LSCU Works to Increase Financial Literacy Among High School Students in Florida

This legislative session, the League of Southeastern Credit Unions & Affiliates (LSCU & Affiliates) Advocacy Team worked alongside members of the Florida legislature to mandate a financial literacy course for high school graduation. This will make Florida the largest state to do so.

With bipartisan support, both houses of the Florida legislature passed a bill requiring financial education. The bill was sponsored by Senator Travis Hutson (R-St. Augustine) and Representative Demi Busatta Cabrera (R-Coral Gables). The bill has now been sent to Florida Governor Ron DeSantis for his signature.

While the previous law mandated school districts offer the financial education class as an elective, students were not required to take it. Students entering grade 9 in the 2023 – 2024 school year will now have to earn this one-half credit in personal financial literacy and money management prior to graduation.

Class instruction must include discussion of or instruction in all of the following:

1. Types of bank accounts offered, opening and managing a bank account, and assessing the quality of a depository institution’s services.
2. Balancing a checkbook.
3. Basic principles of money management, such as spending, credit, credit scores, and managing debt, including retail and credit card debt.
4. Completing a loan application.
5. Receiving an inheritance and related implications.
6. Basic principles of personal insurance policies.
7. Computing federal income taxes.
8. Local tax assessments.
9. Computing interest rates by various mechanisms.
10. Simple contracts.
11. Contesting an incorrect billing statement.
12. Types of savings and investments.
13. State and federal laws concerning finance.

“It is critical we set Florida students up for financial success, and this legislation will ensure vital financial literacy resources are available to students before graduation,” said Jimmy Patronis, Florida’s Chief Financial Officer. “Financial literacy is an important key to a strong financial future and learning the basics of credit, budgeting, savings and investing can further prepare students for a successful future.”

The legislation (the Dorothy L. Hukill Financial Literacy Act) is named after former Senator Dorothy Hukill, who passed away in 2018. Hukill consistently worked with the LSCU Advocacy Team to make financial literacy a requirement of high school graduation. The bill will now go to the Governor for final approval.

LSCU is grateful to the members of the Florida legislature who recognized the necessity of financial literacy and swiftly worked to pass this priority legislation.