High school students in Florida are now required to receive personal finance education.

High school graduates in Florida are now required to take a financial literacy course.

On Tuesday, Florida Gov. Ron DeSantis enacted SB 1054 into law after it was unanimously approved by both the state House of Representatives and Senate in early March.

During a Tuesday press event, DeSantis stated that the bill is providing a foundation for students to learn the basics of money management, understanding debt, balancing a checkbook, and investing, which will be applicable in their lives regardless of the path they take.

Starting from the 2023-2024 academic year, students in ninth grade will be mandated to take a half-credit course in personal finance as a graduation requirement.

The American dream of the middle class is no longer what it once was. Retiring with $1 million may not be enough to cover your expenses. Your income tax bill may be lower if you reside in one of these five states.

Rep. Demi Busatta Cabrera, a Republican and the main sponsor of the bill, stated that every student, regardless of their choice of college, university, trade, apprenticeship, arts, or military career, should receive the necessary education and knowledge to achieve financial success in society.

A trend of personal finance education

A growing number of states, including Florida, are incorporating personal finance education into their curriculum for students.

If we fail to assist our students in keeping up with the rapidly evolving world of money, the following generation will likely experience the same issue of financial illiteracy, as stated by Yanely Espinal, the director of educational outreach at Next Gen Personal Finance, a nonprofit organization.

Currently, 54 personal finance education bills are pending in 26 states, according to Next Gen Personal Finance’s bill tracker. Now, 11 states, including Florida, mandate a stand-alone personal finance course for graduation, which the nonprofit deems the ideal standard of such education.

In addition to more than 20 states that incorporate personal finance education in their curriculum in different ways, there are also various proposals, such as a bill in Arizona that suggests a personal finance course can fulfill a math course requirement, as reported by Next Gen Personal Finance.

Another bill in Tennessee aims to make personal finance mandatory for middle school students, like seven other states already do for high schoolers.

Despite the pandemic disrupting personal financial education nationwide, it underscored the significance of imparting strong financial skills.

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