The Kansas State Board of Education is already invested in providing financial literacy courses for students. Now they are studying ways to compound interest in this subject statewide.
Under the direction of the board, education department staff members investigated financial literacy programs in schools throughout the state. During this month’s board meeting, they recommended ways to improve the financial literacy of Kansas students. The board is now considering these recommendations.
One recommendation is to consider requiring districts to improve financial literacy instruction to renew accreditation. Another recommendation is for the Department of Education to explore and share curriculum ideas with districts. Department staff also recommended collaborating with other organizations to increase awareness of already existing resources.
In particular, they recommended strengthening already existing relationships with the Federal Reserve Bank of Kansas City and the Kansas Council on Economic Education. Kansas Department of Education employees serve on advisory boards for both organizations.
Studying financial literacy in Kansas public schools is not an option. In 2003, the state legislature directed the Board of Education “to equip students with the knowledge and skills needed to become self-supporting and to enable students to make critical decisions about personal finances.” State statute K.S.A. 72-7535 contains the requirements for financial literacy education in public schools.
The Kansas State Board of Education heard the financial literacy report at their most recent meeting, which took place August 8-10 in Topeka. Their next meeting is scheduled for September 9-10.