VSCPA Supports Financial Literacy Graduation Requirement Bill
January 15, 2008
Del. Lionel Spruill Sr.
General Assembly Building
P.O. Box 406
Richmond, Virginia 23218
Re: H.B. 1272
Dear Del. Spruill:
The Virginia Society of Certified Public Accountants (VSCPA) sincerely appreciates your leadership on H.B. 1272, promoting financial literacy as a requirement for high school graduation in the Commonwealth. The VSCPA has taken a position of support on the measure and is very interested in assisting in its passage.
The VSCPA is a strong supporter of financial literacy education in Virginia’s schools — in particular, we have lent guidance and support to several Virginia school districts interested in implementing their own financial literacy graduation requirement.
We are sure you are aware that recent research concludes U.S. citizens, including Virginians, are suffering from a decline in the level of financial literacy. In fact, a nationwide survey found that Virginia high school seniors know little about savings, debt, credit cards, retirement and other personal finance needs. That’s why your legislation for a financial literacy graduation requirement for Virginia’s students is so important.
Over the past several years, the VSCPA has vocally supported past legislative initiatives supporting financial education, including S.B. 950, signed by Gov. Mark Warner in 2005 to require Virginia’s middle schools, high schools and higher education institutions to provide instruction in economics education and financial literacy. The VSCPA then assisted the Virginia Department of Education to develop and approve objectives in course instruction on economics and financial literacy.
While S.B. 950 was a positive first step in promoting sound money management to Virginia’s youth, we believe a graduation requirement is the gold standard in personal finance education. In the past, the VSCPA has promoted changing Virginia Standards of Accreditation to include a personal finance high school graduation requirement.
H.B. 1272 would make that requirement a reality — and Virginia’s students would reap the benefits of financial education that would serve them well into the future.
Thank you again for your leadership and support on this important bill. Virginia’s CPAs are always ready to provide information on this topic and work with you should you need assistance. Please don’t hesitate to contact our financial literacy expert, VSCPA Vice President of Member & Public Relations Tina Lambert at tlambert@vscpa.com or (804) 422-6704, or VSCPA Government Affairs Director Erin Collins at ecollins@vscpa.com or (804) 422-6705 if we can help.
Stephanie R. Peters, CAE
President & CEO
LAST UPDATED 1/15/2008
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