ORLANDO, Fla. – Learning how to be responsible with money may soon be a requirement for students in Florida.
State Sen. Travis Hutson, a Republican who represents Palm Coast, proposed Senate Bill 114, or the Dorothy L. Hukill Financial Literacy Act. It would require students to pass a "financial literacy course."
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"Many young people in this state graduate from high school without having basic financial literacy or money management skills," the bill states.
The bill would take effect with students entering the ninth grade in the 2019-2020 school year.
The class would cover things such as:
- Types of bank accounts offered, opening and managing a bank account, and assessing the quality of a depository institution’s services.
- Balancing a checkbook.
- Basic principles of money management, such as spending, credit, credit scores and managing debt, including retail and credit card debt.
- Completing a loan application.
- Receiving an inheritance and related implications.
- Basic principles of personal insurance policies.
- Computing federal income taxes.
- Local tax assessments.
- Computing interest rates by various mechanisms.
- Simple contracts.
If passed, Florida would become one of 17 states to require the course.
To read more, click here.