Florida Senate - 2022 SB 1054 By Senator Hutson 7-00820-22 20221054__ 1 A bill to be entitled 2 An act relating to financial literacy instruction in 3 public schools; providing a short title; amending s. 4 1003.41, F.S.; revising the requirements regarding 5 financial literacy for the Next Generation Sunshine 6 State Standards; amending s. 1003.4282, F.S.; revising 7 the required credits for a standard high school 8 diploma to include one-half credit of instruction in 9 personal financial literacy and money management and 10 seven and one-half, rather than eight, credits in 11 electives; specifying the requirements of the one-half 12 credit of instruction in personal financial literacy 13 and money management; providing an effective date. 14 15 WHEREAS, many young people in this state graduate from high 16 school without having basic financial literacy or money 17 management skills, and 18 WHEREAS, the Legislature finds that, in light of economic 19 challenges nationwide, sound financial management skills are 20 vitally important to all Floridians, particularly high school 21 students, and 22 WHEREAS, the Legislature also finds that requiring 23 educational instruction in financial literacy and money 24 management as a prerequisite to high school graduation will 25 better prepare young people in this state for adulthood by 26 providing them with the requisite knowledge to achieve financial 27 stability and independence, and 28 WHEREAS, 21 states in the nation require financial literacy 29 instruction as a prerequisite for high school graduation and a 30 standard high school diploma, and the adoption of this act will 31 make Florida the seventh state in the nation to require a stand 32 alone course in personal financial literacy as a prerequisite 33 for high school graduation and a standard high school diploma, 34 NOW, THEREFORE, 35 36 Be It Enacted by the Legislature of the State of Florida: 37 38 Section 1.This act may be cited as the Dorothy L. Hukill 39 Financial Literacy Act. 40 Section 2.Paragraph (d) of subsection (2) of section 41 1003.41, Florida Statutes, is amended to read: 42 1003.41Next Generation Sunshine State Standards. 43 (2)Next Generation Sunshine State Standards must meet the 44 following requirements: 45 (d)Social Studies standards must establish specific 46 curricular content for, at a minimum, geography, United States 47 and world history, government, civics, humanities, economics, 48 and financial literacy. Effective for students entering grade 9 49 in the 2022-2023 school year and thereafter, financial literacy 50 standards must establish specific curricular content for, at a 51 minimum, personal financial literacy and money management and 52 include instruction in the areas specified in s. 53 1003.4282(3)(h). 54 Section 3.Paragraph (g) of subsection (3) of section 55 1003.4282, Florida Statutes, is amended, and paragraph (h) is 56 added to that subsection, to read: 57 1003.4282Requirements for a standard high school diploma. 58 (3)STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT 59 REQUIREMENTS. 60 (g)Eight Credits in electives.School districts must 61 develop and offer coordinated electives so that a student may 62 develop knowledge and skills in his or her area of interest, 63 such as electives with a STEM or liberal arts focus. Such 64 electives must include opportunities for students to earn 65 college credit, including industry-certified career education 66 programs or series of career-themed courses that result in 67 industry certification or articulate into the award of college 68 credit, or career education courses for which there is a 69 statewide or local articulation agreement and which lead to 70 college credit. A student entering grade 9 before the 2022-2023 71 school year must earn eight credits in electives. A student 72 entering grade 9 in the 2022-2023 school year or thereafter must 73 earn seven and one-half credits in electives Beginning with the 74 2019-2020 school year, all school districts must offer a 75 financial literacy course consisting of at least one-half credit 76 as an elective. 77 (h)One-half credit in personal financial literacy. 78 Beginning with students entering grade 9 in the 2022-2023 school 79 year, each student must earn one-half credit in personal 80 financial literacy and money management. This instruction must 81 include discussion of or instruction in all of the following: 82 1.Types of bank accounts offered, opening and managing a 83 bank account, and assessing the quality of a depository 84 institutions services. 85 2.Balancing a checkbook. 86 3.Basic principles of money management, such as spending, 87 credit, credit scores, and managing debt, including retail and 88 credit card debt. 89 4.Completing a loan application. 90 5.Receiving an inheritance and related implications. 91 6.Basic principles of personal insurance policies. 92 7.Computing federal income taxes. 93 8.Local tax assessments. 94 9.Computing interest rates by various mechanisms. 95 10.Simple contracts. 96 11.Contesting an incorrect billing statement. 97 12.Types of savings and investments. 98 13.State and federal laws concerning finance. 99 Section 4.This act shall take effect July 1, 2022.