Florida Senate - 2019 SB 114 By Senator Hutson 7-00265B-19 2019114__ 1 A bill to be entitled 2 An act relating to high school graduation 3 requirements; designating the act as the “Dorothy L. 4 Hukill Financial Literacy Act”; amending s. 1003.41, 5 F.S.; revising the requirements for the Next 6 Generation Sunshine State Standards to include 7 financial literacy; amending s. 1003.4282, F.S.; 8 revising the required credits for a standard high 9 school diploma to include one-half credit of 10 instruction in personal financial literacy and money 11 management and seven and one-half, rather than eight, 12 credits in electives; providing an effective date. 13 14 WHEREAS, many young people in this state graduate from high 15 school without having basic financial literacy or money 16 management skills, and 17 WHEREAS, the Legislature finds that, in light of economic 18 challenges nationwide, sound financial management skills are 19 vitally important to all Floridians, particularly high school 20 students, and 21 WHEREAS, the Legislature also finds that requiring 22 educational instruction in financial literacy and money 23 management as a prerequisite to high school graduation will 24 better prepare young people in this state for adulthood by 25 providing them with the requisite knowledge to achieve financial 26 stability and independence, and 27 WHEREAS, Florida is one of 17 states in the nation to 28 require financial literacy instruction as a prerequisite for 29 high school graduation and a standard high school diploma, and 30 the adoption of this act will make it the sixth state in the 31 nation to require a stand-alone course in personal financial 32 literacy as a prerequisite for high school graduation and a 33 standard high school diploma, NOW, THEREFORE, 34 35 Be It Enacted by the Legislature of the State of Florida: 36 37 Section 1. This act may be cited as the “Dorothy L. Hukill 38 Financial Literacy Act.” 39 Section 2. Paragraph (d) of subsection (2) of section 40 1003.41, Florida Statutes, is amended, and paragraph (f) is 41 added to that subsection, to read: 42 1003.41 Next Generation Sunshine State Standards.— 43 (2) Next Generation Sunshine State Standards must meet the 44 following requirements: 45 (d) Social Studies standards must establish specific 46 curricular content for, at a minimum, geography, United States 47 and world history, government, civics, humanities, and 48 economics, including financial literacy. Financial literacy 49 includes the knowledge, understanding, skills, behaviors, 50 attitudes, and values that will enable a student to make 51 responsible and effective financial decisions on a daily basis. 52 Financial literacy instruction shall be an integral part of 53 instruction throughout the entire economics course and include 54 information regarding earning income; buying goods and services; 55 saving and financial investing; taxes; the use of credit and 56 credit cards; budgeting and debt management, including student 57 loans and secured loans; banking and financial services; 58 planning for one’s financial future, including higher education 59 and career planning; credit reports and scores; and fraud and 60 identity theft prevention. The requirements for financial 61 literacy specified under this paragraph do not apply to students 62 entering grade 9 in the 2019-2020 school year and thereafter. 63 (f) Effective for students entering grade 9 in the 2019 64 2020 school year and thereafter, financial literacy standards 65 must establish specific curricular content for, at a minimum, 66 personal financial literacy and money management. Financial 67 literacy includes instruction in the areas specified in s. 68 1003.4282(3)(h). 69 Section 3. Paragraphs (d) and (g) of subsection (3) of 70 section 1003.4282, Florida Statutes, are amended, and paragraph 71 (h) is added to that subsection, to read: 72 1003.4282 Requirements for a standard high school diploma.— 73 (3) STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT 74 REQUIREMENTS.— 75 (d) Three credits in social studies.—A student must earn 76 one credit in United States History; one credit in World 77 History; one-half credit in economics, which must include 78 financial literacy; and one-half credit in United States 79 Government. The United States History EOC assessment constitutes 80 30 percent of the student’s final course grade. However, for a 81 student entering grade 9 in the 2019-2020 school year or 82 thereafter, financial literacy is not a required component of 83 the one-half credit in economics. 84 (g)
EightCredits in Electives.—School districts must 85 develop and offer coordinated electives so that a student may 86 develop knowledge and skills in his or her area of interest, 87 such as electives with a STEM or liberal arts focus. Such 88 electives must include opportunities for students to earn 89 college credit, including industry-certified career education 90 programs or series of career-themed courses that result in 91 industry certification or articulate into the award of college 92 credit, or career education courses for which there is a 93 statewide or local articulation agreement and which lead to 94 college credit. A student entering grade 9 before the 2019-2020 95 school year must earn eight credits in electives. A student 96 entering grade 9 in the 2019-2020 school year or thereafter must 97 earn seven and one-half credits in electives. 98 (h) One-half credit in personal financial literacy. 99 Beginning with students entering grade 9 in the 2019-2020 school 100 year, each student must earn one-half credit in personal 101 financial literacy and money management. This instruction must 102 include discussion of or instruction in the following: 103 1. Types of bank accounts offered, opening and managing a 104 bank account, and assessing the quality of a depository 105 institution’s services. 106 2. Balancing a checkbook. 107 3. Basic principles of money management, such as spending, 108 credit, credit scores, and managing debt, including retail and 109 credit card debt. 110 4. Completing a loan application. 111 5. Receiving an inheritance and related implications. 112 6. Basic principles of personal insurance policies. 113 7. Computing federal income taxes. 114 8. Local tax assessments. 115 9. Computing interest rates by various mechanisms. 116 10. Simple contracts. 117 11. Contesting an incorrect billing statement. 118 12. Types of savings and investments. 119 13. State and federal laws concerning finance. 120 Section 4. This act shall take effect July 1, 2019.