We are appreciative of the adoption of SB 1054 that was signed into law last week. The Dorothy L. Hukill Financial Literacy Act will require all Florida high school students to take one- half credit in financial literacy and money management before graduating.
This is outstanding news from several vantage points. Fundamental economics and business processes have largely been a function of the home environment that informs children about the world of business opportunities.
Over the years we have observed an inequality in the understanding of fundamental business tools and culture. Not all homes are conversationally equal in business knowledge. For instance, some families do not equally discuss cryptocurrency, lines of credit, stocks and bonds, debit or credit accounts, and a host of the language reflecting dynamics of the American economy.
Access to the traditional “American Dream” of homeownership is attained by mastering the language of mortgage terms, interest rates, standards for qualifying, credit scores and language that some instances are unknown and foreign for the citizens. Transitioning from leasing to homeownership is a language barrier and this is because sometimes people have no exposure to the language necessary to master attaining home ownership.
Florida’s school children deserve to be taught the fundamental language of business and exposed to its practices, nuances, and expectations. We are hopeful that this new educational requirement will serve to afford more students to choose with confidence careers centered around entrepreneurship. We need them to become ready sooner than later in their financial/business awareness.
This will, hopefully, level the playing field among young people of tomorrow.
For years the Capital City Chamber of Commerce has sought in various ways to close the gap in business literacy. We believe now that our state is headed in a better direction with the Dorothy L. Hukill Financial Literacy Act.
Katrina Tuggerson is president of the Capital City Chamber of Commerce.
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This article originally appeared on Tallahassee Democrat: Capital City Chamber applauds value of financial literacy legislation | Opinion