Financial literacy

Financial literacy education is long overdue in Florida schools

Matthew A. Treskovich

After a long delay, financial literacy education will become mandatory for high school students in Florida. Beginning with students entering high school in the 2023-2024 school year, students will be required to take a financial literacy course before graduating.

Basic financial literacy education is long overdue and badly needed. Surveys have shown that more than a third of Floridians have more debt than savings or investments. Nearly a quarter of Florida families are not saving for retirement.

The new financial literacy course will cover topics such as opening and managing a bank account, the basics of money management and how compound interest works. Students will learn how to save money and the types of investments that can help them build wealth.

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Classes will also cover topics such as debt management, applying for a loan, and how credit cards work. Other essential topics like how taxes work, how contracts work, how insurance works and what to do if you receive an inheritance will be part of the new requirements.

This education will give students tools that will help them increase their chances of financial success once they leave school and enter the workforce. An early personal finance education will also give the next generation a head start towards financial independence.

Fortunately, if you or someone you know would like to expand your financial knowledge, there are free, high-quality resources available online. The American Institute of Certified Public Accountants offers free financial literacy educational materials online at www.360financialliteracy.org.

Matthew Treskovich is a CPA Financial Planner and Chief Investment Officer at CPS Investment Advisors. He can be reached at Matt@CPSInvest.com.