For millions of Florida high school students, graduation is just around the corner. Kids who are looking forward to high school, however, will face some new statewide course requirements about a vital life skill.
In March, Gov. Ron DeSantis signed into law a new requirement that Florida high schoolers must demonstrate proficiency in personal finance before they get their diplomas. That means if your student enters high school in the 2023–2024 school year, they’ll be expected to understand the basics of credit, budgeting, savings and investing by the time they graduate.
Financial literacy is one of those skills (much like saving for retirement) that pays off huge dividends the earlier you start taking it seriously. And even though it’s a skill, like learning a new language or how to change a tire, most of what we know about personal finances comes from unofficial sources, like our families, friends and our favorite social media influencers. That is not good enough: The National Financial Educators Council found that a lack of knowledge about personal finances cost the average American about $1,400 in 2021 — and we lost more than $352 billion collectively because of it.
In Florida, a 2018 study found that nearly 70 percent of residents couldn’t answer more than three out of five questions about personal finance correctly. Almost 8 in 10 Americans are anxious about money these days, so any training or empowerment for kids about to enter adulthood can only be a good thing. Not only should this help Floridians navigate the world of student loans, credit cards and economic news more confidently, but DeSantis hopes it will inspire entrepreneurship, leading young people to start small businesses and grow along with the state’s economy.
Current high schoolers shouldn’t worry too much about being left behind, though: Florida’s math standards already embed elements of financial literacy in the state’s curriculum guidelines. Also, the course load for these new requirements is just a half-credit, so it shouldn’t overly burden rising high schoolers when the time comes.
When you’re a teenager, the last thing on your mind is a mortgage, a credit score or future taxes. But if you learn about these concepts early on, you’ll be that much more prepared to engage with your money for the rest of your life.