Florida senators have proposed a bill, SB 114, aimed at highschoolers learning financial responsibility as part of their curriculum. The proposed bill will make passing the course a part of the necessary credits for a student to graduate from high school. This also means the proposed bill would amend the current set of Florida’s Next Generation Sunshine State Standards.
The proposed bill recognizes “many young people in this state graduate from high school without having basic financial literacy or money management skills.” Lawmakers also acknowledged the high rate of college graduates are entering their independent years in severe debt.
This proposed required course would teach certain areas of financial responsibility ranging from balancing of a checkbook to interest rates and credit card debt to credit scores.
Five states already have similar “stand-alone courses” (as referred to in the bill) and Florida is one of 17 states that already has some form of financial literacy as part of its high school curriculum. So, to clarify, this would take a small section taught within one course and turn it into an entire course dedicated to financial responsibility. If this bill were to become law, it could take effect as soon as July 1, 2019.
The bill in its entirety is 120 lines long and fairly easy to navigate, and you can read here: https://www.flsenate.gov/Session/Bill/2019/114/BillText/__/HTML.
Things affected by financial responsibility are new and used vehicle interest rates. Health, vehicle and renter’s insurance rates, as well as rental and home loan applications and utility accounts are all impacted by someone’s credit score as well.