California Superintendent of Public Instruction Tony Thurmond on Aug. 18 announced that he secured an additional $1.4 million in private funding for teachers in California high schools to help deliver financial literacy courses.

He was joined in a virtual press conference by Tim Ranzetta, co-founder of California-based nonprofit Next Gen Personal Finance, which is partnering with the state to provide teacher stipends and professional development for financial literacy.

The public–private partnership provides $1.4 million in professional development grants to train high school teachers, enabling them to offer personal finance electives at their high schools, as well as a district-matching grant program for personal finance specialists.

Research shows that students who have access to high-quality financial education have better financial outcomes as adults, resulting in less debt and a higher quality of life. According to a NGPF report, although 70% of high school students nationwide have access to a personal finance elective or a guaranteed course, only 26% in California have access. Thurmond said he is working to change that.

“Providing financial literacy gives students a way of learning in very hands-on and practical ways,” he said. “Financial literacy is especially critical at a time of rising inflation, where many families are facing tough economic choices. These classes will increase our students’ awareness and allow them to live a life without debt and to make better financial choices. There are academic benefits to our students as well, and these courses can align with our A-G requirements. We know that Californians live with a very high cost of living, there’s a lot of poverty and a lot of challenges, and we believe that these are tools that will help to improve the lives of our young people – maybe even engage them in ways that will make them more excited about what they’re learning in mathematics, science and other subjects.”

In addition to the NGPF grant, the 2022-23 state budget provides a $3.5 billion Arts, Music and Instructional Materials Discre-tionary Block Grant to county offices of education, school districts, charter schools and the state special schools. The block grant funds will be available to supplement NGPF’s donation and support schools’ ability to expand financial literacy course offerings. The one-time grant is available for encumbrance through the 2025-26 fiscal year and is allocated on a per-pupil basis.

“I want to say again how enormously grateful I am and our organization is to Superintendent Thurmond for his vision and leadership in forming this partnership,” Ranzetta said. “We’re extraordinarily proud to be part of a plan to provide our California high school students with the knowledge so they can thrive and flourish in the financial world we inhabit.”

Grant funds will be used to deliver professional development workshops to increase teacher confidence to teach the course. Teachers will receive stipends for their participation. Starting Aug. 18, the first 1,000 California public high school teachers who complete 20 hours of professional development with NGPF will earn a $500 stipend. Teachers can sign up for the professional development workshops via the NGPF.

Funds will also be used to catalyze access in the five largest public school districts in the state – Los Angeles, San Diego, Fresno, Long Beach and San Francisco. Next Gen Personal Finance is offering a matching grant program to help each district hire a personal finance specialist. The specialist will provide curriculum support and professional development to support educators within the district. The districts can receive further details about the grant program by contacting senior project manager Tori Mansfield at tori@ngpf.org.