We no longer live in a time when financial literacy simply means a mother showing her son how to fill out a checkbook over the dinner table, or a father joining a daughter to open her first savings account at the locally-owned bank.

In today's complex financial environment, increasing the knowledge and skills of borrowers greatly increases their ability to access credit and build capital. Without the necessary knowledge and skills, Texans will not be able to improve their creditworthiness and may face financial strains as a result of the lack of access to credit. For families -- many struggling without health insurance and surviving on low incomes -- the difficulties are magnified.

To promote financial literacy in high school, Senator Shapleigh joined forces with Representative Beverly Woolley (R-Houston), during the 78th regular legislative session, and passed S.B. 851 and H.B. 492. H.B. 492, requires instruction in personal financial literacy in one or more courses required for high school graduation, while S.B. 851 directs the Texas Education Agency (TEA) to establish a financial literacy pilot program in up to five school districts.

It is a good idea for Texas to develop a solid foundation for teaching both adults and young people, to make prudent personal financial decisions. By doing so, we will better prepare people to be active and successful members of the state economy.

Locally, El Paso ISD has been selected as a participant in the financial literacy pilot program. S.B. 851 took effect on June 17, 2005.

“In today’s world, every Texan needs to know how to best manage their money,” Senator Shapleigh said. “Credit cards, car loans, even the stock market are a part of nearly every Texans’ life.”