CS for SB 392 First Engrossed (ntc) 2017392e1 1 A bill to be entitled 2 An act relating to high school graduation 3 requirements; amending s. 1003.41, F.S.; revising the 4 requirements for the Next Generation Sunshine State 5 Standards to include financial literacy; amending s. 6 1003.4282, F.S.; revising the required credits for a 7 standard high school diploma to include one-half 8 credit of instruction in personal financial literacy 9 and money management and seven and one-half, rather 10 than eight, credits in electives; providing an 11 effective date. 12 13 WHEREAS, many young people in this state graduate from high 14 school without having a basic knowledge of financial literacy 15 and money management, and 16 WHEREAS, the Legislature finds that, in light of the recent 17 economic challenges nationwide, sound financial management 18 skills are vitally important to all Floridians, particularly 19 high school students, and 20 WHEREAS, the Legislature also finds that requiring 21 educational instruction in financial literacy and money 22 management as a prerequisite to high school graduation will 23 better prepare young people in this state for adulthood by 24 providing them with the requisite knowledge to achieve financial 25 stability and independence, and 26 WHEREAS, adoption of this act, which may be cited as the 27 “Personal Financial Literacy Education Act,” will make Florida 28 the 18th state in the nation to require financial literacy 29 instruction as a prerequisite for high school graduation and a 30 standard high school diploma, NOW, THEREFORE, 31 32 Be It Enacted by the Legislature of the State of Florida: 33 34 Section 1. Paragraph (d) of subsection (2) of section 35 1003.41, Florida Statutes, is amended and paragraph (f) is added 36 to that subsection, to read: 37 1003.41 Next Generation Sunshine State Standards.— 38 (2) Next Generation Sunshine State Standards must meet the 39 following requirements: 40 (d) Social Studies standards must establish specific 41 curricular content for, at a minimum, geography, United States 42 and world history, government, civics, humanities, and 43 economics, including financial literacy. Financial literacy 44 includes the knowledge, understanding, skills, behaviors, 45 attitudes, and values that will enable a student to make 46 responsible and effective financial decisions on a daily basis. 47 Financial literacy instruction shall be an integral part of 48 instruction throughout the entire economics course and include 49 information regarding earning income; buying goods and services; 50 saving and financial investing; taxes; the use of credit and 51 credit cards; budgeting and debt management, including student 52 loans and secured loans; banking and financial services; 53 planning for one’s financial future, including higher education 54 and career planning; credit reports and scores; and fraud and 55 identity theft prevention. The requirements for financial 56 literacy specified under this paragraph do not apply to students 57 entering grade 9 in the 2017-2018 school year and thereafter. 58 (f) Effective for students entering grade 9 in the 2017 59 2018 school year and thereafter, financial literacy standards 60 must establish specific curricular content for, at a minimum, 61 personal financial literacy and money management. Financial 62 literacy includes instruction in the areas specified in s. 63 1003.4282(3)(h). 64 Section 2. Paragraphs (d) and (g) of subsection (3) of 65 section 1003.4282, Florida Statutes, are amended, and paragraph 66 (h) is added to that subsection, to read: 67 1003.4282 Requirements for a standard high school diploma.— 68 (3) STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT 69 REQUIREMENTS.— 70 (d) Three credits in social studies.—A student must earn 71 one credit in United States History; one credit in World 72 History; one-half credit in economics, which must include 73 financial literacy; and one-half credit in United States 74 Government. The United States History EOC assessment constitutes 75 30 percent of the student’s final course grade. However, for a 76 student entering grade 9 in the 2017-2018 school year or 77 thereafter, financial literacy is not a required component of 78 the one-half credit in economics. 79 (g)
EightCredits in Electives.—School districts must 80 develop and offer coordinated electives so that a student may 81 develop knowledge and skills in his or her area of interest, 82 such as electives with a STEM or liberal arts focus. Such 83 electives must include opportunities for students to earn 84 college credit, including industry-certified career education 85 programs or series of career-themed courses that result in 86 industry certification or articulate into the award of college 87 credit, or career education courses for which there is a 88 statewide or local articulation agreement and which lead to 89 college credit. A student entering grade 9 before the 2017-2018 90 school year must earn eight credits in electives. A student 91 entering grade 9 in the 2017-2018 school year or thereafter must 92 earn seven and one-half credits in electives. 93 (h) One-half credit in personal financial literacy. 94 Beginning with students entering grade 9 in the 2017-2018 school 95 year, each student shall earn one-half credit in personal 96 financial literacy and money management. This instruction must 97 include discussion of or instruction in the following: 98 1. Types of bank accounts offered, opening and managing a 99 bank account, and assessing the quality of a depository 100 institution’s services. 101 2. Balancing a checkbook. 102 3. Basic principles of money management, such as spending, 103 credit, credit scores, and managing debt, including retail and 104 credit card debt. 105 4. Completing a loan application. 106 5. Receiving an inheritance and related implications. 107 6. Basic principles of personal insurance policies. 108 7. Computing federal income taxes. 109 8. Local tax assessments. 110 9. Computing interest rates by various mechanisms. 111 10. Simple contracts. 112 11. Contesting an incorrect billing statement. 113 12. Types of savings and investments. 114 13. State and federal laws concerning finance. 115 Section 3. This act shall take effect July 1, 2017.