TAMPA, Fla. (WFLA) — Florida Gov. Ron DeSantis signed a bill requiring financial literacy classes for high school students into law Tuesday morning.

The governor signed the bill during a press conference at the Innovation Preparatory Academy. Education Commissioner Richard Corcoran and Senate President Wilton Simpson were also in attendance.

Senate Bill 1054, also known as Dorothy L. Hukill Financial Literacy Act, required a half-credit of instruction for personal financial literacy and money management for a student to receive a high school diploma.

This bill also reduced the number of elective credits from eight to seven and a half.

According to the legislation, the bill was proposed to help young Floridians be better prepared for economic challenges.

By signing the bill, DeSantis made Florida the seventh state to require a separate course on personal financial literacy, as iterated in SB 1054’s text.

Topics for the financial education curriculum would cover how to open and manage a bank account and what types of accounts are offered, and how to assess the quality of a depository institution’s services.

Additionally, students would learn how to balance a checkbook, the basic principles of money management to include “spending, credit, credit scores and managing debt, including retail and credit card debt,” how to fill out a loan application, what it means to receive an inheritance and its related implications, the basic principles of personal insurance policies, how to calculate federal income taxes, local tax assessments, how to compute interest rates, how to engage in “simple contracts,” how to contest incorrect billing statements, the different types of savings and investment accounts, and basic knowledge of state and federal finance laws.

The law would begin offering what it calls financial literacy standards for high schoolers starting in ninth grade. The changes would take effect in the 2022 to 2023 school year and would require financial literacy instruction in multiple areas.