Recently, both ATLAS and CMS measured the decay h → μ⁺μ^-, finding a signal strength with respect to the standard model expectation of 1.2 ± 0.6 and 1.19_-0.39-0.16^+0.41+0.17, respectively. This provides, for the first time, evidence that the standard model Higgs couples to second generation fermions. This measurement is particularly interesting in the context of the intriguing hints for lepton flavor universality violation, accumulated within recent years, as new physics explanations could also be tested in the h → μ⁺μ^- decay mode. Leptoquarks are prime candidates to account for the flavor anomalies. In particular, they can provide the necessary chiral enhancement (by a factor m_t/m_μ) to address a_μ with tera-electron-volt scale new physics. In this Letter we point out that such explanations of a_μ also lead to enhanced effects in h → μ⁺μ^- and we examine the correlations between h → μ⁺μ^- and aμ within leptoquark models. We find that the effect in the branching ratio of h → μ⁺μ^- ranges from several percent up to a factor of 3, if one aims at accounting for a_μ at the 2σ level. Hence, the new ATLAS and CMS Collaboration measurements already provide important constraints on the parameter space, rule out specific a_μ explanations, and will be very important to test the flavor anomalies in the future.