After a long delay, financial literacy education will become mandatory for Florida high school students. Starting with students who enter high school in the 2023-2024 school year, students will be required to take a financial literacy class before graduating.
Basic education on financial literacy is long overdue and greatly needed. Surveys have shown that over a third of Floridians have more debt than they do savings or investments. Nearly a quarter of Florida’s families are saving nothing toward retirement.
The new financial literacy class will cover topics like opening and managing a bank account, and the basic principles of money management, and how compound interest works. Students will learn about how to save money, and the types of investments that can help them build wealth. Classes will also cover topics like managing debt, applying for loans, and how credit cards work. Other vital topics like how taxes work, how contracts work, how insurance works, and what to do if you receive an inheritance will be part of the new requirements.
This education will give students tools that will help increase their chances of financial success once they leave school and enter the workforce. Early education in personal finances will also give the next generation a head start toward achieving financial independence.
Fortunately, if you or someone you know is interested in becoming more financially literate, free high-quality resources are available online. The American Institute of Certified Public Accountants offers free financial literacy educational materials online at www.360financialliteracy.org.
Matthew A Treskovich | CFA, CPA/PFS, CITP, CMA, CFP®, AEP®, MBA, CLU, ChFC
Chief Investment Officer