CO SB045

Adds student loan debt and retirement planning to the definition of financial literacy in Colorado statute, alongside existing topics like budgeting, credit management, and investment options.

Requires the state board of education to include knowledge and skills in financial literacy standards covering financing higher education and retirement planning at all grade levels.

Mandates financial literacy standards include understanding of student loan programs and types (public/private), interest rates, debt limits, repayment obligations, default consequences, and the requirement to repay even if degree is not completed.

Mandates financial literacy standards include understanding of common retirement savings methods including long-term investments, tax-deferred accounts, pensions, and government retirement benefits.

Encourages school districts to select mathematics and economics textbooks that include substantive coverage of personal finance topics including student loans and retirement planning.