Financial Literacy Education: A Requirement in Maryland Schools

Why require Financial Literacy Education?

Today, more than ever before, graduates must be financially literate in order to be prepared for college, careers, and responsible living. This is why Maryland has acted to ensure that all students have a strong foundation in financial education to make informed decisions and accomplish their goals.

What is Maryland doing to prepare students to be Financially Literate?
Implementing the Maryland State Curriculum for Personal Financial Literacy Education in grades 3-12

Meeting regularly with the Financial Literacy Education Advisory Council to support local school system implementation activities

Requiring local school systems to provide a program of instruction in financial literacy education for all students in grades 3-12
Partnering with financial institutions and other organizations to provide ongoing professional development for teacher

Establishing public and private partnerships to fund financial literacy initiatives in local schools

When will the Financial Literacy Curriculum be implemented?
As of September 2011, all local school systems are offering a program of instruction in financial literacy education for students in grades 3-12. Each program of instruction must be aligned to the Maryland Personal Financial Literacy State Curriculum described below.

Maryland Students Are Receiving Financial Literacy Education
A Commentary Piece by Delegate Dana Stein

Maryland Classroom: Financial Literacy
Maryland Classroom:
Financial Literacy

Valerie Lomax, Dorchester County Teacher of the Year Speaks about Financial Literacy Education
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A recent report from the Center for Financial Literacy at Champlain College inaccurately ranked Maryland's financial literacy efforts. This information has been brought to the attention of staff at the Maryland State Department of Education who have contacted the center to correct the issue. As a result Maryland will receive a positive grade change in the next report. For more information please see the attached letter from John Pelletier, Director, Center for Financial Literacy at Champlain College.

Maryland's Early College Access Program


Charlene Dukes, President of Prince George's Community College and the Maryland State Board of Education, talks about how high school students can get a head start on college through the Early College Access Program.

The Maryland State Curriculum for Personal Financial Literacy Education:

Grades 3-12 Standards

Standard 1:
Make informed, financially responsible decisions
Students will apply financial literacy reasoning in order to make informed, financially responsible decisions.

Standard 2:
Relate careers, education, and income
Students will relate choices regarding their education and career paths to earning potential.

Standard 3:
Plan and manage money
Students will develop skills to plan and manage money effectively by identifying financial goals and developing spending plans.

Standard 4:
Manage credit and debt
Students will develop skills to make informed decisions about incurring debt and maintaining credit worthiness.

Standard 5:
Create and build wealth
Students will develop skills to plan and achieve long-term goals related to saving and investing in order to build financial security and wealth.

Standard 6:
Manage risks and preserve wealth
Students will develop financial planning skills to minimize financial setbacks.

Sample Lesson Plans:

FEFE "Receiving Income from Government Programs" High School Lesson Plan (Created in Partnership with the Maryland Department of Disabilities)

FEFE "Does Money Grow on Trees" Middle School Lesson Plan

Junior Achievement Save U$A Interactive Lesson Plans for Elementary, Middle and High School Students


Publications & Articles:
Personal Financial Literacy State Curriculum

MSDE Financial Literacy Education Flyer

Maryland Financial Literacy Education Update, January 2013
Take Charge American Institute Article: Spotlight on Partners, the Maryland State Department of Education
Maryland Teachers Prepare For Personal Financial Literacy Program

Expanding Financial Education To Include Students And Families Who Receive Public Benefits

Maryland State Education Department Receives ICI Education Foundation Grant

Maryland State Department of Education Partners with the Maryland Higher Education Commission for College Access and Success Grant
Resources for Parents and Students:
My Money Matters
My Next Move
Jump$tart Coalition for Financial Literacy "How to Raise a Money Smart Child"
Maryland CASH Campaign
Baltimore CASH Campaign

Financial Literacy and Education Commission

Federal Reserve Bank of Richmond

PNC Bank "Grow Up Great"

T Rowe Price "The Great Piggy Bank Adventure" Game

Council for Economic Education
"I Gen Revolution" Game

Consumer Jungle
Financial Literacy for Kids
Federal Student Aid
The How-To Guide for High School Students (FAFSA)
MD Go 4 It
JA Build Your Future App
Resources for Educators:
Jump$tart Clearinghouse for Financial Literacy Education
Maryland Coalition for Financial Literacy

Take Charge Today (TCT)

Junior Achievement of Central Maryland
Junior Achievement of Greater Washington
Junior Achievement On the Eastern Shore
Maryland Council on Economic Education
Council on Economic Education
Council of Chief State School Officers, Social Studies Assessment, Curriculum and Instruction

FINRA Education Foundation

Financial Education & Literacy Advisors

Financial Aid Toolkit

Federal Student Aid FAFSA Completion by High School

You Tube Video on Responsible Borrowing for Student Loans
4 Things to Do During Your Student Loan Grace Period | Blog

For More Information on Personal Financial Literacy Education In Maryland Please Contact:

Dr. Lynne M. Gilli
Program Manager
Career and Technology Education Instructional Branch
Maryland State Department of Education
Division of Career and College Readiness
410.767.0518 voice, 410.333.8666 fax


Maryland State Department of Education

Maryland State Department of Education