At Royal Oak Schools, we are committed to ensuring our students are equipped with the knowledge and skills necessary to navigate the financial decisions they will face in adulthood. With Michigan’s revised school code (Section 380.1278a) now requiring all students to complete a 0.5 credit personal finance course before entering 8th grade, we have taken steps to integrate these essential financial literacy concepts into our curriculum.
To meet this requirement, Royal Oak Schools has identified specific financial literacy standards within our economics curriculum. Since all students at Royal Oak High School are already required to take economics, we are fortunate that many of these standards are already in place.
Our approach ensures students gain a strong foundation in personal finance while aligning with the Michigan Department of Education's (MDE) subject content expectations. We are confident that this plan will effectively support our students in making informed financial decisions, both now and in the future.
Personal Finance Expectations
Students in economics courses at Royal Oak High School will explore key financial literacy topics, including:
PF 1: Earning Income
- Researching potential career earnings and employee benefit packages
- Understanding non-income factors that influence career choices
- Evaluating the costs and benefits of education or technical training
- Learning about taxes and other sources of income
PF 2: Buying Goods and Services
- Analyzing factors that influence purchasing decisions
- Weighing costs, benefits, and the role of government in consumer protection
PF 3: Budgeting and Saving
- Identifying incentives for saving money
- Examining the effects of time, interest rates, and inflation on savings
PF 4: Using Credit
- Evaluating the benefits, costs, and impacts of credit use
- Understanding options for funding higher education, including FAFSA, student loans, scholarships, work-study programs, and grants
PF 5: Financial Investing
- Assessing investment risks, expected returns, and tax benefits
- Understanding the role of government agencies and the importance of diversification
PF 6: Protecting and Insuring
- Assessing financial risks related to income loss, assets, health, and identity theft
- Learning strategies for managing risk through savings, insurance, and other financial tools
PF 7: Paying Taxes
- Identifying and evaluating federal, state, and local taxes
- Understanding how taxes impact take-home pay and financial planning
By integrating these financial literacy concepts into our students’ education, Royal Oak Schools continues to prepare them for a successful future. We believe financial education is a critical life skill that empowers students to make informed, responsible decisions that will benefit them throughout their lives.