GOOD IDEAS FOR A CHANGE

Earlier this year I wrote a column about a bill before the state legislature, it was House Bill 1476. I felt that it was a good idea for the state of Oklahoma; it would require our children to have some classes on good economic practices. For whatever reason, many people in our country have a hard time living within their means. I was raised in the old school where people were taught to avoid going into debt. I do realize that borrowing money to start or operate a business is a legitimate function for going into debt. Today you cannot open your mailbox without there being two or three letters telling you that you have been approved for a credit card. Many Americans hear about all of the cheap interest and are enticed to start spending. We have forgotten that even with cheap interest the debt still has to be paid off. According to an article I recently read, others in our country feel that HB 1476 is a good idea.

State Rep. Ann Coody, who authored Oklahoma's financial literacy law, participated in a panel discussion on the issue on Aug. 7 at the National Conference of State Legislatures annual meeting in Boston. House Bill 1476, by Coody, created the Passport to Financial Literacy Act. The measure, approved by the Oklahoma Legislature this year, requires financial literacy instruction for all Oklahoma secondary school students to help them avoid money problems in their adult years. House Bill 1476 allows individual school districts to decide whether the components of personal financial literacy instruction will be incorporated into one or more existing courses of study or into a separate new course. Under the new law, students can be instructed in the elements of personal financial literacy anytime between grades seven through twelve.

Other sate Legislatures are looking at our efforts to help our children avoid the pitfalls of debt; many of them are considering authoring similar bills in their states. There are many good ideas out there; it is good that at least one of them has originated in Oklahoma. We need to remember that we don’t always have to reinvent the wheel; we should always be searching for good ideas across our country. House Bill 1476 will be implemented in state schools beginning in the 2008-2009 school year.

 

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