Last week, NAIFA-New Mexico testified before the Senate Economic Development and Policy Committee in support of having financial literacy be a graduation requirement for New Mexico public high schools. NAIFA-New Mexico President, Chad Cooper, who also serves as the Vice Chairman of the African American Greater Albuquerque Chamber of Commerce and serves his clients as a financial advisor for Gateway Financial Advisors, Inc. and Mike McCaffrey, Vice President of Advocacy for NAIFA-New Mexico and agent with New York Life, provided oral comments to the committee.
A 2021 study by the Life Insurance Marketing and Research Association found only 1 in 8 Americans have a high level of financial literacy, and Cooper said shame associated with that inadequate understanding often stymies searches for financial information.
McCaffrey explained that our modern world there are so many different avenues to establish wealth and the best thing the current generation can do for future generations is to start educating them early about financial responsibility.
Sen. Moe Maestas, D-Albuquerque, plans to introduce a bill in the upcoming legislative session that would create a financial literacy requirement. The effort follows failed attempts in past sessions to pass similar legislation, which raised concerns among some lawmakers about adding to students’ graduation criteria.
NAIFA is passionate about educating younger and future generations about the importance establishing a strong financial future. “Financial literacy is the foundation to achieve financial security for all,” says NAIFA Government Relations SVP Diane Boyle.