Other than the Fake Sugar Dick (WARNING, NOT THE REAL SUGAR DICK!) handshake thing, this is what Home Economics is supposed to be rather than baking and sewing.
Home Economics was created over a hundred years ago, sort of as a women's alternative to shop. Its purpose was to teach women how to be better homemakers. The origins are quite ironically very sexist. While teaching things like balancing a budget would seem to be a perfect fit for home economics, as you point out, those classes are still devoted to cooking, sewing, etc.
This bill doesn't mandate one particular class - it mandates that certain financial literacy instruction be incorporated into many classes K-12. It's a good idea, but somewhat nebulous in application. It would also be a great idea to require a specific class in "don't be a financial dumbass" that would be mandatory for, say, all high school juniors about the time they're looking at colleges.