Virginia

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

State Department of Education Link http://www.doe.virginia.gov/  
Legislation and Authorization

H.B. 1061

Signed by governor 3/30/12, Chapter 454

YES S.B. 489

Signed by governor 4/5/12, Chapter 642
Directs the Board of Education to modify the credits necessary for a student to earn a standard or an advanced studies diploma. The advanced studies diploma shall be the recommended diploma for students pursuing baccalaureate study. The standard diploma shall include a concentration in career and technical education and a requirement to earn a career and technical education credential and complete an economics and personal finance course. Standard or advanced studies diploma will require the successful completion of one virtual course. The modified standard diploma is eliminated, but the Board shall make provisions in regulation for students with disabilities to earn a standard diploma. The Board shall promulgate regulations to implement the provisions of this act to be effective within 280 days of its enactment.

H.B. 1518
Allows local school boards to implement economics education and financial literacy requirements, with Board of Education approval, through other educational programs that meet Board objectives, in addition to relevant Standards of Learning and career and technical education programs.

Links to State Bills H.B. 1518
Additional Links  
Stand-Alone Personal Finance Standards YES The Standards of Learning (SOL) for Economics and Personal Finance help students develop thinking skills that include analyzing real-world situations, economic reasoning, decision making, and problem solving. The topics of economics and personal finance teach that resources are limited; thus, people must make choices that may include substitutions or alternatives. Students practice using a set of tools for analyzing choices of all types, including those related to personal finance. Students learn the benefits of compound interest over time and that poor money management can lead to difficulty in obtaining credit. Students practice weighing costs and benefits of options when making choices about such things as careers, insurance, housing, investments, savings, automobiles and health care.
Personal Finance Standards in Career and Techical Education (CTE), Family and Consumer Sciences NO
Personal Finance Embedded in Social Studies or Economics Standards NO The Economics and Personal Finance Standards of Learning (SOL) are separate from the History and Social Science SOLs.
Personal Finance Embedded in Mathematics Common Core Standard NO Virginia's Mathematics SOL is aligned with the National Mathematics Common Core Standard.
State Has Adopted Mathematics and English Language Arts Common Core NO
Personal Finance or Financial Literacy Course Required or Offered YES
Personal Finance Course Required for Graduation  YES One half year is required as part of the Economics and Personal Finance one credit course.
Personal Finance Content required in Economics or Other Course Required for Graduation   YES Virginia requires one credit - "Economics and Personal Finance" course for graduation.
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 Virginia has no plans to have a Standards of Learning (SOL) test on Economics and Personal Finance. There are several assessment tools currently available to measure the success of students in the concepts of personal finance.
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 

H.B. 1554 signed by the governor 3/23/11, and S.B. 810 signed by the governor 3/23/11, provided for the delayed implementation of statutes and regulations upon which the accreditation of schools in the Commonwealth is based that were not already in effect on June 30, 2008, with the exceptions of the graduation and completion rate index and the economics and financial literacy requirement, until July 1, 2012, unless such statutes or regulations are also specifically required by federal code, federal regulation, or court action.

Signed by the governor 4/8/09, Chapter 802 provides that local school boards must establish educational objectives in financial literacy for grades K-12.

A bill signed in 2007 expands the subjects that may be covered in student life skills programs to include savings and investments, predatory lending practices and interest rates, consumer fraud, and identity theft and protection.

A bill signed in 2005 requires instruction in economics education and financial literacy in public middle and high schools

State Appropriations and State Dept Education Funding for K-12 NO 
Established Financial Literacy Month N/A