State-by-State Assessment with Regard to Financial Literacy and Personal Finance Education Actions

State Department of Education Link http://www.michigan.gov/mde  
Legislation and Authorization In June 2010, the Michigan State Board of Education adopted the Common Core State Standards (CCSS) as the state standards for mathematics and English Language Arts. The complete CCSS standards document can be found at www.michigan.gov/k-12 by clicking the Common Core State Standards Initiative link. Districts are encouraged to begin the transition of instruction to the new standards as soon as possible to prepare all students for career and college.
New assessments based on the CCSS will be implemented in 2014-2015.
Links to State Bills S.B.997
Additional Links  
Stand-Alone Personal Finance Standards NO
Personal Finance Standards in Career and Techical Education (CTE), Family and Consumer Sciences NO
Personal Finance Embedded in Social Studies or Economics Standards YES Economics and personal finance content in Michigan Social Studies Content Expectations K-12. High school economics course has extensive section on personal finance: 4.1.4 Evaluate key components of personal finance including, money management, saving and investment, spending and credit, income, mortgages, retirement, investing (e.g., 401K, IRAs), and insurance.
Personal Finance Embedded in Mathematics Common Core Standard YES Included in Mathematics Common Core - Modeling.
State Has Adopted Mathematics and English Language Arts Common Core YES
Personal Finance or Financial Literacy Course Required or Offered YES Personal finance content is required in Economics and in other courses K-12.
Personal Finance Course Required for Graduation  NO
Personal Finance Content required in Economics or Other Course Required for Graduation   YES Michigan requires a 1/2 credit course in economics, which includes strong content in personal finance.
Prescribed or Recommended Personal Finance Curriculum  State's high school economics and personal finance decision-making curriculum is comprehensive.
State Requires Economic Reasoning /Thinking Skills  YES
State Standard Correlated with Jump$tart Financial Literacy Standard YES Covers all the Jump$tart Standards.
State Assessment of Personal Finance Required  YES In Michigan, Personal finance content is tested as part of Social Studies interim assessment for high school economics. For High School Social Studies, there will be course interim assessments for Economics, Civics, US History & Geography, and World History & Geography. Revised March 2013.
Financial Literacy Bills Currently Being Considered by the State Legislature S.B. 267 requires a half credit of financial literacy as part of the math credit required for Michigan merit curriculum.
Financial Literacy Education Bills Signed by Governor and/or Passed by the House and Senate  The Senate sent a bill to House for concurrence in 2010 that modifies the four-year mathematics requirement in the Michigan high school merit standard curriculum. Under the bill, the curriculum would require a credit in algebra I, a credit in geometry (or the equivalent in a career and tech course), a credit in financial literacy or algebra II (or the equivalent in a career and tech course) or an integrated sequence of this course consisting of three credits, and a fourth math credit in a course such as trigonometry, statistics, pre-calculus, calculus, applied math, accounting, business math, algebra II (or the equivalent in a career and tech course), a re-take of algebra II, a financial literacy course, or a career and tech education course with math content approved by the board of the school district or charter school.
Passed Senate May 2008 Provides for a financial literacy course as a permissible mathematics course under Michigan merit standard for high school graduation.
State Appropriations and State Dept Education Funding for K-12 NO 
Established Financial Literacy Month YES House and Senate March 2004, 2005, 2006, 2007, 2009, 2010, 2011, 2012 Establishes April as Financial Literacy for Youth Month in Michigan