Maine Senate gives initial approval to Sen. Daughtry bill to ensure personal financial literacy for Maine high school graduates

AUGUSTA – On Wednesday, Feb. 21, the Maine Senate gave initial approval to a bill from Sen. Mattie Daughtry, D-Brunswick. LD 1284, “An Act to Require Personal Finance to be Taught as a Separate Course to Obtain a High School Diploma,” would direct the Commissioner of Education to consider separating personal finance from social studies in school curriculum, as part of graduation requirements.

“As a small business owner and a homeowner, I rely on personal finance skills more than many of the subject areas that are required in a typical school’s curriculum,” said Sen. Daughtry. “If we guarantee that Maine schools provide their students with personal finance education, then we will help then grow into fully independent adults capable of making sound financial decisions that benefit themselves, their families, and their communities.”

In 2020, eight states guaranteed all high school students take a stand-alone personal finance course; in 2023, that number has grown to 19. If LD 1284 becomes law, Maine would become the 20th state to offer a stand-alone personal finance course.

“We report that savings, both for education and for retirement, in Maine need continued and intense support from all angles, including – and especially – in education policy related to the experience of students in grades 9 through 12,” said State Treasurer Henry Beck, in written testimony in support of the bill. “We believe Senator Daughtry’s proposal to make this curriculum stand-alone is a logical next step to increase financial capability generally and retirement security — and empower Maine students to go on to attain credentials beyond high school with necessary knowledge of borrowing, spending, planning and earning.”

The bill faces additional votes in the Maine House and Senate.

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