Bill Signed Requiring Financial Literacy Course For All Graduates

WESLEY CHAPEL, FL — On Tuesday in Wesley Chapel, Gov. Ron DeSantis signed Senate Bill 1054, titled the Dorothy L. Hukill Financial Literacy Act, which will require high school students to take a financial literacy course to receive a standard high school diploma.

The legislation will officially become a graduation requirement for students who enter high school in the 2023-24 school year and will not affect students currently enrolled in high school.

“Financial literacy is an important life skill for a student to have,” said DeSantis. “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.”

Students will be required to earn one-half credit in personal financial literacy and money management, including instruction on types of bank accounts, credit scores, taxes and managing debt.

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Due to the economic challenges currently facing the nation, SB 1054 will help prepare students by providing them with the knowledge to achieve financial stability and independence.

“As Florida’s CFO and the father of two, I’ve seen firsthand the importance of teaching our kids financial literacy at a young age,” said Chief Financial Officer Jimmy Patronis. “It’s critical we set Florida students up for financial success, and thank you to Gov. DeSantis for signing this important measure to ensure vital financial literacy resources are available to Florida students. Financial literacy is an important key to a strong financial future, and I’m proud that learning the basics of credit, budgeting, savings and investing will now be taught throughout Florida’s schools. These lessons are also critical to training future generations of Americans to appreciate America’s capitalist system and grow our nation’s pool of entrepreneurs."

“It is important that our students are given the tools and knowledge to make basic and well-informed financial decisions in the future,” said Commissioner of Education Richard Corcoran. “Understanding concepts such as opening up a savings or checking account, buying a first home, or planning for retirement at a young age will pay off for students in the long-run as they begin their careers and families.”

This legislation builds on Corcoran’s work to eliminate Common Core and implement B.E.S.T. Standards for Math, standards that now embed financial literacy strands in ninth through 12th grades.

Common Core did not include financial literacy for any grade level.

“Our Senate colleague and good friend, Sen. Dorothy Hukill, had a career-long dedication to expanding opportunities for our students to learn about financial literacy in high school,” said Senate President Wilton Simpson, R-Trilby. “As a former classroom teacher herself, Sen. Hukill understood firsthand just how important these skills are to successful employment and economic independence in adulthood. I am so honored to be here with Gov. DeSantis to see this legislation become law today. Senator Hukill’s vision is becoming a reality, and generations of Florida’s students will benefit.”

Hukill, R-Port Orange, died in office Oct. 2, 2018.

The bill was sponsored by Sen. Travis Hutson, R-Palm Coast, and Rep. Demi Busatta Cabrerra, R-Coral Gables.

“Sen. Hukill was a personal friend, and it is my deepest honor to fulfill her legacy,” said Hutson. “Every student should learn financial literacy before they graduate and start making real life financial decisions. I cannot thank the governor enough for not only the bill signing, but also helping Florida’s graduates be better prepared for tomorrow’s future.”

“This is a win for Florida students and will ensure they have the tools to make educated financial decisions and empower them to thrive in our economy, no matter what path they choose after high school,” said Cabrera.

“I am a daughter of immigrants and my parents ran a household that was cash only,” said Yanely Espinal, director of educational outreach for Next Gen Personal Finance, which provides financial curriculum to schools. “The world of money is changing so fast and if we don’t help our children keep up, the next generation is going to repeat cycles of a lack of financial literacy.”

“It is never too early to start changing lives,” said Aimee Nadow, a teacher at Innovation Preparatory Academy in Wesley Chapel. “We have lots of projects in our class that incorporate very important financial education and literacy and vocabulary that kids need to know. We have done a quick start budget, how to invest, students are learning a little about crypto and the real estate industry. I think this is very important, and I am very excited to continue building the curriculum that we have and sharing that with other educators.”