Life Skills: Financial Literacy Skills

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Life SkillsFinancial Literacy Skills

• Tracy Boyington
• CIMC

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CIMCs Financial Literacy Skills curriculum

• Why do I need it?
• Whats in it?

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Passport to Financial Literacy Act

• Oklahomas Passport to Financial Literacy Act
  requires schools to teach personal financial
  literacy education
• Implementation will be phased in
• 2008-09 school year 7th grade
• 2013-14 school year 7th 12th grades

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14 required topics

• Understanding interest, credit card debt, and
  online commerce
• Rights and responsibilities of renting or buying
  a home
• Savings and investing
• Planning for retirement
• Bankruptcy
• Banking and financial services
• Balancing a checkbook

• Understanding loans and borrowing money,
  including predatory lending and payday loans
• Understanding insurance
• Identity fraud and theft
• Charitable giving
• Understanding the financial impact and
  consequences of gambling
• Earning an income
• Understanding state and federal taxes

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Financial Literacy Skills

• Managing Money
• Understanding Banking
• Using Credit Wisely
• Understanding Taxes and Insurance
• Understanding Investing and Home Ownership
• Understanding Consumer Fraud and Identity Theft

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Financial Literacy Skills

• Wrap-around teacher book
• Multiple-choice tests
• Attractive, friendlier format

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Managing Money

• Careers/earning money
• Budgeting/money management/financial planning
• Comparison shopping
• Paycheck basics
• Gambling
• Charitable giving

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Understanding Banking

• Functions of a bank
• Earning and paying interest
• How to get and use a bank account
• Balancing a checkbook
• Protecting your accounts

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Using Credit Wisely

• Different types of credit
• Advantages and disadvantages of using credit
• Credit warning signals and credit counseling
• Bankruptcy
• Credit reports and credit ratings
• Debt collection

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Understanding Taxes and Insurance

• Purpose of taxes
• Filling out tax-related paperwork
• Auto insurance
• Homeowners/renters insurance

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Understanding Investing and Home Ownership

• Investment glossary
• Risks and benefits of different investments
• Sources of retirement income
• Owning vs renting a home
• Leases
• Mortgages
• Housing budget

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Understanding Consumer Fraud and Identity Theft

• Advertising and sales techniques
• Consumer fraud
• Consumer protection/complaints
• Spotting, stopping, and preventing identity theft

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Other resources

• PowerPoints, websites, and word puzzles
• okcimc.com/titles/financial-literacy
• Free online evaluation administered by
  CareerTechs Testing Division
• okcareertech.org/testing

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Other resources

• Free online instruction by partner organization
  Shryk
• shryk.com
• mymoola.org
• weprosper.org
• Financial Literacy PASS Skills
• http//sde.state.ok.us/Curriculum/PFLP/PASS.pdf
• Glossary
• http//sde.state.ok.us/Curriculum/PFLP/Glossary.pd
  f

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Questions?
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For more information

• Tracy Boyington
• 405.743.5516
• tracy_boyington_at_okcareertech.org
• okcimc.com/titles/financial-literacy