Experts stress the importance of financial literacy courses for students

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,” says personal finance expert and Ramsey personality Kristina Ellis.

Florida students will soon be required to take a financial literacy course.

The state passed a law earlier this year that requires students to take a high school personal finance course. This decision received a lot of support from financial experts.

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

Students will soon have 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 does not come into effect until the 2023-2024 school year, but some schools already offer it as an option.

Financial experts believe parents should talk to their children about taking a course this school year and learning early, especially for teenagers 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 children learn this information as early as possible so they don’t become part of this statistic, especially right now.

“Of course, with inflation and even day-to-day expenses going up, it’s important to know how to manage money well so you don’t get constantly stressed and end up in a tight spot,” Ellis said.

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

Geraldine L. Melton