Program of Basic Education, Financial Education State Learning Standards.  Washington's program of basic education establishes four goals for school districts pertaining to the opportunity for every student to develop the knowledge and skills essential for practicing certain academic skills and concepts. The fourth goal addresses "the importance of work and finance and how performance, effort, and decisions directly affect future career and educational opportunities."

The Office of the Superintendent of Public Instruction (OSPI) is required to develop state learning standards that identify the knowledge and skills all public school students need to know and be able to do.  Learning standards are based on the student learning goals of basic education, as laid out in statute. State law also requires OSPI to periodically revise the state learning standards, as needed.

In 2015 the Legislature directed OSPI to integrate financial education skills and content knowledge into the state learning standards.  OSPI adopted these standards in 2016.

High School Graduation Requirements.  Washington State students must meet various requirements to graduate high school and receive a diploma.  Students must complete 24 credits in specified subject areas as determined by the State Board of Education (SBE).  Students must also complete a High School and Beyond Plan, meet the requirements of at least one graduation pathway, and satisfy any local requirements.  

Graduating students in the class of 2021 and subsequent classes must earn 17 core academic credits, four elective credits, and three locally determined personalized pathway credits. 

Financial Education Public-Private Partnership.  In 2015 the Legislature established the Financial Education Public-Private Partnership (FEPPP). The FEPPP is comprised of members of the Legislature, representatives from the private for-profit and nonprofit financial services sector, the Washington State Department of Financial Institutions, OSPI, the State Treasurer, and teachers.

State law provides a variety of responsibilities for the FEPPP, including, among others:

• seeking out and determining the best methods of equipping students with the knowledges and skills they need to make critical decisions regarding their personal finances;
• developing communicating financial education standards to school districts;
• reviewing financial education curriculum;
• monitoring, creating, and providing guidance for professional development for educators;
• administer grant programs; and
• other tasks in support of financial literacy, subject to appropriation.

Revised Instructional Offering and Graduation Requirements.  New instructional offering and graduation requirements related to financial education are established for school districts and students.  Beginning in or before the 2025-26 school year, each school district that operates a high school must provide high school students with access to no less than one-half credit of financial education instruction.  The required content and instruction may be provided in stand-alone courses or embedded into other courses and subject areas, and instruction provided in accordance with the requirements must conform with the statewide financial education learning standards.

Beginning with students in the graduating class of 2029, each student must earn at least one-half credit of financial education instruction to qualify for graduation from a public high school.

School districts must publicize the new instructional offering and graduation requirements to students and their parents or legal guardians, beginning no later than the 2025-26 school year.

By December 15, 2024, school districts must submit to the SBE a plan and timeline for providing students with the ability to meet the revised graduation requirement.  If a school district, on or before September 1, 2023, requires students to earn at least one-half credit of financial education as a graduation prerequisite, the district, rather than submitting a plan and timeline, must submit notice specifying how they are providing students with the ability to meet the graduation requirement.  Materials received by the in accordance with these requirements must be posted on their website.

Instruction to Students in Elementary and Middle Schools.  Beginning in or before the 2026-27 school year, school districts must provide financial education instruction to all students in elementary and middle school grades.  The instruction must be provided no less than:

• twice to students while they are in any of the grades of kindergarten through 3;
• twice to students while they are in grades 4 or 5; and
• four times to students while they are in any of the grades of 6 through 8, or grades 6 through 9 if grade 9 is not offered at the applicable high school.

Applicability to Charter Schools and State-Tribal Education Compact Schools.  The requirements of the bill for school districts apply also to charter schools and state-tribal education compact schools.