting a home to home ownership; starting a small business; being a prudent investor in the stock market and using other investment options; beginning a savings program and planning for retirement; bankruptcy; types of bank accounts available to consumers and benefits of maintaining a bank account; balancing a check book; types of loans available to consumers and becoming a low-risk borrower; understanding insurance; and charitable giving. In grades K-8 the content Is not comprehensive. Grade 3 has the most content in grade school. (SEE Math TEK for Grades K-8 - extensive personal finance content)
Personal Finance Embedded in Mathematics Common Core Standard YES State has a thorough, combined Common Core Mathematics with TEK Mathematics in K-8, with very strong Personal Finance content at each grade level. There also is personal finance content at the high school via the Mathematical Models with Applications. Students can be awarded one-half to one credit for successful completion of this course.
State Has Adopted Mathematics and English Language Arts Common Core YES
Personal Finance or Financial Literacy Course Required or Offered YES Elective in CTE
Personal Finance Course Required for Graduation  NO
Personal Finance Content required in Economics or Other Course Required for Graduation   YES Texas requires a 1/2 credit economics unit, which includes comprehensive personal finance content. Course title: Economics with Emphasis on the Free Enterprise System and Its Benefits
Prescribed or Recommended Personal Finance Curriculum  YES State also provides an extensive teacher resource list.
State Requires Economic Reasoning /Thinking Skills  YES
State Standard Correlated with Jump$tart Financial Literacy Standard YES No formal correlation. Content covered
State Assessment of Personal Finance Required  NO
Financial Literacy Bills Currently Being Considered by the State Legislature

Legislation Passed in 2013:

HB 2662 Amends Section 28.002(a); reenacts amends Section 28.0021(a) as amended by Chapters 214 (HB 34) and 885 (SB290), Acts of the 82nd Legislature, Regular Session, 2011; amends Section 28.0021(b) and (c), Education Code. Summary: Personal financial literacy is added to the required enrichment curriculum and districts will be required to offer a ½-credit elective course in personal financial literacy beginning with the 2013-2014 school year using materials approved by the state Board of Education (SBOE). The bill removes the requirement that college courses offered for dual credit to meet the economics course requirement include instruction in personal financial literacy. Change from current law: Currently instruction in personal financial literacy is required as part of high school economics courses. Effective Date: June 14, 2013 Action required for 2013-14 School Year: The SBOE will need to adopt Texas Essential Knowledge and Skills (TEKS) for the ½-credit personal financial literacy elective course. Outstanding Issues: Districts will need to offer the ½credit personal financial literacy elective course as soon as TEKS for the course have been adopted by the SBOE

HB 5, Section 9 Adds Section 28.00222, Education Code and HB 2201 Adds Section 28.00222; Amends Sections 28.025(b-2) and 28.027(b), Education Code Summary: Not later than September 1, 2014, the SBOE must ensure that at least six advanced CTE or technology applications courses, including course in personal financial literacy and in statistics, are approved to satisfy a fourth credit in mathematics. Change from current law: Current law does not mandate a specific number of courses that must be approved to satisfy a specific graduation requirement. Effective Date: June 10, 2013 Action required for 2013-14 School Year: The SBOE is required to ensure courses are adopted before September 1, 2014
SB 1590 Amends Sections 51.305(b) and 29.915(c), Education Code Summary: The word important is changed to the word critical in TEC §51.305. The “use of insurance as a means of protecting against financial risk” is added to the list of topics that must be covered in the financial literacy pilot program authorized through §29.915. Change from current law: Currently insurance is not a required element of the pilot program. Effective Date: June 14, 2013 Action required for 2013-14 School Year: None The Texas Legislature made two decisions in 2011 that supports personal financial literacy (PFL) instruction in public schools. The first one was an amendment to HB 34 which requires methods of paying for college and other postsecondary education and training to the standards for personal financial literacy in high school economics courses. The second one is SB 290 which requires personal financial literacy instruction be included in the K-8 mathematics.

Financial Literacy Education Bills Signed by Governor and/or Passed by the House and Senate 

Signed by the governor 6/17/11, Chapter 214 amends the Education Code to include instruction in methods of paying for postsecondary education and training in the personal financial literacy instruction required by the Texas essential knowledge and skills in the public high school curriculum. The bill requires each school district and each open-enrollment charter school that offers a high school program, beginning with the 2013-2014 school year, to provide to a student such instruction in personal financial literacy in any course meeting the requirements for an economics credit, using materials approved by the State Board of Education, and to ensure that a district or charter school student enrolled at an institution of higher education in a dual credit course meeting the requirements for an economics credit receives the required personal financial literacy instruction. The bill requires the board to identify the applicable essential knowledge and skills of personal financial literacy not later than January 31, 2012, and to approve materials that provide for such instruction not later than August 31, 2012.

H.B. 3232 and S.B. 290 signed by the governor 6/17/11, Chapter 885 amends the Education Code to require the Texas essential knowledge and skills to require instruction in personal financial literacy in mathematics instruction in kindergarten through grade eight. The bill requires the commissioner of education to adopt a list of instructional material for use as part of the foundation curriculum for personal financial literacy in kindergarten through grade eight. The bill requires the State Board of Education to review and adopt mathematics textbooks that satisfy the requirements for instruction in personal financial literacy on the next scheduled review and adoption cycle for mathematics textbooks after the bill's effective date.

Signed by governor 6/17/11, Chapter 230 Amends the Education Code to require the Texas Higher Education Coordinating Board by rule to require a general academic teaching institution to offer training in personal financial literacy and to require such institutions to offer that training as soon as the coordinating board considers practical, but not later than the 2013 fall semester. The bill requires the coordinating board by rule to determine the topics to be covered by the training and authorizes the coordinating board by rule to provide for the training to be offered in an online course.

Signed by the governor 6/19/09, Chapter 1328 amends §29.915, Education Code to expand the number of school districts participating in the financial literacy pilot program from 25 to 100. The bill also requires the Texas Education Agency to submit a report to the legislature in January 2011 regarding program implementation and effectiveness.

State Appropriations and State Dept Education Funding for K-12 NO 
Established Financial Literacy Month Adopted 4/16/09 Recognizes the week of April 20 through 26, 2009, as Financial Literacy Awareness Week.