Introducing financial literacy education to high school students has been on the radar for years. With that being said, Florida schools are now jumping on the money-management train.
In March 2022, Florida Governor Ron Desantis signed a bill that requires high school students to earn one half credit in a personal finance course to graduate. For Krop, our sophomores are taking their financial literacy credit this year.
According to The Florida Department of Education, Senate Bill 1054, titled the Dorothy L. Hukil Financial Literacy Act, applies to freshmen students that entered high school in the 2023-2024 school year. Senator Dorothy Hukill, whom the legislation is named after, had a career-long dedication to expanding opportunities for students to learn about financial literacy in high school.
The said course that the bill explores has a curriculum that requires students to learn how to file taxes, open bank accounts, understand personal insurance policies and control spending. The course uses real-life scenarios to help students develop skills in finance and become wise consumers and savors, giving students the opportunity to learn how to make sharp financial decisions prior to becoming an adult.
The percentage of students in the country that were required to take a financial literacy course, or a class that increases the ability to understand and apply financial knowledge, has almost doubled since 2018. According to the Florida Political Review, 16.4 percent of students across America in 2018 took a financial literacy course. Around the time Senate Bill 1054 was passed, the percentage went all the way up to 32.5 percent.
Lasting effects of not being taught about finance can be seen in our everyday lives. According to CareerBuilder, 78 percent of U.S. workers live paycheck to paycheck to make ends meet, and nearly 3 in 4 workers say they are in debt today. If the number of Americans who aren’t living paycheck to paycheck were a measurement of financial literacy, then only about 20 percent would be considered financially literate.
Taking a personal finance course makes a difference in how students view money and make financial decisions. According to the RamseySolutions’ Students and Money National Research Study, 23 percent less students are likely to plan to use loans to pay for college, and are three times more likely to say they’d rather have $500 cash in the bank instead of a smartphone. Barely making ends meet can be avoided through preparation with money management classes, especially in high school.
The course for Miami Dade has combined a personal finance and money management credit for the first part of the semester, while also having the second half of the semester as a Dual Enrollment (DE) class.
“I was surprised when I found out I was teaching this Dual Enrollment (DE) course,” Advanced Placement Human Geography teacher Harold Hafter said. “I saw my schedule at the same time as my students.”
Resources for the specific money management course in Miami-Dade public schools have not been distributed yet. Sophomores that are in the course have enrolled in Miami Dade College’s Dual Enrollment program, hoping to get the initiative mapped out.
“I am very excited to start this course,” said sophomore Micayla Fineman. “I’m glad the county and state are finally taking the opportunity to make this course a thing because we really need it.”