Gov. Ron DeSantis signed Senate Bill 1054 (SB 1054) into law on Tuesday, a measure that 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 2023-2024 school year.
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. SB 1054 will help prepare students by providing them with the knowledge to achieve financial stability and independence. The Senate proposal, along with its companion House bill, breezed through committees in both chambers, receiving overwhelming support across both parties. Financial literacy was a long-sought-after component of school curriculum, following an influx of complaints of young adults leaving high school with no working knowledge of how financial institutions operate or how to independently manage their own finances.
“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.”
The legislation builds on Commissioner 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 twelfth grades. Common Core did not include financial literacy for any grade level and this legislation will solidify Florida’s comprehensive commitment to our student future success.
“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 Governor 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. Thank you to Senator Hutson and Representative Busatta Cabrera for their hard work on getting this legislation passed and setting students up for success in and out of the classroom.”
The move places Florida as the seventh state in the nation to have a standalone financial literacy curriculum in school and coincides with a minor reform of the state educational system, occurring alongside the abolition of the Florida Standards Assessment testing.