On Jan. 15, the Albuquerque Public Schools Board of Education approved new high school requirements that include a financial literacy course in order for students to graduate.
Del Archuleta, chairman of the Greater Albuquerque Chamber of Commerce’s Education Bold Issues Group, testified via Zoom during the meeting in favor of the board passing the requirement.
Archuleta applauded APS’ move to require a course in financial literacy.
“This is a necessary life skill for all students – whether they are on a college track or learning a trade,” Archuleta said. “And it is important to note a majority of students, family and staff surveyed agree it is important for APS to require all students to earn a credit in financial literacy to graduate.”
Archuleta said New Mexico’s rankings show how debt can stifle a young person’s dream.
“Almost half of New Mexicans are on Medicaid. One out of four residents is on food stamps,” Archuleta said. “To break the cycle of poverty we need to set our young people up for financial independence – and APS is right, this starts with education on everything from creating a budget, to understanding interest rates and late fees, to investing wisely.”
Archuleta said studies suggest financial literacy can enhance students’ overall decision-making skills, critical thinking and goal-setting abilities. It prepares them for the workforce by teaching concepts like salaries, benefits and entrepreneurship.
“Having our students graduate with this knowledge will not only keep them from digging a hole of debt or help them make ends meet. It will give them the tools they need to get the jobs they deserve, start the businesses they dream of, build the financially independent lives that create intergenerational wealth,” he said, concluding with “requiring a financial literacy course for graduation is a concrete step in setting our students up for success. The Greater Albuquerque Chamber of Commerce encourages you to support this.”
During last year’s legislative session, House Bill 171 — co-sponsored by Rep. G. Andrés Romero, D-Albuquerque, an instructor at Atrisco Heritage Academy High School — was meant to bring more flexibility and choice to students in their path through high school.
The law requires that two graduation credits be set by the local school board. The APS Board of Education approved one half-credit be used for a one-semester personal financial literacy class.
The board heard data citing an internal survey of students, families and staff members who believed such a course is necessary. The board unanimously approved the measure.
Archuleta’s testimony was also featured on the Jan. 16 KOAT broadcast covering the APS decision.