December 5, 2007

Oklahoma mandates financial know-how

Posted in Legislation Affecting Students, Saving for College at 7:28 AM by Joe From Boston

I doff my cap to Oklahoma – finally, there’s a whole state who agrees with me!!!  We MUST teach financial literacy to children.  Thanks to for this.

Oklahoma Passes Financial Literacy Act

The Oklahoma State Legislature recently passed The Passport to Financial Literacy Act, which requires personal financial literacy education be taught in Oklahoma’s public schools during grades seven through twelve. Students must complete all 14 areas of instruction in order to graduate from a public high school with a standard diploma beginning with students entering the seventh grade in the 2008-2009 school year.

Areas of instruction include: understanding interest, credit card debt and online commerce; savings and investing; planning for retirement; bankruptcy; banking and financial service; understanding loans and borrowing money, including predatory lending and payday loans; identity fraud and theft; and earning an income.

School districts will determine when each of the 14 areas of instruction will be taught and may integrate personal financial literacy education into one or more existing courses of study or provide it in a separate course. The State Board of Education will identify and adopt curriculum standards for each of the 14 areas of instruction.