Sen. Cicarella & Sen. Martin Applaud Governor’s Signing of Bill Promoting Financial Literacy for High School Students

Deputy Republican Leader Paul Cicarella (R-North Haven) and Chief Deputy Republican Leader Henri Martin (R-Bristol) today applauded Gov. Ned Lamont’s signing of S.B. 1165, which is a bipartisan measure that promotes financial literacy for the state’s public high school students.

Senator Cicarella and Senator Martin originally introduced the concept of financial literacy for high school students (Proposed S.B. 18) that requires students to complete a one-half credit course in personal financial management and financial literacy for graduation. The policy is part of the Senate Republican lawmakers’ comprehensive ‘A Better Way to a Prosperous Connecticut’ series of legislative workforce measures to put young people on a path to a well-paying career to support themselves and their families.

Senator Cicarella said, “Thank you to the Governor for signing this legislation for the benefit of Connecticut’s future workforce. The first step to a successful career is understanding the value of a dollar, and the cause and effects of how you spend your money. This is exactly why I joined Senator Martin to research and introduce this concept last year.

“We had the privilege of engaging with numerous students, school counselors, and educators to craft a proposal that will work. I was astonished that a significant number of young people are unfamiliar with the expenses related to essentials like their phone bill or groceries. This new law will equip them to navigate financial challenges with confidence and avoid the burden of debt. Entering adulthood without debt will pave the way for their prosperity in the state.”

Research shows that over 60 percent of Americans live paycheck-to-paycheck and struggle to save money for short-term or long-term financial goals. Credit card and student loan debt are also at historic highs, at a whopping $930.6 billion and $1.757 trillion, respectively.

Senator Martin said, “I’d like to thank the Governor for signing into law a concept that will positively impact future generations. Our children are our future, and giving them real-life building blocks and knowledge to maintain financial stability will prepare them for their future.”

He added, “Less than half of all Americans have more than $1,000 in their savings. It is imperative that we begin introducing financial literacy to our students and their teenage years, teaching them the fundamentals of finance.”

Read the complete ‘Better Way to a Prosperous Connecticut’ workforce plan here.