Sarah Jacobs

Sarah Jacobs

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Florida might require students to take a financial literacy course

There's a new bill in the Florida House that, if passed, would require all high school students to pass a financial literacy course before graduation. HB1115 would add the requirement for students entering high school as of the 2022-2023 school year.

Basic principles of money management, such as spending, banking, applying for mortgages/loans, credit, credit scores and managing debt, including retail and credit card debt would be required as part of the curriculum. The course would also teach students about income tax, and how to file their taxes.

If you're a parent, I'd love to know your thoughts on this. I WISH a course like this had been offered/required when I was in high school. I could have potentially avoided SO many financial mistakes in my early twenties. Although, I would like to see the curriculum focus more on avoiding debt rather than managing it (there's a HUGE difference, y'all!), but it's certainly a step in the right direction.

When I was in community college, I took a course called Liberal Arts Math. I took the course because I'm TERRIIBLE at math, but I needed a certain number of math credits, and this one seemed like something I could actually pass. The class ended up being the most valuable math class I've ever taken; it covered things like compound interest, amoritization, and APR & APY...I had just financed a car for the first time a few weeks prior to taking this class, and if someone had taught me about these concepts before going to the car dealership, I don't think I would have bought the car. It was completely eye-opening to me, and I wondered why I was just learning that info for the first time in my mid-twenties (I started working right after high school and didn't go to college, so yes, I was in my mid-twenties at a community college). Then when I transferred to USF, I took out student loans to pay for my classes, and it was the biggest mistake I've ever made. I was 27, and I only just finished paying those loans off last year (when I was 38); I didn't even graduate USF, y'all! I paid off loans for 11 years for a degree I don't even have! Those loans were a massive impediment to meeting other financial goals in my life, and as a result I would strongly discourage any student from taking out loans for school.

I got off on a tangent there (math term!)... I think classes like that could help SO many young people avoid some common money mistakes! Parents, what do you think? Would you support such a class being part of your high school student's curriculum?

Thumbnail photo: Getty Images

Story: FOX 13 Tampa Bay


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