Dec. 26 – New Mexico, like almost every other state, has committed to requiring a financial literacy component for high school graduation. Advocates say it’s still not enough.
Last year, the Legislature updated the state’s 2025-2026 graduation requirements to include concepts of personal financial literacy as part of the state’s social studies standards.
A coalition made up of elected officials, educators, institutions and the think tank Think New Mexico wanted more — not just a financial literacy standard, but a standalone semester-long financial literacy course.
However, the bill did establish two graduation credits, which districts could decide for themselves. As a result, coalition members have encouraged districts across the state to implement financial literacy as a local requirement.
State Treasurer Laura Montoya, a coalition member, has traveled to six school districts so far to promote local implementation of financial literacy. Santa Fe Public Schools was among the first to fully commit, while other districts were still weighing their options.
“We have been a strong advocate of financial literacy for years,” said Superintendent Hilario “Larry” Chavez – a commitment that began under his predecessor and continues to expand.
Not only did Chavez agree to codify financial literacy as a standalone course required for incoming freshmen, he went further than the coalition’s semester-long request to make the course a year-long requirement — replacing the Algebra 2 math credit.
It fills a need for a class that is already in high demand, with a long waiting list at district schools that offer electives, Chavez said.
“I think it’s important, especially these days as students head off to college, university or a career. Having basic knowledge about how to take care of your finances and be successful I think benefits all students,” Chavez said.
Montoya said promoting financial literacy education is a slow process, “but I am so committed to it – because it makes no sense to me. If you grew up in systemic poverty, you don’t, you can’t learn what you don’t do. “I don’t know or what other people around you don’t know. And so the best place for us to get that education is from our school, our education. And so I absolutely believe it should be K through 12, but if you can at least get it in middle school first, I think that would be great.”
Intersection with ‘baby bonds’
Montoya also said she supported the 2024 bill because it conflicts with legislation planned for the coming legislative session to expand a pilot “baby bond” program. The pilot program, funded by private donations, gave 15 New Mexico children $6,000 each, deposited into an investment account they can access at age 18 after taking a course in personal finance. The money can be used for school or for certain expenses, such as textbooks or a car.
Montoya wants the state to open a publicly funded trust account to take over and expand the program.
“This is not about a handout. This is about a hand up. And I want to be very clear about that. This is not about another free supplement, whatever. This is about: we contribute and invest in you because you “We will come back and invest in us,” Montoya said.
The financial literacy component, which mirrors a requirement in a similar baby bond program in Connecticut, would ensure students know how to handle money, she said.
“Because what’s the point of giving someone money if you don’t give them the tools and skills to be prepared for it?” Montoya said.
Capital High’s Phil Murray, who is teaching the school’s four financial literacy units this year, said the course is effective.
“It’s math. It’s immediate and kids see the application every day in class,” said Murray, who worked in finance for 25 years before joining Capital.
“It’s a tough job, but then someone opens a Roth IRA in class, and OK, it’s worth it,” he said.
Inform teachers
While Murray is well equipped to teach financial literacy, other districts may lack comparably qualified teachers. That’s why the state Department of Public Education hosted financial literacy professional development workshops for teachers.
The workshops are a collaboration between the PED, Nusenda Credit Union, Jump$tart New Mexico and St. John’s College – the latter two, St. John’s and Jump$tart, which are themselves part of the coalition advancing financial literacy.
“There are two purposes of the workshops,” says Charlie Bergman, senior advisor in the Office of Personal and Professional Development at St. John’s and the creator of the professional development curriculum.
“First,” he said, “to increase their own financial literacy so that as adults they can be more confident in managing their financial affairs. The second is to give them the confidence to teach it.”
Bergman is an experienced financial instructor who first taught financial literacy at Albuquerque Academy in 2010 and later at St. John’s to a cohort of low-income students.
New Mexico native Piér Quintana, director of the Office of Personal and Professional Development at St. John’s, was skeptical about investments until she took a version of the course before it was implemented for students.
“I’m happy to report that I am fully converted, and now have my own investment accounts, including a 529 for my child,” Quintana said.
“If you don’t understand the stock market and don’t trust financial advisors, you’re not going to give this little bit of money that you have,” Quintana said.
Another elected official, along with Montoya, noted his support for greater financial literacy for completely different reasons, not just as an anti-poverty measure, but as a step toward addressing the troubling workforce decline in the financial sector.
‘A real personnel crisis’
State Auditor Joseph Maestas, another member of the coalition, said comprehensive financial literacy instruction would also create a pipeline for those interested in working in the financial sector. New Mexico has experienced a 30-35% decline in the number of certified public accountants, Maestas said.
“This is a complete workforce crisis,” he said. “We have seen a dramatic increase in the number of late audits, and we have entities that are actually claiming that the public accounting firms are causing their audits to be late,” Maestas said. “If I want to find a public accounting firm, I either have to identify a company or my firm has to commit to doing the audit.”
Maestas called on higher education institutions to strengthen pipelines to careers in accounting, and promoted an effort by the American Institute of Certified Public Accountants to categorize accounting under the umbrella of STEM to promote the use of technologies such as artificial intelligence to streamline the repetitive processes of an audit. .
“I think the biggest message is that New Mexico needs to take action,” Maestas said. “Other states are already taking action to address this talent shortage.”
