The Florida governor signed the bill from Innovation Preparatory Academy in Wesley Chapel on Tuesday morning. While the signed legislation focuses on high school students, the Pasco County charter school that serves kindergarten through 8th-grade students already incorporates financial courses into its curriculum.
The measure (SB 1054) was unanimously approved during the 2022 legislative session, which ended last week.
"I think this is going to be something that is really good," he said before signing the bill. "We think it will improve a student’s capability for financial management when they enter the real world."
Students entering high school in the 2023-24 academic year will be required to take a half-credit course in "personal financial literacy and money management." This makes Florida the seventh state to mandate a stand-alone course in personal financial literacy to graduate.
The class must teach about a dozen concepts. The students will learn about the types of bank accounts offered, how to balance a checkbook, money, debit and credit card management, how to complete a loan application, receiving an inheritance, personal insurance basics, how to do your taxes, lessons on local tax assessments, interest rates, simple contracts, contesting an incorrect bill, state and federal laws, and ways to save and invest.
The measure also reduces the number of required electives for high school students to 7½ credits, from the currently required eight credits.
The financial literacy course will be required to cover concepts such as types of bank accounts and how to manage accounts, credit and credit scores, completing loan applications, and types of savings and investments.
The News Service of Florida contributed to this report.