Florida Senate - 2018                                      SB 88
       By Senator Hukill
       14-00043-18                                             201888__
    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.
   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 will make Florida the 18th
   27  state in the nation to require financial literacy instruction as
   28  a prerequisite for high school graduation and a standard high
   29  school diploma, NOW, THEREFORE,
   31  Be It Enacted by the Legislature of the State of Florida:
   33         Section 1. Paragraph (d) of subsection (2) of section
   34  1003.41, Florida Statutes, is amended and paragraph (f) is added
   35  to that subsection, to read:
   36         1003.41 Next Generation Sunshine State Standards.—
   37         (2) Next Generation Sunshine State Standards must meet the
   38  following requirements:
   39         (d) Social Studies standards must establish specific
   40  curricular content for, at a minimum, geography, United States
   41  and world history, government, civics, humanities, and
   42  economics, including financial literacy. Financial literacy
   43  includes the knowledge, understanding, skills, behaviors,
   44  attitudes, and values that will enable a student to make
   45  responsible and effective financial decisions on a daily basis.
   46  Financial literacy instruction shall be an integral part of
   47  instruction throughout the entire economics course and include
   48  information regarding earning income; buying goods and services;
   49  saving and financial investing; taxes; the use of credit and
   50  credit cards; budgeting and debt management, including student
   51  loans and secured loans; banking and financial services;
   52  planning for one’s financial future, including higher education
   53  and career planning; credit reports and scores; and fraud and
   54  identity theft prevention. The requirements for financial
   55  literacy specified under this paragraph do not apply to students
   56  entering grade 9 in the 2018-2019 school year and thereafter.
   57         (f) Effective for students entering grade 9 in the 2018
   58  2019 school year and thereafter, financial literacy standards
   59  must establish specific curricular content for, at a minimum,
   60  personal financial literacy and money management. Financial
   61  literacy includes instruction in the areas specified in s.
   62  1003.4282(3)(h).
   63         Section 2. Paragraphs (d) and (g) of subsection (3) of
   64  section 1003.4282, Florida Statutes, are amended, and paragraph
   65  (h) is added to that subsection, to read:
   66         1003.4282 Requirements for a standard high school diploma.—
   69         (d) Three credits in social studies.—A student must earn
   70  one credit in United States History; one credit in World
   71  History; one-half credit in economics, which must include
   72  financial literacy; and one-half credit in United States
   73  Government. The United States History EOC assessment constitutes
   74  30 percent of the student’s final course grade. However, for a
   75  student entering grade 9 in the 2018-2019 school year or
   76  thereafter, financial literacy is not a required component of
   77  the one-half credit in economics.
   78         (g) Eight Credits in Electives.—School districts must
   79  develop and offer coordinated electives so that a student may
   80  develop knowledge and skills in his or her area of interest,
   81  such as electives with a STEM or liberal arts focus. Such
   82  electives must include opportunities for students to earn
   83  college credit, including industry-certified career education
   84  programs or series of career-themed courses that result in
   85  industry certification or articulate into the award of college
   86  credit, or career education courses for which there is a
   87  statewide or local articulation agreement and which lead to
   88  college credit. A student entering grade 9 before the 2018-2019
   89  school year must earn eight credits in electives. A student
   90  entering grade 9 in the 2018-2019 school year or thereafter must
   91  earn seven and one-half credits in electives.
   92         (h) One-half credit in personal financial literacy.
   93  Beginning with students entering grade 9 in the 2018-2019 school
   94  year, each student shall earn one-half credit in personal
   95  financial literacy and money management. This instruction must
   96  include discussion of or instruction in the following:
   97         1. Types of bank accounts offered, opening and managing a
   98  bank account, and assessing the quality of a depository
   99  institution’s services.
  100         2. Balancing a checkbook.
  101         3. Basic principles of money management, such as spending,
  102  credit, credit scores, and managing debt, including retail and
  103  credit card debt.
  104         4. Completing a loan application.
  105         5. Receiving an inheritance and related implications.
  106         6. Basic principles of personal insurance policies.
  107         7. Computing federal income taxes.
  108         8. Local tax assessments.
  109         9. Computing interest rates by various mechanisms.
  110         10. Simple contracts.
  111         11. Contesting an incorrect billing statement.
  112         12. Types of savings and investments.
  113         13. State and federal laws concerning finance.
  114         Section 3. This act shall take effect July 1, 2018.