Sen. Daughtry introduces bill to promote personal financial literacy for Maine high school students

AUGUSTA – On Wednesday, May 10, Sen. Mattie Daughtry, D-Brunswick, introduced a bill to require Maine schools to teach personal finance as a standalone course for graduation. LD 1284, “An Act to Require Personal Finance to be Taught as a Separate Course to Obtain a High School Diploma,” was the subject of a public hearing before the Legislature’s Education and Cultural Affairs Committee.

“We all know the value of personal financial literacy,” said Sen. Daughtry. “Too often, Maine youth and young adults are not given the personal finance education they need to make well-informed decisions that will impact their lives. Without a statewide guarantee, incomplete enrollment in a personal finance education course leads to widening opportunity gaps between students who are well prepared for post-graduation financial realities and those who are left to figure things out on their own — sometimes with life-altering consequences.”

In 2020, eight states guaranteed that all high school students took a stand-alone personal finance course; in 2023, that number has grown to 19. If the Maine Legislature and Gov. Janet Mills support LD 1284, Maine would become the 20th state to offer a stand-alone personal finance course. The curriculum could be modeled on Next Gen Personal Finance (NGPF), which is a non-profit provider of personal finance curriculum and professional development. To date, 785 teachers have used this curriculum in Maine. Over 200 of these teachers have logged more than 4,500 hours of professional development.

“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 further action in committee.

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