Florida Senate - 2022                                    SB 1054
       By Senator Hutson
       7-00820-22                                            20221054__
    1                        A bill to be entitled                      
    2         An act relating to financial literacy instruction in
    3         public schools; providing a short title; amending s.
    4         1003.41, F.S.; revising the requirements regarding
    5         financial literacy for the Next Generation Sunshine
    6         State Standards; amending s. 1003.4282, F.S.; revising
    7         the required credits for a standard high school
    8         diploma to include one-half credit of instruction in
    9         personal financial literacy and money management and
   10         seven and one-half, rather than eight, credits in
   11         electives; specifying the requirements of the one-half
   12         credit of instruction in personal financial literacy
   13         and money management; providing an effective date.
   15         WHEREAS, many young people in this state graduate from high
   16  school without having basic financial literacy or money
   17  management skills, and
   18         WHEREAS, the Legislature finds that, in light of economic
   19  challenges nationwide, sound financial management skills are
   20  vitally important to all Floridians, particularly high school
   21  students, and
   22         WHEREAS, the Legislature also finds that requiring
   23  educational instruction in financial literacy and money
   24  management as a prerequisite to high school graduation will
   25  better prepare young people in this state for adulthood by
   26  providing them with the requisite knowledge to achieve financial
   27  stability and independence, and
   28         WHEREAS, 21 states in the nation require financial literacy
   29  instruction as a prerequisite for high school graduation and a
   30  standard high school diploma, and the adoption of this act will
   31  make Florida the seventh state in the nation to require a stand
   32  alone course in personal financial literacy as a prerequisite
   33  for high school graduation and a standard high school diploma,
   36  Be It Enacted by the Legislature of the State of Florida:
   38         Section 1. This act may be cited as the “Dorothy L. Hukill
   39  Financial Literacy Act.”
   40         Section 2. Paragraph (d) of subsection (2) of section
   41  1003.41, Florida Statutes, is amended 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, economics,
   48  and financial literacy. Effective for students entering grade 9
   49  in the 2022-2023 school year and thereafter, financial literacy
   50  standards must establish specific curricular content for, at a
   51  minimum, personal financial literacy and money management and
   52  include instruction in the areas specified in s.
   53  1003.4282(3)(h).
   54         Section 3. Paragraph (g) of subsection (3) of section
   55  1003.4282, Florida Statutes, is amended, and paragraph (h) is
   56  added to that subsection, to read:
   57         1003.4282 Requirements for a standard high school diploma.—
   60         (g) Eight Credits in electives.—School districts must
   61  develop and offer coordinated electives so that a student may
   62  develop knowledge and skills in his or her area of interest,
   63  such as electives with a STEM or liberal arts focus. Such
   64  electives must include opportunities for students to earn
   65  college credit, including industry-certified career education
   66  programs or series of career-themed courses that result in
   67  industry certification or articulate into the award of college
   68  credit, or career education courses for which there is a
   69  statewide or local articulation agreement and which lead to
   70  college credit. A student entering grade 9 before the 2022-2023
   71  school year must earn eight credits in electives. A student
   72  entering grade 9 in the 2022-2023 school year or thereafter must
   73  earn seven and one-half credits in electives Beginning with the
   74  2019-2020 school year, all school districts must offer a
   75  financial literacy course consisting of at least one-half credit
   76  as an elective.
   77         (h) One-half credit in personal financial literacy.
   78  Beginning with students entering grade 9 in the 2022-2023 school
   79  year, each student must earn one-half credit in personal
   80  financial literacy and money management. This instruction must
   81  include discussion of or instruction in all of the following:
   82         1. Types of bank accounts offered, opening and managing a
   83  bank account, and assessing the quality of a depository
   84  institution’s services.
   85         2. Balancing a checkbook.
   86         3. Basic principles of money management, such as spending,
   87  credit, credit scores, and managing debt, including retail and
   88  credit card debt.
   89         4. Completing a loan application.
   90         5. Receiving an inheritance and related implications.
   91         6. Basic principles of personal insurance policies.
   92         7. Computing federal income taxes.
   93         8. Local tax assessments.
   94         9. Computing interest rates by various mechanisms.
   95         10. Simple contracts.
   96         11. Contesting an incorrect billing statement.
   97         12. Types of savings and investments.
   98         13. State and federal laws concerning finance.
   99         Section 4. This act shall take effect July 1, 2022.