Oklahoma Schools Are Requiring Tough Financial Literacy Courses

Moneybox
A blog about business and economics.
Feb. 24 2014 11:01 AM

Oklahoma Schools Are Requiring Tough Financial Literacy Courses

A high-school student uses a calculator.
The foundation of financial literacy is basic math and literacy and people who don't master those skills are always going to be prey for scamsters.

Photo by Jeff J Mitchell/Getty Images

Mustang High School teacher Carrie Hixon recently asked her students “What if you used your bank debit card to buy lunch at Taco Bell and you didn't have enough money in your checking account. What do you think Taco Bell will do?”
“Make you wash dishes,” the class clown popped off.
A serious Hixon countered, “Until recently, Taco Bell and your bank each could charge you a fee of $25 to $35. Thankfully, a recent law requires establishments to deny the purchase and hand your card back to you, if you have insufficient funds.”
Advertisement

I think there are three big takeaways here. One is that this is a good idea and financial literacy is very important. Another is that this underscores how mistaken I think it is for some self-styled progressives to underplay the importance of improving K-12 education in the United States—the foundation of financial literacy is basic math and literacy and people who don't master those skills are always going to be prey for scamsters. But the third is that regulation is really important and valuable. It's silly to create something like the 401(k) system, which is challenging for normal people to navigate in a sensible way, and then spend a lot of time in high-school preaching the virtues of low-fee passively managed index funds. The policy should be designed to push people into smart options and make it really hard for parasitical fee-collectors to get their hands on people's money.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.

TODAY IN SLATE

Politics

The Irritating Confidante

John Dickerson on Ben Bradlee’s fascinating relationship with John F. Kennedy.

My Father Invented Social Networking at a Girls’ Reform School in the 1930s

Renée Zellweger’s New Face Is Too Real

Sleater-Kinney Was Once America’s Best Rock Band

Can it be again?

The All The President’s Men Scene That Captured Ben Bradlee

Medical Examiner

Is It Better to Be a Hero Like Batman?

Or an altruist like Bruce Wayne?

Technology

Driving in Circles

The autonomous Google car may never actually happen.

The World’s Human Rights Violators Are Signatories on the World’s Human Rights Treaties

How Punctual Are Germans?

  News & Politics
The World
Oct. 21 2014 11:40 AM The U.S. Has Spent $7 Billion Fighting the War on Drugs in Afghanistan. It Hasn’t Worked. 
  Business
Moneybox
Oct. 21 2014 5:57 PM Soda and Fries Have Lost Their Charm for Both Consumers and Investors
  Life
The Vault
Oct. 21 2014 2:23 PM A Data-Packed Map of American Immigration in 1903
  Double X
The XX Factor
Oct. 21 2014 1:12 PM George Tiller’s Murderer Threatens Another Abortion Provider, Claims Right of Free Speech
  Slate Plus
Behind the Scenes
Oct. 21 2014 1:02 PM Where Are Slate Plus Members From? This Weird Cartogram Explains. A weird-looking cartogram of Slate Plus memberships by state.
  Arts
Behold
Oct. 21 2014 12:05 PM Same-Sex Couples at Home With Themselves in 1980s America
  Technology
Future Tense
Oct. 21 2014 4:14 PM Planet Money Uncovers One Surprising Reason the Internet Is Sexist
  Health & Science
Climate Desk
Oct. 21 2014 11:53 AM Taking Research for Granted Texas Republican Lamar Smith continues his crusade against independence in science.
  Sports
Sports Nut
Oct. 20 2014 5:09 PM Keepaway, on Three. Ready—Break! On his record-breaking touchdown pass, Peyton Manning couldn’t even leave the celebration to chance.