Governor Newsom Expands Financial Literacy in Schools and Wealth-Building Access for Women
California announces a statewide personal finance curriculum for high school students and signs an executive order to expand women's access to capital and wealth-building opportunities.
Governor Gavin Newsom announced a stand-alone, one-semester personal finance course for high school students in California, implemented through Assembly Bill 2927 (2024). The State Board of Education adopted the curriculum guide, ensuring students graduate with tools to manage money, avoid debt, and build wealth. The course will be required for graduation starting with the class of 2030-31, beginning in the 2027-28 school year.
Governor Newsom also signed an executive order expanding wealth-building opportunities for women during Women's History Month. Joined by First Partner Jennifer Siebel Newsom and the California Women's Wealth Advisory Council, the order addresses barriers to wealth creation for women through financial literacy, savings programs, and entrepreneurship support.
"Financial literacy is a life skill. We're making sure every California student graduates ready to earn, save, invest, and build wealth - while also expanding access so more women and families can fully participate in our economy," said Governor Newsom.
"When women have the opportunity to build wealth, families are stronger, communities are healthier, and our economy grows. This executive order helps close the wealth gap," said First Partner Jennifer Siebel Newsom.
California's new personal finance curriculum includes:
- Banking, saving, and avoiding unnecessary fees
- Budgeting and managing expenses
- Credit, debt, and credit scores
- Student loans and financing education/careers
- Investing, retirement savings, and wealth-building tools
- Pathways to college, careers, and apprenticeships
- Scholarships, merit aid, and the CalKIDS program
In 2022, Governor Newsom launched CalKIDS, a $1.9 billion initiative providing free college and career savings accounts for low-income students (grades 1-12) and children born after July 1, 2022. The program includes seed deposits up to $1,500 for 3.4 million families and partnerships with California Community Colleges to identify 40,000 students eligible for $20 million+ in scholarships.
The executive order directs actions to:
1. Expand access to capital, education, and wealth-building tools for women
2. Strengthen programs like CalKIDS and CalSavers (retirement savings)
3. Mobilize investors and philanthropists to fund women-led ventures
4. Examine financial systems to improve entrepreneurship pathways
5. Explore a California-focused investment vehicle to attract capital for innovation and wealth-building
By 2040, the U.S. Will see an $84 trillion to $124 trillion intergenerational wealth transfer. California aims to ensure women, who currently receive fewer venture investments and hold less business and household wealth, are included in this shift through inclusive financial systems.
Katherine Rice, Co-Chair of California Women's Wealth Advisory Council, stated: "Women are vital to our economy... This initiative positions California as a model for equity."
