A potentially uncomfortable topic for parents is credit, including everything tied to a credit score, such as interest rates and rent history. A parent struggling to understand what hurts or helps a credit score will struggle to teach their kids. Local banks and credit unions offer online financial literacy tools for adults that can aid in this process. Oklahoma’s commitment Both Beymer-Chapman and Lee played an integral role in strengthening the Passport to Financial Literacy Act. Oklahoma is one of several states requiring basic competency of 14 financial literacy standards as part of high school graduation requirements, so we should be one of the strongest in the nation. Unfortunately, according to OCEE, Oklahoma students ages 15 to 18 average 57 percent on a financial literacy test designed to measure their ability to earn, save and grow their money. Young people ages 18 to 21 say debt is their biggest financial concern. The challenge administrators face is a strain on resources in our schools. The courses are either being absorbed into existing government, history and economics classes or they are delivered via online programs. The biggest gaps are consistency in how the subject is being taught, according to Lee. Parents can engage in this process by asking school administrators how personal finance is being taught in your child’s school.
The digital age has presented new challenges, but the changing realm of financial literacy is one where parents can contribute to the solution. Instead of focusing on the concept “Do as I say and not as I do,” parents can seek opportunities to foster healthy money habits with kids and influence them through better money moves. Core standards taught to 7th through 12th grade students through Oklahoma’s Passport to Financial Literacy program: 1. Earning an income 2. State and federal taxes 3. Banking and financial services 4. Managing a bank account 5. Savings and investing 6. Retirement 7. Understanding the Free Application for Federal Student Aid (FAFSA), loans and borrowing money, including predatory lending and payday loans
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