HB 492 would require personal finance education for high school graduation. According to the National Council on Economic Education, such requirements already exist in seven states: Alabama, Georgia, Idaho, Illinois, Kentucky, New York, and Utah.

In his remarks, Polansky pointed to statewide research conducted by TSCPA showing that only 20 percent of Texans pay their credit card debt in full each month. Fifty percent of respondents say they didn't learn about the need for financial planning and the importance of savings until they were in their 30s. TSCPA's research also found 26 percent of Texans say they aren't saving any money for retirement. Texas CPAs believe teaching money management principles to high school students better prepare them for sound financial decision-making as adults.

Polansky said TSCPA is prepared to help school districts comply with the bill by continuing to make available its multi-lesson curriculum guide developed by the American Institute of Certified Public Accountants.