Florida lawmakers unanimously pass personal finance education bill.
High school graduates in Florida may soon be required to take a financial literacy course.
On Tuesday, the Florida House of Representatives unanimously passed SB 1054, which was previously approved by the Florida Senate on Friday without any opposition. The bill was sponsored by Sen. Travis Hutson and Rep. Demi Busatta Cabrera, both Republicans, and had bipartisan support from 35 co-sponsors.
The bill will be sent to Governor Ron DeSantis, a Republican, for his signature.
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Florida's chief financial officer, Jimmy Patronis, emphasized the importance of financial literacy for students in a Tuesday statement. He said that the legislation would provide vital resources to help students learn the basics of credit, budgeting, savings, and investing before graduation, which is crucial for their financial success in the future.
Personal finance classes on the rise
Florida will become the first state to mandate at least one semester of personal finance education for ninth-grade students in the 2023-2024 school year, according to Next Gen Personal Finance, a nonprofit. The legislation will require students to take a half-credit course in personal finance or money management before they graduate.
The financial education bill's success, which passed unanimously in both the senate and house, will have a ripple effect on other states, as it is a bipartisan matter, according to Yanely Espinal, director of educational outreach at Next Gen Personal Finance. Everyone agrees that our students need and deserve 21st century relevant financial skills.
A total of 54 personal finance education bills are currently being considered in 26 states, according to Next Gen Personal Finance’s bill tracker. At least seven states, including Florida, mandate that students take a standalone personal finance course in order to graduate, which the nonprofit deems the ideal standard for such education.
In addition to the 20 states that incorporate personal finance education in their curriculum, there are also various proposals, such as Arizona's bill that allows a personal finance course to fulfill a math course requirement and Tennessee's bill that mandates personal finance courses for middle school students. Tennessee is one of seven states that already ensures personal finance courses for high schoolers.
Despite the pandemic disrupting personal financial education nationwide, it underscored the significance of imparting strong financial skills.
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