Financial Literacy Expands in Schools and for Women
California implements mandatory personal finance courses for high school students and expands women's access to capital and wealth-building opportunities.
California is taking significant steps to improve financial literacy and expand economic opportunities, particularly for students and women.
Starting with the class of 2030-31, California high school students will be required to complete a stand-alone, one-semester personal finance course for graduation. The curriculum covers banking, budgeting, credit, debt, student loans, investing, and retirement savings.
Governor Newsom signed an executive order to expand women's access to capital, financial education, and wealth-building opportunities. This initiative aims to close the gender wealth gap, recognizing that women face significant barriers to wealth creation.
Women receive less venture funding than men and are underrepresented in asset management. The executive order addresses these disparities by creating pathways for women to access investment capital, business loans, and financial education resources.
CalKIDS, established in 2022, invests up to $1,500 in college savings accounts for low-income students and newborn children. The CalSavers Retirement Savings Program was expanded in 2022 to include an estimated 750,000 working Californians.
Research indicates that low financial literacy contributes to wealth inequality, with an estimated 30-40% of wealth inequality near retirement age attributed to it. By integrating financial education into school curricula and expanding access to capital, California is taking proactive steps to address these systemic issues.
