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Financial experts weigh in on the importance of financial literacy classes for Florida students

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Posted at 7:19 AM, Aug 08, 2022
and last updated 2022-08-08 08:03:57-04

TAMPA, Fla.  — Experts want students to start thinking about financial literacy courses.

“Financial literacy is having the skills to make smart decisions with your money,” said Kristina Ellis, personal finance expert and personality for Ramsey.

Students in Florida will soon have to take a financial literacy class.

The state passed a law earlier this year that makes it a graduation requirement for students to take a personal finance class in high school. This move has gotten a lot of support from financial experts.

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“I feel like I talk to so many adults who constantly are like, why were we not taught these basic money things when we were much younger? We’ve had to learn it the hard way and just by trial and error. We want kids to know how to do it right from the very beginning,” said Ellis.

Students will soon be expected to learn about money management, different types of bank accounts, credit scores, how to file taxes, and managing debt.

“How to budget, how to save money, how to avoid debt, how to invest,” said Ellis.

The graduation requirement doesn’t go into effect until the 2023-2024 school year, but some schools offer it as an elective already.

Financial experts think parents should talk to their kids about taking a course this school year and learning early, particularly for teens going into their senior year of high school.

“We’ve seen in studies that four out of five Americans are living paycheck to paycheck,” said Ellis.

That’s why experts said it’s crucial kids learn this information sooner rather than later so they don’t become part of that statistic, especially right now.

“Of course, with inflation and even everyday expenses going up, it’s important to know how to manage money well so you’re not constantly stressed and ending up in a bad spot,” said Ellis.

Officials believe this course will help prepare students for the real world and help them achieve financial stability.