Editorial: NM must help students learn financial literacy - Albuquerque Journal

Editorial: NM must help students learn financial literacy

Even before the COVID-19 pandemic exposed how many Americans are living on the financial edge, the Journal’s editorial board pushed for financial literacy to be taught in New Mexico schools.

But the economic lessons of the pandemic have prompted other states to go well past New Mexico’s modest attempts. A recent overhaul of the state’s social studies teaching standards includes a focus on age-appropriate economics and financial literacy instruction.

Better than nothing, certainly, but far short of mandating financial literacy as a graduation requirement. Thirty-four states and the District of Columbia addressed financial literacy in the 2021-22 legislative sessions, according to the National Conference of State Legislatures. Of those bills, about 20 focus on high schools.

Our push for financial literacy stems from the consequences of having a population low in this critical life skill, where poverty can be endemic and one in four residents is on food stamps and 43% of the state’s population is on Medicaid — the highest rates in the nation.

The Nation’s Report Card on Financial Literacy gave us a “D” for providing just some instruction in K-12. To improve its grade, New Mexico needs to require a high school personal finance course and implement grade-specific K-8 financial literacy standards, evaluators say.

Here’s one real-life lesson why: Utah, one of the few states to receive an “A,” has the lowest average student loan debt per student ($17,935) from the class of 2019.

While we’re glad New Mexico has made strides, there’s clearly more to be done to keep our young people from sinking into a sea of debt and financial dependency.

This editorial first appeared in the Albuquerque Journal. It was written by members of the editorial board and is unsigned as it represents the opinion of the newspaper rather than the writers.

Home » Opinion » Editorials » Editorial: NM must help students learn financial literacy


Albuquerque Journal and its reporters are committed to telling the stories of our community.

• Do you have a question you want someone to try to answer for you? Do you have a bright spot you want to share?
   We want to hear from you. Please email yourstory@abqjournal.com

taboola desktop

1
Editorial: Journal backs Garcia Holmes and Vasquez in CD1 ...
Editorials
Today, the Journal announces its endorsements ... Today, the Journal announces its endorsements for contested primary races for the U.S. House of Repr ...
2
Editorial: Journal announces endorsements for BernCO commission and county ...
Editorials
Today, the Journal announces its primary ... Today, the Journal announces its primary endorsements for Bernalillo County commission and county assessor.
3
Editorial: Journal announces endorsements for sheriff and judges
Editorials
Today, the Journal announces its primary ... Today, the Journal announces its primary endorsements for Bernalillo County sheriff and contested ra ...
4
Editorial: Pretrial release decisions must hinge on good police ...
Editorials
During election season in New Mexico, ... During election season in New Mexico, promises to crack down on crime are ubiquitous — on both ...
5
Editorial: Journal concludes primary endorsements for NM House
Editorials
Today, the Journal continues endorsements for ... Today, the Journal continues endorsements for contested primary legislative races in the metro area. ...
6
Editorial: Journal begins ’22 endorsements with NM House of ...
Editorials
For ongoing coverage that will include ... For ongoing coverage that will include candidate profiles, Q&As and endorsements as they are published, go to www.abqjournal.com/2498103/2022-primary-election.html.
7
Editorial: Recent cases prove NM must do better job ...
Editorials
New Mexico can be a very ... New Mexico can be a very dangerous place to be a child.    We had the sixth-highest r ...
8
Editorial: 'Living lots' may be worth considering, but details ...
Editorials
We started with unsanctioned, unsanitary and ... We started with unsanctioned, unsanitary and unsafe camping across the metro area.     ...
9
Editorial: Free parking could pay off in Old Town
Editorials
Why does the city charge for ... Why does the city charge for parking in Old Town?    "Because it can" isn ...