Effective with the 2026-2027 school year, all Pennsylvania schools will be required to implement a mandatory personal finance course students must complete during grades nine through twelve. This requirement is a result of Act 35 of 2023 which amended Section 1551 of the Public School Code of 1949 (Act 35). In addition, Act 91 of 2019 amended Section 1605 of the Public School Code of 1949 (Act 91), allowing students to apply credit earned in a personal finance course to other areas.

This guidance document is designed to assist Local Education Agencies (LEAs) as defined by Section 1551[1] in implementing the new personal finance course requirements.  

Definition

Content

Course Titles & PIMS Reporting

Credit & Completion

Timing

Educator Certification

While this guidance document is specific to the new personal financial literacy course requirements, users are encouraged to review information regarding the proposed Pennsylvania Academic Standards for Personal Finance. The State Board of Education issued a proposed rulemaking in January 2024 that would add these standards to Chapter 4. For more information, visit the Academic Standards for Personal Finance section of the toolkit.

At present, financial education varies from one LEA to another. Some LEAs already require students to take a standalone personal finance course or offer it as an elective. Others provide more limited personal finance instruction. With the passage of Act 35, all Pennsylvania high school students will be required to take a personal finance course once during grade nine, ten, eleven, or twelve , beginning with the 2026-2027 school year. Notably, this requirement applies to both public school entities and nonpublic schools and stipulates that the mandatory course must have a value of at least one-half credit or half of a full credit.

Research indicates numerous benefits of financial education. Students taking personal finance courses can make more thoughtful and well-informed decisions in areas such as earning, spending, saving, using credit, etc.—each of which can affect their career pathway and life choices. For example, studies conclude that students who are required to take a high school personal finance course are more likely to apply for financial aid and receive grants and federal aid,^[2] pay off credit cards in full each month,² and save money^.[3] They were also less likely to borrow from private student lenders¹, carry a credit card balance,¹ max out their credit cards,² make late credit card payments,² obtain payday loans^[4], and be compulsive buyers.² Over time, these benefits can make a financial difference for students. A recent study^[5] quantifies the cumulative financial benefit of financial education which averages approximately $100,000 per student. These include reduced costs related to credit and debt, student loans, insurance, and borrowing. In addition, individuals who receive financial education accumulate larger retirement funds and assets.