Governor Ron DeSantis signed the Florida Student Financial Literacy Bill into law, requiring high school students to take a half-credit personal finance course before graduation.
“It will be very beneficial for every student to have financial literacy before graduating from high school.”
The bill was introduced in the Senate by District 7 Senator Travis Hutson, who represents Flagler County, St. Johns County and the northern part of Volusia County.
Senate Bill 1054, “Teaching Financial Literacy in Public Schools,” passed the Florida Senate and House unanimously.
DeSantis signed it into law on March 22. The law, called the Dorothy L. Hukill Financial Literacy Act, applies to students entering ninth grade in the 2023-2024 school year or later.
“Senator Hukill, a dear friend of mine who died while serving, lobbied for this…probably 10 years ago,” Hutson said. “So that fulfills her legacy, and I was happy and honored to do that for her.”
The state originally approved the financial literacy course a few years ago as an elective, he said.
“When you introduce something new to a program, there are only so many hours in the day and you want to make sure it’s worth it,” Hutson said. “So we did it as an elective so we didn’t take up those hours at first, and we found that when the kids graduated from that program, it was very beneficial. a few years and make sure everyone got used to it. And then the objections disappear.
He heard positive reviews from teachers.
“We saw how beneficial it was and decided that tenure was probably the way to go,” Hutson said.
The state financial literacy course must, by law, include discussion or instruction on the following topics:
1. Types of bank accounts offered, opening and management of a bank account and assessment of the quality of services of a depository institution.
2. Balance a checkbook.
3. Basics of money management, such as spending, credit, credit scores, and debt management, including retail and credit card debt.
4. Complete a loan application.
5. Receiving an Inheritance and Related Implications.
6. Basic principles of personal insurance policies.
7. Calculation of federal income taxes.
8. Local tax notices.
9. Calculation of interest rates by various mechanisms.
10. Simple contracts.
11. Dispute an incorrect billing statement.
12. Types of savings and investments.
13. State and Federal Finance Laws.