TALLAHASSEE, Fla. — With the flick of his pen, Gov. Ron DeSantis on Tuesday signed legislation into law that requires high school students to take a financial literacy and money management class to graduate.
"Financial literacy is providing a foundation for students that will be applicable in their lives regardless of what path they take," DeSantis said during a news conference at the Innovation Preparatory Academy in Wesley Chapel.
SB 1054: "Financial Literacy Instruction in Public Schools" passed both the state House and Senate unanimously. The legislation applies to students entering high school in the 2023-2024 school year and thereafter.
The legislation revises the required credits for a standard high school diploma to require a half-credit in personal financial literacy and money management.
"Many young people in this state graduate from high school without having basic financial literacy or money management skills, and the Legislature finds that, in light of economic challenges nationwide, sound financial management skills are vitally important to all Floridians, particularly high school students," the bill reads.
The class will teach students the following, among other topics:
- Types of bank accounts offered.
- Opening and managing a bank account.
- Basic principles of money management.
- Completing a loan application.
- Local tax assessments.
In 2021, 25 states introduced legislation that would require financial literacy courses in high school curriculums, according to Next Gen Personal Finance's bill tracker.
The hope is for the bill to help better prepare students for adulthood. The bill will go effect on July 1, 2022.
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