Alabama § 16-40-12 - Instruction in Personal Financial Literacy and Money Management.
Full text of Alabama Code of Alabama § 16-40-12 — Instruction in Personal Financial Literacy and Money Management., with citation guidance and answers to common questions.
§ 16-40-12. Instruction in Personal Financial Literacy and Money Management.
(a) Beginning with public school students entering ninth grade in the 2024-2025 school year, each student shall complete a course in personal financial literacy and money management before graduation from high school. This instruction shall include discussion of or instruction in all of the following:
(1) Types of bank accounts offered, opening and managing a bank account, and assessing the quality of services provided by a depository institution.
(2) Balancing a checking account.
(3) Basic principles of money management including, but not limited to, spending, credit, credit scores, and managing debt, including retail and credit card debt.
(4) Evaluating types of loans.
(5) Basic principles of personal insurance policies.
(6) Understanding percentages as relating to taxation.
(7) Computing interest rates by various mechanisms.
(8) Simple contracts.
(9) Types of savings and investments.
(b)(1) Before June 30, 2024, and in accordance with Section 16-35-4, the State Department of Education shall identify approved financial literacy courses that may fulfill one unit of academic credit for any mathematics course for high school graduation.
(2) No later than June 30, 2024, the State Department of Education shall create an examination that focuses on the standards of the approved financial literacy course. The examination shall be provided to local education agencies and shall be administered to each student upon completion of the approved financial literacy course. A summary of examination results, by local school system, shall be recorded and reported annually to the State Department of Education.
(c) The State Board of Education shall adopt rules as necessary to implement this section.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 16-40-12
What does Code of Alabama § 16-40-12 cover?
Section 16-40-12 ("Instruction in Personal Financial Literacy and Money Management.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 16-40-12?
A common citation format is "Code of Alabama § 16-40-12" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 16-40-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.