Governor Ron DeSantis has signed a new law that requires students in Florida high schools to take a financial literacy course before they graduate.
It is known as the Dorothy L. Hukill Financial Literacy Act, and students will need the half-credit course in personal finance literacy and money management in order to get their diploma.
In the legislation, it points out that the course is to cover basic skills, not advanced financial skills. Students will learn how to balance their checkbooks, manage a bank account, and complete a loan application. There will also be taught how to file federal income taxes.
Local tax assessments will also be a part of the curriculum, as will the basics of insurance policies and simple contracts.
DeSantis said in a statement: “Financial literacy is an important life skill for a student to have. Ensuring our students have the skills to manage their finances and perhaps one day own a business will pay dividends for our state. I am proud to sign this bill to support the future of Florida’s students and ultimately their families and communities.”
Florida is now the 11th state in the United States to have this financial literacy requirement in order for students to graduate. Other states that have similar requirements include Alabama, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Rhode Island, Tennessee, Utah, and Virginia.
A study showed how important this was because almost 70% of high school students had access to these classes in 2021 but only about 20% were guaranteed to take the course because they needed it to graduate.
Yanely Espinal, Next Gen’s director of educational outreach, spoke with FOX Business and said that there were other states considering similar legislation, such as Georgia, Michigan, and South Carolina.
Espinal was happy with what Florida did, saying: “Florida ranks 3rd in the nation for K-12 Achievement and is a leader in the education space. This financial literacy bill will have a ripple effect on other states, especially because it passed unanimously in both the Senate and House showing it is truly a bipartisan matter.”
She then went on to say that everyone agrees with the need for students to have financial skills in the 21st century.