Personal Insights from State Treasurer Laura M. Montoya
New Mexico State Treasurer Laura M. Montoya shares her personal journey of financial discovery, growing up in rural New Mexico as the eldest of three siblings. Working early jobs, she contributed financially to her family, learning the importance of money and teamwork. Despite excelling in mathematics, Montoya recalls her early unfamiliarity with basic financial tools like checking accounts, savings, or investments, highlighting a common educational gap.
A Push for Financial Education in Schools
There is a growing movement across the U.S. to make financial literacy a mandatory part of high school education, with 25 states now including it as a graduation requirement. Sadly, New Mexico lags behind, with WalletHub ranking it 49th in financial literacy. Integrating financial literacy into the curriculum could empower New Mexico’s youth, preparing them for essential financial roles in society and instilling skills crucial for personal and professional success.
The Benefits of Financial Literacy Education
Evidence from states like Georgia, Idaho, and Texas shows that mandated financial education leads to higher credit scores and savings rates among students. These financially literate students often extend their newfound knowledge to their families, amplifying the benefits across generations. Montoya argues that financial literacy not only helps in reducing poverty and crime but also supports higher-wage jobs and financial independence, enriching the state’s economy and reducing reliance on government assistance.
Treasurer Montoya advocates for a comprehensive integration of financial literacy into all levels of education, believing that knowledge is power. By educating young New Mexicans about finances, the state can foster generational wealth, enhance economic contributions, and ensure all residents can thrive in their chosen communities.