New Florida Law requires high school students to take financial literacy

Florida Gov. Destanis has signed a legislation into a new law requiring high school students to take financial literacy in order to graduate.

Financial Literacy requirement

The bill, entitled the Dorothy L. Hukill Financial Literacy Act, requires students to take a half-credit in personal financial literary education and money management. The legislation requires that the course cover basic skills, such as how to manage a bank account, balance a checkbook, complete a loan application and compute federal income taxes.

It also requires that the class teach high school students about local tax assessments, contesting incorrect billing statements, the basics of personal insurance policies and simple contracts.

“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.”

The news has received nationwide attention hoping other states will follow in their footsteps.

Florida is now the 11th state in the U.S. to include financial literacy as a graduation requirement, following Alabama, Mississippi, Missouri, Nebraska, North Carolina, Ohio, Rhode Island, Tennessee, Utah and Virginia.