Proposing a financial literacy requirement for high schoolers

October 12, 2019 0 By Ronny Jaskolski

graduated high school did you know how to do your taxes apply for a loan or simply balance a checkbook recent study found 76 percent of Millennials lacked basic financial knowledge so a local lawmaker wants to make sure that this next generation is ready for those real issues so he is proposing a financial literacy requirement for all high school students news for Jax reporter Ashley Spicer joining us live this morning so Ashley what would be included in this new curriculum okay if you don’t mind I have some questions for you chime in if you know the answer so here’s some examples suppose you had a hundred dollars in an average saving account and the interest rate was 2% per year after five years how much do you think you would have in the account if you let the money grow so it’s a more than one hundred two dollars be exactly a hundred two dollars or C less than one hundred – what do you think Mel Bruce after five years after five years Hey Oh that is correct that is correct all right so watch I have one more let me just point out that we have we have C as the answer there it’s more than one hundred two dollars okay it is just how they reveal okay let me give you let me give you a true or false one now okay how about this so 15-year mortgage typically requires higher monthly payments than a 30-year mortgage but the total interest over a life of the loan will be less true or false true yeah that’s correct you guys are smart you know what you’re doing but you know what I bet when you got out of high school you had to figure these things out I know I did at least when I graduated because a lot of people didn’t learn that in high school and that’s what the senator Travis Hudson of st. Augustine is proposing here he’s filed a bill that would require the financial literacy requirement in all high schools under the bill students entering the ninth grade next fall this would start would be required to earn a half a credit in financial literacy and money management the courses would include topics such as balancing checkbooks completing loan applications as well as computing interest rates the bill is named after a late senator named Dorothy local who represented parts of Volusia County she died of cancer last month but she was really big on financial literacy so they want to name it in her honor so studies have shown that the more you know the more money you make so that’s his thought process here that it will be more successful for students once they get out of school knowing these things already instead of making the mistakes and learning from them that way like some people have done in life and I’ll admit I was one of them but thankfully you learn as you go I guess I’m live Ashley Spicer channel 4 the local station you know I remember I got when I got my first credit card it was one of those things where if you didn’t pay it off in a certain amount of time you got all the interest like it started at 0% and so I got to that point I hadn’t paid it off so all of that interest accrued yeah and I had no idea that I had to pay at all that’s a real life’s lesson yeah yeah and you you learned your lesson the hard way [Laughter]