COLUMBIA--The South Carolina Legislative Black Caucus introduced a bill Thursday that would require schools to teach students about finances and provide the funding for them to do it.

The bill would set up a fund for public or private contributions to pay for the program.

"A number of young folks get credit cards that create problems down the road," said Rep. John Scott, D-Columbia.

"To be able to provide students the opportunity to learn early is important," he said.

The bill is the result of a task force that has been meeting for several months.

Derial Ogburn, with the South Carolina Financial Services Association, said the bill gives the financial industry an opportunity "to back up our support for this with our money."

"We, the industry, have not done enough to educate the consumer," he said.