Financial education hasn't always been a priority in
The standards are the first of their kind in
Dorn noted that if more people understood what banks were doing with home loans, the financial crisis may not have hit the country as hard as it did in 2008 and 2009.
"Students need to understand financial terms," he said. "They need to know what interest is, how to calculate taxes, when to begin investing. Giving them those tools may help us avert the next financial crisis."
Along with spending and saving, the standards cover five other topics: credit and debt, employment and income, investing, risk management and insurance, and financial decision-making.
The standards will be integrated into classroom activities, likely in math or social studies classes, said
A planning group is still figuring out how schools will put the new financial standards into practice, Olson said.
In 2004, the Legislature established the
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