The Arizona House Education Committee has passed a bill that would require a personal financial literacy component for students taking economics classes in high school.

Arizona Treasurer Kimberly Yee said it’s important for young people to understand the pitfalls of credit and how to keep their financial house in order.

“We’re missing a really large number of students before they head on to the real world to understand the basic skills of balancing their checkbook and understanding what it really means to carry a balance month to month on their credit cards," said Yee.

The bill was originally introduced in the state Senate and now moves to the full House for a vote.\

EDITOR'S NOTE: Kimberly Yee's first name has been corrected, as it was previously misspelled.