“Money isn’t everything, but everything needs money”
Money has a direct or indirect impact on everything we do today. Thus, having basic personal finance knowledge is one of the keys to living a happy, secure, and healthy life. Especially given the dynamic changes in the financial systems across the world, the importance of financial literacy has increased multiple folds.
Generally, we all learn about managing our finances as we start earning. However, in recent years, efforts towards proving personal finance education to high school students are constantly on a rise. In the U.S., in particular, the trend of states adopting legislation that includes personal finance education for students is growing rapidly. Florida is one of the latest states on the list.
The Recent Bill
Ron DeSantis (the Governor of Florida) has recently signed a bill—SB 1054—into law. The legislation for the same was unanimously passed in early March by both the state house of representatives and the Senate. With this bill, Florida has officially become the largest state to mandate a financial literacy course for high school graduation programs. During a press event, DeSantis said, “What the bill is doing with financial literacy is providing a foundation for students that is going to be applicable in their lives regardless of the path they take.”
How will it help Students?
According to a poll, 85% of Florida voters agreed that high school students should be guaranteed a course in personal finance. Thus, the states’ increasing tendency towards providing finance education seems to be a promising move for high school students. At high school age, students typically transition from being kids to young adults and are on the verge of making their own financial decisions.
Personal finance education at the high school level can thus provide students a foundation to learn the basics of financial management at the perfect age. They can get acquainted with various financial activities such as understanding debt, balancing a checkbook, learning about the basics of investing, tax systems, etc. Inculcating solid financial habits from high school age can help students secure a better financial future.
Towards Financial Literacy…!
Financial illiteracy is one of the major problems around the world today. A survey conducted in 2019 revealed that three out of five adults in the U.S. do not keep a budget. The lack of proper financial knowledge is resulting in many people living with credit today. Thus, empowering students with personal finance education can be a very good move towards creating a financially literate next generation!
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