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Personal Finance

by Oklahoma State School Boards Assoc

This course material is only available in the iTunes U app on iPhone or iPad.

Course Description

All of Oklahoma’s young people graduating from high school should be able to take individual responsibility for their personal economic well-being. Broadly speaking, a financially literate high school graduate should know how to:
  • Find, evaluate, and apply financial information.
  • Set financial goals and plan to achieve them.
  • Develop income-earning potential and the ability to save.
  • Use financial services effectively.
  • Meet financial obligations.
  • Build and protect wealth.
Personal financial literacy is not an absolute state. It is a continuum of abilities that is subject to variables such as age, family, culture, and residence. Personal financial literacy refers to an evolving state of competency that enables each individual to respond effectively to ever-changing personal and economic circumstances. Because of limited experience and responsibility, a typical recent high school graduate will not exhibit the same degree of knowledge of personal finance as a financially literate older adult. Financially literate high school graduates, however, should have a general understanding of all key aspects of personal finances. These graduates will be confident in their ability to find and use the information required to meet specific personal financial challenges as they arise.

To this end, the Oklahoma Priority Academic Student Skills (PASS) for Personal Financial Literacy, Grades 7–12, indicate the skills students must have to increase their personal financial literacy knowledge continually as their responsibilities and opportunities change. Join me as we teach our children to think and behave responsibly with their personal finances now and as they enter the world of adulthood.  

Overview: Personal Financial Literacy is designed for students in Grades 7-12. These standards of learning are priority, essential, and necessary for all Oklahoma students. Learning the ideas, concepts, knowledge, and skills will enable students to implement personal financial decision-making skills; to become wise and knowledgeable consumers, savers, investors, users of credit, money managers, and to be participating members of a global workforce and society.

The intent of personal financial literacy education is to inform students how individual choices directly influence occupational goals and future earnings potential. Effective money management is a disciplined behavior and much easier when learned earlier in life. The fourteen areas of instruction designated in the Passport to Financial Literacy Act of 2007 (70 O.S. § 11-103.6h) are designed to provide students with the basic skills and knowledge needed to effectively manage their personal finances. Basic economic concepts of scarcity, choice, opportunity cost, and cost/benefit analysis are interwoven throughout the standards and objectives. This systematic way of making personal financial decisions will provide students a foundational understanding for making informed personal financial decisions.

Real world topics covered by these standards include the following:

  1. Earning an income;
  2. Understanding state and federal taxes;
  3. Banking and financial services;
  4. Balancing a checkbook;
  5. Savings and investing;
  6. Planning for retirement;
  7. Understanding loans and borrowing money, including predatory lending and payday loans;
  8. Understanding interest, credit card debt, and online commerce;
  9. Identity fraud and theft;
  10. Rights and responsibilities of renting or buying a home;
  11. Understanding insurance;
  12. Understanding the financial impact and consequences of gambling;
  13. Bankruptcy; and
  14. Charitable giving.

If you see links that no longer work, have suggestions for new resources, or would like to contribute to this resource please contact the Social Studies content manager, Vanessa Perez at

Personal Finance
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