Oklahoma Schools Required To Teach High School Students to Manage Finances
Oklahoma high school students, effective this May, now must demonstrate an understanding in banking, taxes, investing, loans, insurance, identity theft and eight other areas to graduate.
The intent of personal financial literacy education is to inform students how individual choices directly influence occupational goals and future earnings potential. Successful money management is a disciplined behavior and much easier when learned earlier in life.
Real world topics covered by the Oklahoma standards include the following:
- Earning an income;
- Understanding state and federal taxes;
- Banking and financial services;
- Balancing a checkbook;
- Savings and investing;
- Planning for retirement;
- Understanding loans and borrowing money, including predatory lending and payday loans;
- Understanding interest, credit card debt, and online commerce;
- Identity fraud and theft;
- Rights and responsibilities of renting or buying a home;
- Understanding insurance;
- Understanding the financial impact and consequences of gambling;
- Bankruptcy; and
- Charitable giving