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AB-1647 Pupil instruction: financial literary.(2019-2020)

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Date Published: 02/22/2019 09:00 PM
AB1647:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2019–2020 REGULAR SESSION

Assembly Bill
No. 1647


Introduced by Assembly Member Chen

February 22, 2019


An act to amend Section 51280 of the Education Code, relating to pupil instruction.


LEGISLATIVE COUNSEL'S DIGEST


AB 1647, as introduced, Chen. Pupil instruction: financial literary.
Existing law expresses findings and declarations of the Legislature regarding financial literacy in the state.
Existing law expresses the intent of the Legislature to enact legislation that would result in the education of all Californians regarding the prospect of becoming an “aging” state, including education as to, among other subjects, the importance of saving and financial planning.
This bill would revise the findings and declarations to delete specific references to “boomers,” and would add the importance of estate planning to the subjects, as described above.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 51280 of the Education Code is amended to read:

51280.
 (a) The Legislature finds and declares all of the following:
(1) There are profound personal and financial implications for Californians associated with the average life expectancy steadily increasing toward 100 years of age.
(2) The savings rate among “boomers” continues to drop, while their Savings rates continue to drop while cumulative debt continues to rise.
(3) A majority of workers choose to “cash out” of their employment savings plans when changing jobs, rather than transferring the accounts upon job changes and maintaining their savings in these accounts.
(4) It is estimated that 40 to 50 percent of “boomers” Significant numbers of people will likely find themselves living their later years in financial hardship.
(5) Californians should be financially prepared for, and aware of, the lifelong health issues associated with later life.
(b) It is the intent of the Legislature to enact legislation that will result in the education of all Californians regarding our prospect of becoming an “aging” state, including education as to all of the following:
(1) The changes we can expect in the later years of our lives.
(2) The changes we can expect of a society that is growing older.
(3) How we can be better prepared to sustain ourselves and our society in the coming years.
(4) The financial realities of living for a century.
(5) The importance of saving and financial planning.
(6) The importance of estate planning.

(6)

(7) The financial benefits of healthful living and disease prevention.

(7)

(8) A new vision of aging, thereby dispelling ageist myths.

(8)

(9) An understanding of chronic disease and illness, with an emphasis on disease prevention and health in later life.