SF5104

Purpose

• The bill provides funding from the state’s general fund to the Department of Education to support a Youth Stabilization Program implemented by Build Wealth Minnesota. The goal is to provide a research-based financial literacy curriculum aligned with kindergarten through grade 12 (K-12) financial literacy standards, and to expand access to financial literacy education for Minnesota students.

Main Provisions

• Grant purpose

  • Create a Youth Stabilization Program grant to support Build Wealth Minnesota in implementing the Youth Stabilization Program.
  • The curriculum is designed to be research-based and aligned with K-12 financial literacy standards.

• How grant funds must be used

  • Support middle school and high school financial literacy instruction.
  • Help school districts meet financial literacy education requirements through practical, real-world financial education.
  • Implement the Youth Stabilization Program curriculum across grade levels and courses as a comprehensive financial readiness program for high school seniors preparing to transition into adulthood.
  • Provide student licenses for the Youth Stabilization Program financial literacy curriculum.
  • Support district integration of the curriculum into middle school and high school coursework.
  • Provide implementation guidance and instructional support to participating school districts.
  • Expand access to financial literacy education for Minnesota students.

• Reporting requirement

  • By October 1, 2028, the grant recipient must report to the Chairs and Ranking Minority Members of the legislative committees with jurisdiction over K-12 education.
  • The report must cover activities and outcomes funded by the appropriation, including:
  • Number of schools and students with access to financial literacy instruction through the Youth Stabilization Program.
  • Number of districts implementing financial literacy education.
  • Examples of curriculum developed by the Youth Stabilization Program.
  • A summary of the implementation support provided to participating schools.

Funding and Administration

• Administration

  • The appropriation is from the general fund to the commissioner of education for the designated fiscal year.

• Program scope

  • Focuses on K-12 education and includes a specific emphasis on high school seniors transitioning to adulthood.

Implications and Significance

• Creates a new funding stream and program (Youth Stabilization Program) to enhance financial literacy education in Minnesota.
• Emphasizes practical, real-world money skills and a structured curriculum across multiple grade levels.
• Establishes a formal reporting requirement to track reach, implementation, and outcomes over time.

Potential Impact on Existing Law

• This provision appears to establish a new appropriation and program rather than making substantive changes to existing law. It expands financial literacy education access and activities within Minnesota Public Education through a new grant to Build Wealth Minnesota, guided by the Department of Education.

Roles and Partnerships

• Department of Education: administers the grant and oversees the program.
• Build Wealth Minnesota: leading the implementation of the Youth Stabilization Program and curriculum.
• School districts and schools: implement the curriculum, integrate it into coursework, and participate in guidance and support activities.

Timeline Highlights

• Reporting deadline: October 1, 2028.

Note on Scope

• Applies to financial literacy education for students from elementary through high school, with a focus on high school seniors preparing for adulthood.

Relevant Terms

• Youth Stabilization Program grant
• Build Wealth Minnesota
• financial literacy curriculum
• kindergarten through grade 12 (K-12) standards
• middle school
• high school
• real-world financial education
• financial readiness program
• high school seniors
• student licenses
• district integration
• implementation guidance
• instructional support
• expand access
• general fund
• Department of Education
• report due October 1, 2028
• legislative committees (K-12 education)