New Florida law requires high schoolers to take financial literacy class

TAMPA, Fla. (WFLA) — Starting this fall, all ninth graders in Florida will need to take a financial literacy course before they can graduate high school.

A new state law is requiring this course and there's a wide range of topics being covered.

The class will cover a lot of topics, from money management to taxes and managing debt.

It may be summer, but Savannah and Alana Powell are learning how to manage their finances – a lesson that has the potential to last a lifetime.

Their father, Cedric Powell is a financial advisor who is supporting the measure.

"One of the biggest debts in America right now is student loans and just understanding how do I plan and how do I save," said Powell.

Powell is encouraging his daughter and all students to consider building a nest egg at an early age.

"I am so happy about this bill being signed into law," said Tiffany Watson, a tax accountant and founder of All Aboard Financial.

Watson has been an eyewitness to the pitfalls her clients make without financial planning.

"What happens is that a lot of people in their 40s and 50s, even a little older sometimes are trying to figure out two things – how do I get out of paying these loans and what type of relief is available?"

She's also focused on this fall as her son starts his senior year. Conversations about preparing for college tuition are a priority.

"One of the things I try to teach my son is how to understand what financial aid covers what a loan is and how that all works," said Watson.

The law takes effect this school year so students who are already in high school won't be required to take this course. However, some schools have considered offering this course to all high school students.