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 and personality expert at Ramsey.
Florida students will soon have to take a financial literacy class.
The state passed a law earlier this year that requires students to take a personal finance class in high school. This measure has received a lot of support from financial experts.
“I feel like I talk to so many adults who are constantly saying, why weren’t we taught this basic money stuff when we were much younger? We had to learn it the hard way and just by trial and error. We want kids to they know how to do it from the start,” Ellis said.
Students are soon expected to learn about money management, different types of bank accounts, credit scores, how to file taxes, and debt management.
“How to budget, how to save money, how to avoid debt, how to invest,” Ellis said.
The graduation requirement won’t go into effect until the 2023-2024 school year, but some schools are already offering it as an elective.
Financial experts think parents should talk to their kids about taking a course this school year and learning early, especially for teens entering their senior year of high school.
“We’ve seen in studies that four out of five Americans live paycheck to paycheck,” Ellis said.
That’s why experts said it’s crucial that kids learn this information sooner rather than later because they’re not 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 that you’re not constantly stressed and end up in a bad place,” Ellis said.
Officials believe this course will help prepare students for the real world and help them achieve financial stability.