Money Course Passes Appropriations Committee

Posted on April 9, 2014 at 2:37 pm

Statement on the passage of CS/SB 212, AKA “The Money Course:”

 

“Today, the Senate Appropriations Committee took a big step forward for Florida’s students by passing SB 212, the Money Course. With half of Florida’s graduating seniors lacking basic personal financial literacy skills, our students are now one step closer to being prepared to enter our state’s workforce.

Now, the Florida Council on Economic Education is calling on the House K-12 Subcommittee to do the right thing and listen to the Money Course’s 40 House co-sponsors and take up companion bill HB 367 as soon as possible. For the sake of our students and their ability to thrive in Florida’s competitive global economy, let’s pass the Money Course now.”

 

-  Geoff Simon, Chairman of the Florida Council on Economic Education

 

Statement from today’s vote from Senator Bill Montford, a former opponent of “The Money Course:”

 

“Who can argue against this, quite frankly?”

 

Background: 

A recent study by the National Endowment for Financial Education found that students in states with required financial education courses are more likely to save, pay off their credit cards, and take average financial risks, and less likely to be compulsive buyers, max out credit, or make late payments compared to students in other states.

State legislators and the Florida Council on Economic Education are calling for an inexpensive, half-credit, full-semester financial literacy course known as “The Money Course” to ensure Florida’s students are prepared to enter adulthood and make sound financial choices, especially in light of recent statistics showing sharp rises in bankruptcies and student loan defaults among young people age 20-24. The report also detailed alarming statistics regarding young people and their finances. Almost 20 percent of student loan debt is not being repaid, with a national default rate of 9.1 percent (up from 4.6 percent in 2007), 76 percent of students don’t keep records of their spending, 25 percent of students feel unprepared to pay for college and only 11 percent of those under age 35 participate in their company’s 401k plan.

The recommendation for a full semester course came from the 2013 Florida Financial Literacy Summit hosted by the Florida Council on Economic Education.

For more information, visit www.RequireTheMoneyCourse.com.

http://www.flsenate.gov/Session/Bill/2014/0212