On Tuesday, Florida Governor Ron DeSantis signed the Dorothy L. Hukill Financial Literacy Act, joining20 other states in requiring financial literacy education for students.
The act will require high school students to take a financial literacy course to receive a standard high school diploma. The legislation will officially become a graduation requirement for students who enter high school in the 2023-2024 school year and will not affect students currently enrolled in high school.
“Financial literacy is an important life skill for a student to have,” DeSantis said in a statement. “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.”
Students will be required to earn one-half credit in personal financial literacy and money management, including instruction on types of bank accounts, credit scores, taxes, and managing debt. Due to the economic challenges currently facing the nation, SB 1054 will help prepare students by providing them with the knowledge to achieve financial stability and independence.
“I am a daughter of immigrants, and my parents ran a household that was cash only,” added Yanely Espinal, Director of Educational Outreach with Next Gen Personal Finance. “The world of money is changing so fast and if we don’t help our children keep up, the next generation is going to repeat cycles of a lack of financial literacy.”
Common Core replacement
The legislation was part of DeSantis’ efforts to eliminate Common Core and implement B.E.S.T. Standards for Math, standards that now embed financial literacy in ninth through 12th grades. Common Core did not include financial literacy for any grade level and proponents claim, “this legislation will solidify Florida’s comprehensive commitment to our students’ future success.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
