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.
