California Require Personal Finance Course for High School Graduation Initiative (2024)

California Require Personal Finance Course for High School Graduation Initiative
Election date November 5, 2024
Topic Education
Status Not on the ballot
Type State statute	Origin Citizens

The California Require Personal Finance Course for High School Graduation Initiative (#23-0022) was not on the ballot in California as an initiated state statute on November 5, 2024.

A "yes" vote would have supported requiring a personal finance course to be offered by the 2026-2027 academic year for all public high school students and requiring public school students graduating during the 2029-2030 academic year to complete a one-semester personal finance course.

A "no" vote would have opposed requiring a one-semester personal finance course as a requirement to graduate public high school.

Overview

What would the initiative have done?

See also: Text of measure

The measure would have required public high school students beginning with students graduating during the 2029-2030 academic year to complete a one-semester personal finance course. The measure would also have required public high schools to offer a personal finance course by the 2026-2027 academic year. The personal finance course would have had to meet the A-G requirements, which are the course requirements for admission to the state’s public universities, or be approved by the local school board.

The topics of the personal finance course could include but would have not been limited to:

• budgeting skills,
• an understanding of the tax system,
• an understanding of retirement accounts and investment alternatives (e.g. 401K programs, Individual Retirement Accounts (IRA), stocks, bonds, mutual funds, and index funds),
• types of credit and predatory lending practices,
• identity theft prevention,
• financing college or other workforce education, and
• features of bank accounts.

The state does not set a curriculum for private schools, so the requirement would have not applied to private schools.

Do other states require personal finance courses to graduate from high school?

See also: States that require a personal finance course

As of January 2024, seven states—Alabama, Iowa, Mississippi, Missouri, Tennessee, Utah, and Virginia—required a personal finance course to graduate from high school. The Center for Financial Literacy at Champlain College released a report analyzing state requirements for personal finance classes to graduate high school. The report states that another 16 states will require a personal finance course by 2028. To see the list of additional states, click here.

Who supported and opposed the initiative?

Californians for Financial Education led the campaign in support of the initiative. The committee has reported over $7.6 million in contributions. The initiative was filed by Christopher Lee Kaufman and Timothy J. Ranzetta, co-founder of Next Gen Personal Finance, an organization with a stated mission to require every high school graduate to take a one-semester personal finance course by 2030. The initiative received endorsements from State Controller Malia Cohen (D), State Treasurer Fiona Ma (D), Superintendent of Public Instruction Tony Thurmond (D), and U.S. Rep. Ro Khanna (D).

California State Treasurer Fiona Ma (D) said, "As California's Treasurer, investing in our youth through initiatives like the California Personal Finance Education Initiative will pay off big for individuals, families, and our state's economy. Teaching financial literacy in high school sets students up for success, giving them an advantage in today's world. Let's empower students and build economic equality, one step at a time."

Ballotpedia has not located a campaign in opposition to the ballot measure. Morgan Polikoff, an associate professor at USC's Rossier School of Education who opposes the initiative, said, "The primary general reason I oppose this initiative is that it sets a terrible precedent. While we might all like financial literacy, it’s not hard to imagine future ballot initiatives that try to change curriculum in ways we might not like. ... Beyond that, legislators, boards and executives in state government are much better positioned to pass rules that make sense in the context of existing education policies."

Text of measure

Ballot title

The ballot title would have been as follows:

“

Adds one-semester personal finance course to high school graduation requirements. Initiative statute.

”

Petition summary

The summary provided for inclusion on signature petition sheets was as follows:

“

Adds one-semester personal finance course to existing graduation requirements for public high school students (including those attending charter schools) beginning with the graduating class in 2030. Requires schools to begin offering the course by the 2026-27 school year. This course would be in addition to currently required one-semester economics course, which may—but is not required to—include personal finance curriculum. Students may fulfill new requirement by completing an existing University of California-approved personal finance course, or a new course approved by a school’s governing body.

”

Fiscal impact

The fiscal impact statement was as follows:

“

Potential increased costs to schools that could reach in the high tens of millions of dollars annually in the first few years and then likely decline over time. Costs could be related to additional teachers, curriculum development, and instructional materials and would depend on how the measure is implemented.

”

Full text

The full text of the initiative can be read below:

Support

Californians for Financial Education led the campaign in support of the initiative.

Supporters

Officials

• U.S. Rep. Ro Khanna (D)
• Pittsburg Unified School District Board of Trustee Destiny Briscoe
• Los Angeles Community College Board Trustee Nichelle Henderson
• Santa Clara County Board of Education Member Raeena Lari (Nonpartisan)
• Glendale Community College Board Member Desiree Portillo Rabinov
• State Center Community College Board Trustee Destiny Rodriguez (Nonpartisan)
• State Controller Malia Cohen (D)
• Treasurer Fiona Ma (D)
• Superintendent of Public Instruction Tony Thurmond (D)

Former Officials

• Former Asm. Jordan Cunningham (R)

Political Parties

• California Democratic Party
• Republican Party of California

Organizations

• California Credit Union League
• National Association of Insurance and Financial Advisors, California
• Next Gen Personal Finance
• The Academy of Financial Education

Arguments

• Superintendent of Public Instruction Tony Thurmond (D): "I strongly support the California Personal Finance Initiative. It is crucial as it addresses the pressing need for financial literacy among our youth, empowering them with essential skills to navigate the complexities of personal finance. It fosters economic empowerment, bridges equity gaps, and I believe it will secure brighter economic futures for all."
• California State Treasurer Fiona Ma (D): "As California's Treasurer, investing in our youth through initiatives like the California Personal Finance Education Initiative will pay off big for individuals, families, and our state's economy. Teaching financial literacy in high school sets students up for success, giving them an advantage in today's world. Let's empower students and build economic equality, one step at a time."
• Californians for Financial Education: "[O]nly 1% of California high school students are required to take a semester class about personal finance, compared to 50% nationally. Now is the time to fix this problem by guaranteeing this course to all students regardless of their zip code or family’s socioeconomic status."

Opposition

Ballotpedia did not locate a campaign in opposition to the ballot measure.

Arguments

• David Tokofsky, former Los Angeles School Board Member: "We already require economics to graduate high school. Now we’re adding pocketbook economics, which is part of the curriculum anyway. It’s a great kind of course for summer school, online and winter session — to entice kids with something different — but putting it in the regular 8 a.m. to 3 p.m. day means biology, English, math or history will suffer."
• Morgan Polikoff, an associate professor at USC's Rossier School of Education: "The primary general reason I oppose this initiative is that it sets a terrible precedent. While we might all like financial literacy, it’s not hard to imagine future ballot initiatives that try to change curriculum in ways we might not like. ... Beyond that, legislators, boards and executives in state government are much better positioned to pass rules that make sense in the context of existing education policies."

Campaign finance

See also: Campaign finance requirements for California ballot measures

The campaign finance information on this page reflects the most recent scheduled reports that Ballotpedia has processed, which covered through March 31, 2024.

Californians for Financial Education was registered in support of the initiative. It reported over $7.8 million in contributions. Ballotpedia did not identify committees opposing the ballot initiative. If you are aware of any opposition committees, please send an email with a link to editor@ballotpedia.org.

	Cash Contributions	In-Kind Contributions	Total Contributions	Cash Expenditures	Total Expenditures
Support	$213,025.00	$7,624,377.69	$7,837,402.69	$7,229,854.83	$14,854,232.52
Oppose	$0.00	$0.00	$0.00	$0.00	$0.00
Total	$213,025.00	$7,624,377.69	$7,837,402.69	$7,229,854.83	$14,854,232.52

Support

The following table includes contribution and expenditure totals for the committee in support of the measure.

Committees in support of Require Personal Finance Course for High School Graduation Initiative
Committee	Cash Contributions	In-Kind Contributions	Total Contributions	Cash Expenditures	Total Expenditures
Californians for Financial Education	$213,025.00	$7,624,377.69	$7,837,402.69	$7,229,854.83	$14,854,232.52
Total	$213,025.00	$7,624,377.69	$7,837,402.69	$7,229,854.83	$14,854,232.52

Donors

The following were the top donors who contributed to the support committee.

Donor	Cash Contributions	In-Kind Contributions	Total Contributions
Timothy Ranzetta	$0.00	$5,011,380.69	$5,011,380.69
Bill Gurley	$200,000.00	$0.00	$200,000.00
Jennifer Sweeney	$10,000.00	$0.00	$10,000.00
Ronny Conway	$500.00	$0.00	$500.00
Sabrina Burton	$500.00	$0.00	$500.00

Background

State Minimum High School Graduation Requirements

As of 2024, California Education Code (EC) Section 51225.3 establishes minimum graduation requirements for high school students in the state. The course requirements included:

• Three year-long courses in English;
• Two year-long courses in mathematics, including one year of Algebra I;
• Two year-long courses in science, including biological and physical sciences;
• Three year-long courses in social studies, including United States history and geography; world history, culture, and geography; one-semester course in American government and civics, and one-semester course in economics;
• One year-long course in visual or performing arts, world language, or career technical education;
• Two courses in physical education, unless the pupil has been exempted; and
• One semester of Ethnic Studies, commencing with pupils graduating in the 2029–30 school year.

States that require a personal finance course

As of January 2024, seven states—Alabama, Iowa, Mississippi, Missouri, Tennessee, Utah, and Virginia—required students to take a personal finance course to graduate. The Center for Financial Literacy at Champlain College released a report analyzing state requirements for personal finance classes to graduate high school. The report states that another 16 states (listed below) will require a personal finance course by 2028.

Next Gen Personal Finance

Next Gen Personal Finance is a 501(c)(3) nonprofit co-founded by Jessica Endlich and Tim Ranzetta, who filed the initiative. Next Gen says its mission is to require every high school graduate to take a one-semester personal finance course by 2030. The organization provides grants to schools and school districts, teacher education, and online personal finance courses.

Path to the ballot

See also: Laws governing the initiative process in California

The state process

In California, the number of signatures required for an initiated state statute is equal to 5 percent of the votes cast in the preceding gubernatorial election. Petitions are allowed to circulate for 180 days from the date the attorney general prepares the petition language. Signatures need to be certified at least 131 days before the general election. As the verification process can take multiple months, the secretary of state provides suggested deadlines for ballot initiatives.

The requirements to get initiated state statutes certified for the 2024 ballot:

• Signatures: 546,651 were required.
• Deadline: The deadline for signature verification was 131 days before the general election, which was around June 27, 2024. However, the process of verifying signatures can take multiple months and proponents are recommended to file signatures at least two months before the verification deadline.

Signatures are first filed with local election officials, who determine the total number of signatures submitted. If the total number is equal to at least 100 percent of the required signatures, then local election officials perform a random check of signatures submitted in their counties. If the random sample estimates that more than 110 percent of the required number of signatures are valid, the initiative is eligible for the ballot. If the random sample estimates that between 95 and 110 percent of the required number of signatures are valid, a full check of signatures is done to determine the total number of valid signatures. If less than 95 percent are estimated to be valid, the initiative does not make the ballot.

Details about this initiative

• The initiative was filed on September 5, 2023, by Christopher Lee Kaufman and Timothy J. Ranzetta.
• The initiative was cleared for signature gathering on November 9, 2023.
• On December 13, 2023, the secretary of state reported that proponents had collected 25% of the required number of signatures.
• On March 12, 2024, Californians for Financial Education announced they had submitted nearly 900,000 signatures to county registrars.
• On May 8, the secretary of state announced that the initiative had qualified for the ballot. The raw count projected or found the petition contained 693,676 signatures for a signature validity rate of 77.82%.
• On June 27, 2024, the secretary of state reported that the sponsors of the initiative had withdrawn it. Gov. Gavin Newsom (D) announced on the same day that the state would be adding financial literacy as a requirement to graduate high school.

How to cast a vote

See also: Voting in California

See below to learn more about current voter registration rules, identification requirements, and poll times in California.

How to vote in California

Poll times

All polls in California are open from 7:00 a.m. to 8:00 p.m. Pacific Time. An individual who is in line at the time polls close must be allowed to vote.

Registration

Check your voter registration status here.

To vote in California, an individual must be a U.S. citizen and California resident. A voter must be at least 18 years of age on Election Day. Pre-registration is available at 16 years of age. Pre-registered voters are automatically registered to vote when they turn 18.

Automatic registration

California automatically registers eligible individuals to vote when they complete a driver's license, identification (ID) card, or change of address transaction through the Department of Motor Vehicles. Learn more by visiting this website.

Online registration

See also: Online voter registration

California has implemented an online voter registration system. Residents can register to vote by visiting this website.

Same-day registration

California allows same-day voter registration.

Californians must be registered to vote at least 15 days before Election Day. If the registration deadline has passed for an upcoming election, voters may visit a location designated by their county elections official during the 14 days prior to, and including Election Day to conditionally register to vote and vote a provisional ballot, which are counted once county election officials have completed the voter registration verification process. The state refers to this process as Same Day Voter Registration.

Residency requirements

To register to vote in California, you must be a resident of the state. State law does not specify a length of time for which you must have been a resident to be eligible.

Verification of citizenship

See also: Laws permitting noncitizens to vote in the United States

California's constitution requires that voters be U.S. citizens. When registering to vote, proof of citizenship is not required. Individuals who become U.S. citizens less than 15 days before an election must bring proof of citizenship to their county elections office to register to vote in that election. An individual applying to register to vote must attest that they are a U.S. citizen under penalty of perjury.

As of November 2024, two jurisdictions in California had authorized noncitizen residents to vote for local board of education positions through local ballot measures. Only one of those jurisdictions, San Francisco, had implemented that law. Noncitizens voting for board of education positions must register to vote using a separate application from the state voter registration application.

All 49 states with voter registration systems require applicants to declare that they are U.S. citizens in order to register to vote in state and federal elections, under penalty of perjury or other punishment. Seven states — Alabama, Arizona, Georgia, Kansas, Louisiana, New Hampshire, and Wyoming — have laws requiring verification of citizenship at the time of voter registration, whether in effect or not. In three states — California, Maryland, and Vermont — at least one local jurisdiction allows noncitizens to vote in some local elections. Noncitizens registering to vote in those elections must complete a voter registration application provided by the local jurisdiction and are not eligible to register as state or federal voters.

Verifying your registration

The secretary of state's My Voter Status website allows residents to check their voter registration status online.

Voter ID requirements

California does not require voters to present identification before casting a ballot in most cases. However, some voters may be asked to show a form of identification when voting if they are voting for the first time after registering to vote by mail and did not provide a driver license number, California identification number, or the last four digits of their social security number. On September 29, 2024, Gov. Gavin Newsom (D) signed SB 1174 into law prohibiting any jurisdiction in the state from adopting a local law that requires voters to present ID before voting.

The following list of accepted ID was current as of October 2024. Click here for the California Secretary of State page to ensure you have the most current information.

“

Current and valid photo identification provided by a third party in the ordinary course of business that includes the name and photograph of the individual presenting it. Examples of photo identification include, but are not limited to, the following documents: driver's license or identification card of any state; passport; employee identification card; identification card provided by a commercial establishment; credit or debit card; military identification card; student identification card; health club identification card; insurance plan identification card; or public housing identification card. Any of the following documents, provided that the document includes the name and address of the individual presenting it, and is dated since the date of the last general election…: utility bill; bank statement; government check; government paycheck; document issued by a governmental agency; sample ballot or other official elections document issued by a governmental, agency dated for the election in which the individual is providing it as proof, of residency or identity; voter notification card issued by a governmental agency; public housing identification card issued by a governmental agency; lease or rental statement or agreement issued by a governmental agency; student identification card issued by a governmental agency; tuition statement or bill issued by a governmental agency; insurance plan card or drug discount card issued by a governmental agency; discharge certificates, pardons, or other official documents issued to the individual by a governmental agency in connection with the resolution of a criminal case, indictment, sentence, or other matter; public transportation authority senior citizen and disabled discount cards issued by a governmental agency; identification documents issued by governmental disability agencies; identification documents issued by government homeless shelters and other government temporary or transitional facilities; drug prescription issued by a government doctor or other governmental health care provider; (R) property tax statement issued by a governmental agency; vehicle registration issued by a governmental agency; or vehicle certificate of ownership issued by a governmental agency.

”

See also

2024 measures

• 2024 ballot measures
• Education on the ballot
• 2024 petition deadlines

California

• California ballot measures
• California initiative laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls
• Ballot measure signature costs

External links

• Initiative and referendum status
• Full text