A poll run by KOB 4 asked viewers, “Should NM schools require students to take financial literacy classes?” as its question of the day.
As of 3:54 p.m. on Thursday, the poll showed that a shocking 96 percent of respondents support mandatory financial literacy classes in schools, with only four percent opposing it.
The massive level of support from across the spectrum is another affirmation of financial literacy’s necessity in New Mexico classrooms.
During the 2023 Legislative Session, Republican and Democrat legislators in both the New Mexico House of Representatives and Senate unsuccessfully proposed mandatory financial literacy classes in state K-12 schools.
H.B. 279 from Rep. Cathrynn Brown (R-Carlsbad) would have required financial literacy to be a prerequisite for high school graduation. S.B. 341 from Sen. Moe Maestas (D-Albuquerque) stated that “[p]ersonal finance shall be offered as an elective.” However, those bills did not make it through.
According to the latest scientific nationwide poll done by the National Endowment for Financial Education (NEFE) in late 2022 found that only 44 percent of adult Americans “feel confident making financial decisions because they had prior knowledge. In addition, 40% of adults feel confident because they had made and learned from a similar decision in the past.”
The low confidence number nationwide is alarming and calls on the need for mandatory financial literacy since the same poll also found that 88 percent of respondents say their state should require a semester or year-long financial education course for graduation.
“Some states already require students to take a financial education course, and some states are in the process of instituting this curriculum. Americans overwhelmingly agree that learning money skills at an early age is important. In fact, 80% of American adults wish they had been required to take a semester- or year-long financial education class in high school,” said Billy Hensley, Ph.D., president and CEO of NEFE. “This polling reinforces the national support for personal finance to be a part of learning in all schools.”
In future legislative sessions, the strong support for financial literacy in New Mexico and nationwide may drive a renewed push for legislation to ensure this is a requirement of New Mexico public school graduates.
It should be MANDATORY!
Of course REAL history classes should be required also, but that won’t happen, along with fiscal responsibility it would actually save the country.
Our Dem US representatives and US senators need to take an Economics 101 class. Their “Inflation Reduction Act” actually caused more inflation by injecting more borrowed federal funds into the economy. At the same time the Fed is raising interest rates to lower inflation. It is like your home furnace and refrigerated air conditioning running at the same time.
I think this has already been tried in government schools in NM. It consisted of credit card companies giving “free” curriculum to young teachers who then instructed students in how to fill out credit card applications. No mention of the consequences of indiscriminate use of high interest credit cards, etc.
Like a lot of subjects, good finances are better off modeled and taught at home. In fact, homeschooling is an even better idea.
Nope. Anything presented by this New Mexico Democratic Legislation will be skewed and intentionally altered to meet the demands of the Democratic Political Party and serve no good for anything else.
When legislation is presented from an Independent, Green or Republican legislation, it should be considered, WITHOUT ALTERATION FROM ITS ORIGINAL CONTENT.
Only then can I say for certainty that it will be GOOD FOR SOMETHING.
In my Civics class in high school, senior year, we were divided into pairs and given various tasks to do: comparison shopping, maintaining a checking account, writing checks, etc. Quite useful! I was grateful to the teacher for learning various other “adulting” tasks. It should be mandatory!
It should be mandatory for all sometime during high school. Perhaps not as a standalone course, but at least incorporated as an educational block into the curriculum in some manner. Every individual would benefit, even those that plan to pursue a career as an athlete.
I am surprised that even 4% would oppose such. Perhaps the term literacy scares them?
Yes, kids need to know how finances affect their lives. This is just another way of dumbing down our state.
Agree totally. My niece in ID was required to take financial class using the Dave Ramsey program, a nationally recognized financial expert consultant who focuses on avoiding debt and living within your means. I am finishing up one school year tutoring my niece through her required Algebra II. Unless the student plans to go into a heavy math career such as engineering, this class has almost zero real world value and unlikely to ever be used by the student after school. Financial literacy would have been a much better investment in the students future managing her own financial affairs and credit cards. Agree NM administration is likely to pollute the class curriculum with silly social issues, but it would still be much more valuable to the student than very advanced theoretical math such as Algebra II.
When you are on WELFARE, who needs this crap! You are in a financial hell hole and that is right where the state ruling party, the Democrats want to keep you.
Keep them dumbed down.
Years ago at &Sandia high school, the special education class had a financial class. It covered savings accounts, checking accounts, check writing (not so necessary now for younger folks). Car purchases, loans, interest rates, repayments, insurance, apartment leases. It was a great class. At the time I thought that every kid at school should take this.
I took a ‘General Business’ course in High School. It was probably the best thing I did. It taught how to keep a check book (??), how to make a ‘balanced budget’, how to apply for a job, how to dress for an interview, how to present yourself professionally, how to shop and determine a ‘deal’, buy a car, shop sensibly etc etc. Even how to spot a scam, a cheat, a fraud. I am always shocked to see many people know none of these things.