Tuesday, April 29, 2008

Financial Ed In Oklahoma

A couple of years ago I first mentioned that my state of Oklahoma was considering implementing financial education into the public-school curriculum.

Last year, our governor signed into law the Passport to Financial Literacy Act (related PDF), which I'm quite happy to see. Topics to be covered include:

  1. Understanding interest, credit card debt, and online commerce;

  2. Rights and responsibilities of renting or buying a home;

  3. Savings and investing;

  4. Planning for retirement;

  5. Bankruptcy;

  6. Banking and financial services;

  7. Balancing a checkbook;

  8. Understanding loans and borrowing money, including predatory lending and payday loans;

  9. Understanding insurance;

  10. Identity fraud and theft;

  11. Charitable giving;

  12. Understanding the financial impact and consequences of gambling;

  13. Earning an income;

  14. Understanding state and federal taxes.

'Tis a nice start, in my opinion. Now we'll see how seriously the school systems take it. As the parent of a pre-K daughter in our public schools, I'm sure I'll get to find out ... in about eight years. (Per the Act, personal-finance curriculum begins in the 7th grade.)

— Posted by Michael @ 9:50 AM


This is a great idea, and a cause that I had considered pushing locally here in Canada. As a financial advisor, this cause resonates with me personally, as the lack of financial knowledge among the citizenry is one of the primary reasons that I got into this business in the first place. Not that I see that Western governments are starting to take the issue seriously, I think that its a ball I'm interested in picking up and running with here at home. Thank you so much for all the work you've done on this site. It's a great resource.

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