Florida Senate - 2022 SB 1054 By Senator Hutson 7-00820-22 20221054__ Page 1 of 4 CODING: Words stricken are deletions; words underlined are additions. A bill to be entitled 1

An act relating to financial literacy instruction in 2 public schools; providing a

short title; amending s. 3 1003.41, F.S.; revising the requirements regarding 4 financial literacy for the Next Generation Sunshine 5 State Standards; amending s. 1003.4282, F.S.; revising 6 the required credits for a standard high school 7 diploma to include one-half credit of instruction in 8 personal financial literacy and money management and 9 seven and one-half, rather than eight, credits in 10 electives; specifying the requirements of the one-half 11 credit of instruction in personal financial literacy 12 and money management; 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, 21 states in the nation require financial literacy 28 instruction as a prerequisite for high school graduation and a 29 Florida Senate - 2022 SB 1054 7-00820-22 20221054__ Page 2 of 4 CODING: Words stricken are deletions; words underlined are additions. standard high school diploma, and the adoption of this act will 30 make Florida the seventh state in the nation to require a stand-31 alone course in personal financial literacy as a prerequisite 32 for high school graduation and a standard high school diploma, 33 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 to read: 41 1003.41 Next Generation Sunshine State Standards.— 42

(2) Next Generation Sunshine State Standards must meet the 43 following requirements: 44 (

d) Social Studies standards must establish specific 45 curricular content for, at a minimum, geography, United States 46 and world history, government, civics, humanities, economics, 47 and financial literacy. Effective for students entering grade 9 48 in the 2022-2023 school year and thereafter, financial literacy 49 standards must establish specific curricular content for, at a 50 minimum, personal financial literacy and money management and 51 include instruction in the areas specified in s. 52 1003.4282(3)(h). 53

Section 3. Paragraph (

g) of subsection (3) of

section 54 1003.4282, Florida Statutes, is amended, and paragraph (

h) is 55 added to that subsection, to read: 56 1003.4282 Requirements for a standard high school diploma.— 57

(3) STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT 58 Florida Senate - 2022 SB 1054 7-00820-22 20221054__ Page 3 of 4 CODING: Words stricken are deletions; words underlined are additions. REQUIREMENTS.— 59 (

g) Eight Credits in electives.—School districts must 60 develop and offer coordinated electives so that a student may 61 develop knowledge and skills in his or her area of interest, 62 such as electives with a STEM or liberal arts focus.

Such 63 electives must include opportunities for students to earn 64 college credit, including industry-certified career education 65 programs or series of career-themed courses that result in 66 industry certification or articulate into the award of college 67 credit, or career education courses for which there is a 68 statewide or local articulation agreement and which lead to 69 college credit. A student entering grade 9 before the 2022-2023 70 school year must earn eight credits in electives.

A student 71 entering grade 9 in the 2022-2023 school year or thereafter must 72 earn seven and one-half credits in electives Beginning with the 73 2019-2020 school year, all school districts must offer a 74 financial literacy course consisting of at least one-half credit 75 as an elective. 76 (

h) One-half credit in personal financial literacy.—77 Beginning with students entering grade 9 in the 2022-2023 school 78 year, each student must earn one-half credit in personal 79 financial literacy and money management. This instruction must 80 include discussion of or instruction in all of the following: 81 1. Types of bank accounts offered, opening and managing a 82 bank account, and assessing the quality of a depository 83 institution’s services. 84 2. Balancing a checkbook. 85 3.

Basic principles of money management, such as spending, 86 credit, credit scores, and managing debt, including retail and 87 Florida Senate - 2022 SB 1054 7-00820-22 20221054__ Page 4 of 4 CODING: Words stricken are deletions; words underlined are additions. credit card debt. 88 4. Completing a loan application. 89 5. Receiving an inheritance and related implications. 90 6. Basic principles of personal insurance policies. 91 7. Computing federal income taxes. 92 8. Local tax assessments. 93 9. Computing interest rates by various mechanisms. 94 10. Simple contracts. 95 11.

Contesting an incorrect billing statement. 96 12. Types of savings and investments. 97 13. State and federal laws concerning finance. 98

Section 4. This act shall take effect July 1, 2022. 99