Mandatory Financial Literacy for Maryland Students?

Reading, writing, arithmetic are the basic skills that all students should master by the completion of the 12th grade.  New legislation would aim to add financial skills to that list.  Senate bill 262 would require that every Maryland public high school student take one semester of a stand-alone financial literacy course as a part of their graduation requirements.  The course would include financial management topics such as loans, credit cards, insurance, stock market, and other financial issues.

Currently only four states – Utah, Missouri, Virginia, and Tennessee – have a required stand-alone financial literacy course prior to graduation. In Maryland, Carroll, Talbot, and Allegheny counties currently require high school students to complete a semester-long course in financial literacy. Seven additional counties offer semester- or year-long elective courses with financial literacy embedded into the curriculum.  SB 262 would mandate financial literacy to be taught statewide.

Proponents agree that based on the historic recession and mortgage meltdown, financial literacy is needed now more than ever for Maryland students.  They argue that teaching these practical real-world skills will instill responsible financial choices in college and early adulthood, that will help an individual to maintain good credit, purchase a house or car, and understand how to save.

And although opponents see the value in financial literacy, many wonder if this will burden already over-worked teachers with another performance based graduation requirement.  Another worry is that a mandatory course in senior year could put undue pressure on students already taking advance placement courses and preparing for graduation.

Even though there are differing opinions on how to best bring financial literacy to Maryland students, both sides agree it is a worthy subject.  It seems that finding the best way to make it happen will be the hardest part.