Bipartisan legislation introduced to require personal finance education in Maine schools
LD 1069, “An Act to Require Personal Finance to Be Taught as a Separate Course in Order for a Student to Obtain a High School Diploma”
AUGUSTA – On Tuesday, President Mattie Daughtry (D-Brunswick) introduced a bill (LD 1069) that would ensure that all high school students in the state receive a comprehensive education by receiving a personal finance course before graduation. The proposed legislation also seeks to equip students with essential financial skills necessary for managing their finances in adulthood, empowering them to make informed decisions. This initiative is designed to help young Maine people build a foundation for financial independence and long-term stability. Finance education also often encourages passing on knowledge to younger generations, promoting financial stability across families and communities.
The bill is co-sponsored by Representative Crockett (D-Portland), Senator Susan Bernard (R-Aroostook), Senator Tim Nangle (D-Cumberland), Senator Joe Rafferty (D-York), Representative Nathan Carlow (R-Buxton), Kelly Murphy (D-Scarborough), David Woodsome (R-Waterboro).
"With the rising cost of living, the importance of financial literacy has never been clearer. By providing our students with the tools they need to manage their finances effectively, we are setting them up for success. This bill addresses a critical gap in financial education access. I am proud that some schools in Maine prepare our young people for the financial realities they will face, but we need to do more,” said Senate President Mattie Daughtry. “A comprehensive personal finance course won’t just teach students how to write a check—it will allow them to think critically, ask the right questions and protect themselves from exploitation. I want young Mainers to thrive here and be successful business owners, educators, or even legislators. The success of our students starts with equity of access to financial literacy."
School districts could include the following education in the course:
Teach basic financial concepts such as budgeting, saving, investing, and debt management.
Teach strategies for responsible borrowing and how to manage and avoid excessive debt by helping students understand interest rates, loan terms, and repayment plans to avoid financial pitfalls.
Educate on various investment strategies, from stocks to real estate, to grow wealth over time. Educates students on risk tolerance and diversified investments to safeguard their financial future.
Prepare individuals to save and invest for retirement through tools like 401(k)s, IRAs, and other financial products.
Encourages responsible saving, investing, and spending habits from a young age.
Emphasize the importance of early and consistent savings to ensure a comfortable retirement.
Build financial knowledge to reduce anxiety and fear around money management.
The Legislature’s Education Committee will hold a work session on this bill in the coming weeks.