Legislation in Florida would require high school students to take a financial literacy test in order to graduate.
“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. 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,” Jimmy Patronis, Florida Chief Financial Officer, said in a statement, according to WFLA.
The bill, HB 1115, was unanimously approved by the Florida House PreK-12 Appropriations Subcommittee on Wednesday, Fox 13 reported. It needs approval from the House Education & Employment Committee before it can go to the House floor.
The courses would go into effect next school year if the bill passes. The classes would include teaching students about types of bank accounts and how to open them, how to complete loan applications and calculating federal income taxes.
“Basic principles of money management, such as spending, credit, credit scores and managing debt, including retail and credit card debt” would be included in the classes, according to the proposal.
Republican state Rep. Demi Busatta Cabrera sponsored the bill and said students deserve “to be equipped with education and information on how to succeed and thrive financially in our society,” according to Fox 13.
A similar bill in the state Senate unanimously passed the Rules Committee Tuesday and is ready for consideration by the Senate.