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Susan Bernard represents Senate District 1, serving 37 communities in northern Aroostook County. She serves on the Appropriations and Financial Affairs Committee and previously served in the Maine House of Representatives from 2020-2022. Leslie Finnan is the senior director of advocacy at the Council for Economic Education.
In today’s world, financial literacy is more important than ever. With the growing complexity of financial systems, it is crucial that students are equipped with the knowledge and skills they need to make sound financial decisions. That’s why we are proud to support LD 1069, a bill that would make personal finance education a requirement in schools across the state.
Research shows that students who receive education in personal finance make better financial decisions throughout their lives. These students are more likely to have improved credit scores, reduced default rates, and a more solid financial foundation. Three years after a state-mandated personal finance course was introduced in three states, severe delinquency on credit accounts or auto loans decreased by as much as 32 percent, while credit scores improved by more than 5 percent. For students who pursue postsecondary education, financial education leads to better borrowing decisions, such as taking out lower-interest loans and borrowing more responsibly. This is especially true for students from low-to-moderate-income families, who benefit the most from financial literacy education.
As states across the country recognize the value of personal finance education, Connecticut and New Hampshire have recently passed similar requirements, signaling that the time for action is now. These states are setting an example, showing that investing in financial education is an investment in the future of their students and their economies. Maine should not be left behind. LD 1069 provides a unique opportunity for us to join these forward-thinking states and ensure that Maine’s students are prepared for financial success in an increasingly complex world.
Integrating financial literacy education into the curriculum is not just a smart move for students, but also for the future of Maine. By passing LD 1069, we are making an investment in the future of our state, one that will pay dividends for years to come. With the support of groups such as Maine Jump$tart and the Council for Economic Education, Maine will have access to the resources, professional development, and training necessary to ensure this bill’s success. Nationwide, the Council for Economic Education reaches over 4 million students annually, training more than 40,000 teachers to deliver the highest quality economics and personal finance education.
By passing LD 1069, we will empower all Maine students to make better financial decisions, no matter their background. This bill will give them the tools they need to achieve long-term financial success, helping to ensure they are prepared for the future ahead. We urge our colleagues in the Legislature to pass this important bill and give Maine students the opportunity to build a strong financial foundation for their futures.
