April is National Financial Literacy Month

As the calendar turns to April, National Financial Literacy Month, we will soon come together to celebrate the importance financial education plays in providing economic stability in our lives.  Our goal is to highlight a critical issue we have both dedicated much of our personal and professional lives—the need for financial literacy education at all age levels.  While we appreciate the attention this month brings, the truth is this issue is far too important to be put on the backburner the other eleven months of the year.

After all, families across Maryland continue to feel the lingering effects of the worst economic downturn since the Great Depression and we are only slowly beginning to regain our collective footing following the collapse of our housing and financial markets.  There is no shortage of where responsibilities lie – from predatory lenders to reckless Wall Street financiers and a federal regulatory framework.  There are many we entrusted that failed us. But, we must also acknowledge that some of this crisis stemmed from far too many of our citizens lacking an understanding of the fundamental principles of personal finance, leading to financial commitments that they didn’t fully understand, didn’t need or couldn’t afford. As a result, for the past several years, the two of us have been outspoken, proactive advocates for meaningful financial literacy education in Maryland’s public schools and within our communities to ensure that our children and adults are better equipped to make the financial decisions that will shape their futures.

As we head into the final months of the school year, another crop of high school graduates are about to receive diplomas. Whether they move forward in furthering their education or enter our workforce, they will be forced to make financial decisions that will affect their ability to secure good-paying jobs, provide for their families and save for the future. Without an adequate understanding of personal finance, they will be vulnerable to financial predators, fine print and impulse decisions that can haunt them for the rest of their lives. After all, the leading reason why young people fail to get government security clearances is not due to their academic record or a minor run-in with the law – it’s due to bad credit.

We firmly believe that Maryland – rated by Education Week and other observers as the nation’s top public school system – needs to promote this important consumer protection and financial security initiative in all of our schools and within our communities or we risk significantly failing behind our peers. While we both hold out hope, and will continue to push for a statewide solution, there are many local jurisdictions who have taken it upon themselves to implement local solutions, and great organizations and programs, many of which we’re both actively involved to identify ways to fill the void.

These efforts, however, will not be complete until every student in the State of Maryland has the benefit of a standalone financial literacy course before they graduate from our public schools. Several states around the country, including our neighbors in Virginia, have responded to the overwhelming call from parents, students, teachers, consumer advocates and business leaders. They have implemented these programs at a negligible cost to taxpayers. For the sake of our children and our economic future, Maryland simply cannot afford to wait. Let’s not let another National Financial Literacy Month pass us by without acting.

Peter Franchot currently serves as the Comptroller of Maryland and formerly served 5 terms as a state delegate from Montgomery County. Dr. Calvin Ball currently serves on the Howard County Council representing District 2 and faculty member at Morgan State University.