Florida Governor Ron DeSantis speaks at the Conservative Political Action Conference (CPAC) in Orlando, Florida on February 24, 2022.
Mark Bello | Reuters
Florida is officially the largest state to mandate a financial literacy course for high school graduation.
Florida Governor Ron DeSantis signed the bill into law on Tuesday. SB 1054 in the law. The legislation has been adopted unanimously by the House of Representatives and the State Senate in early March.
“What the bill does with financial literacy really provides a foundation for students that will be applicable in their lives no matter what path they take,” DeSantis said at a press event Tuesday. “It will provide a foundation for students to learn the basics of money management, understand debt, understand how to balance a checkbook, understand the fundamentals of investing.”
The new law will apply to students entering ninth grade in the 2023-2024 school year and will require them to take a half-credit course in personal finance before graduating.
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“Whether our students choose to go to one of our great colleges or universities, pursue a trades or apprenticeship program, a career in the arts or the military, every student deserves to be equipped with the education and knowledge needed to succeed financially in our society,” said Rep. Demi Busatta Cabrera, a Republican and one of the bill’s main sponsors.
A trend in personal finance education
Florida is the latest in a growing trend of states passing legislation that includes personal finance education for students.
“The world of money is changing so fast, if we don’t help our students keep up, the next generation will repeat cycles of lack of financial literacy,” said Yanely Espinal, outreach director at Next Gen Personal Finance. . , a non-profit association.
Currently, there are 54 personal finance bills pending in 26 states, according to Next Gen Personal Finance Invoice Tracking. Today, 11 states, including Florida, require students to take a stand-alone course in personal finance to graduate, which the nonprofit considers the gold standard for such education.
