Key takeaways from Financial Literacy Month

A financial literacy crisis exists in the US today. Here in Florida, a concerning deficit in financial knowledge is leading to a gap that causes increased vulnerability to consumer debt, inadequate savings and poor retirement planning. The topic is growing increasingly overwhelming for future generations as Florida faces mounting inflation, high housing prices and increased cost of living.

The Florida Legislature took a proactive approach to addressing the financial literacy crisis in 2022. At the time, Florida was ranked 38th worst in the nation for financial literacy. The “Dorothy L. Hukill Financial Literacy Act” mandates that high school students take a personal financial literacy course to graduate, beginning in the 2023-24 school year. This legislation marked a step forward in equipping Florida’s students with the skills needed to manage personal finances effectively and navigate the complexities of the financial world with confidence.

As Financial Literacy Month draws to a close, the need for financial literacy and economic education for Florida’s students continues. Three takeaways from Financial Literacy Month will enable the future generations of Floridians to be financially literate: an understanding of the need and impact, partnership prioritization, and leveraging available resources for continued education.

The need and impact surrounding financial literacy are expansive. Financial literacy enables individuals to make informed decisions, ensuring financial independence and stability, which ties directly to Florida’s economy and job market. Financial literacy has also been shown to play a crucial role in improving mental well-being by reducing stress associated with financial decisions. It contributes to reducing poverty and enhancing public safety, supporting a thriving and secure environment.

“Financial literacy is integral to the economic vitality of our state, and its impact extends beyond financial outcomes only. We have seen firsthand how financial literacy plays a pivotal role in enhancing mental health by reducing stress and promoting overall well-being. When individuals possess the knowledge and skills to manage their finances effectively, they gain a sense of control and confidence in their financial decisions” said Suzanne Costanza, Executive Director of the Florida Council on Economic Education (FCEE).

The success of financial literacy education is all about partnership. Collaborative relationships are essential if Florida’s leaders want to see the future generations of students thrive. A confluence of educators, legislators, parents, and leaders are crucial to moving forward policy, setting an example, and prioritizing curriculum that will place Florida’s students on a path to financial success.

FCEE has been working alongside the Florida Department of Education to establish the standards for teaching financial literacy across the state. FCEE led the workgroup to craft the professional development workshops for the DOE summer teacher training series. Additionally, FCEE provides free financial literacy learning guides to teachers and students, including families who home school their children. Florida leaders such as CFO Jimmy Patronis also engage in an annual economic poster contest, displaying winning entries outside his office during Financial Literacy Month.

A wealth of resources sits at Floridians’ disposal. Engaging, practical tools such as interactive budget games and stock market challenges, alongside other online resources, such as the Florida Department of Financial Services’ Finance Your Future, are impactful in shaping financial education. Parents and teachers can take advantage of organizing visits to local enterprises or financial institutions that offer youth programs can also be incredibly enriching, providing a tangible context to the financial concepts learned at home.

Florida is headed in the right direction. With a deeper understanding, development of collaborative partnerships, and the proper stewardship of available educational resources, the next generation will be equipped to make financial decisions that set themselves and Florida up for success.

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The Florida Council on Economic Education (FCEE) is a 501(c)(3) nonprofit organization that prepares Florida’s young people for personal and financial success through educational programs in economics, the free enterprise system and personal financial literacy so that they become productive members of the workforce, responsible consumers and wise investors. For more information, contact Suzanne Costanza at (813) 289-8489 or https://www.fcee.org/.