Maryland

State-by-State Assessment with Regard to Financial Literacy and Personal Finance Education Actions

State Department of Education Link http://www.marylandpublicschools.org/MSDE   
Legislation and Authorization 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. Regulations Requiring a Program of Instruction
In June 2010, the State Board adopted regulations requiring local school systems to implement a program of instruction in personal financial literacy education for all students at the+E6362elementary, middle and high school learning levels effective September 2011 (Code of Maryland Regulations [COMAR] 13A.04.06). According to the regulations, “each local school system shall provide personal financial literacy curriculum documents for the elementary and secondary schools under its jurisdiction that include and align with the State curriculum as developed by the Maryland State Department of Education in collaboration with local school systems."
Links to State Bills  
Additional Links http://msde.state.md.us/fle/ 
Stand-Alone Personal Finance Standards

YES Maryland Personal Financial Literacy Standards for Grades 3-12. The six standards are: (1) Make Informed, Financially Responsible Decisions;(2) Relate Careers, Education and Income; (3) Plan and Manage Money; (4) Manage Credit and Debt; (5) Manage Risks and Preserve Wealth; and (6) Create and Build Wealth. Decision-making skills and becoming a critical consumer are incorporated within each standard.

Personal Finance Standards in Career and Techical Education (CTE), Family and Consumer Sciences NO
Personal Finance Embedded in Social Studies or Economics Standards YES Stand -alone Personal Financial Literacy Standards - At the high school level, financial literacy is mostly embedded in required social studies courses. However, many school systems are also offering elective courses in Family and Consumer Sciences and Business Education. This is in addition to the instruction received in the social studies courses. Many students are participating in the Stock Market Game and also have additional opportunities to participate in online activities. (Maryland State Department of Education, Personal Financial Literacy Education Update, 2012)
Personal Finance Embedded in Mathematics Common Core Standard Minor amount
State Has Adopted Mathematics and English Language Arts Common Core YES
Personal Finance or Financial Literacy Course Required or Offered YES Offered in Family and Consumer Sciences, Business Education.
Personal Finance Course Required for Graduation  NO
Personal Finance Content required in Economics or Other Course Required for Graduation   NO Maryland does not require personal finance and economics for course graduation.
Prescribed or Recommended Personal Finance Curriculum  YES Extensive curriculum and teaching resources, based on Maryland State Curriculum for Personal Financial Literacy Education and Jump$tart Standards.
State Requires Economic Reasoning /Thinking Skills  YES Through Common Core and Financial Literacy Standards.
State Standard Correlated with Jump$tart Financial Literacy Standard YES Maryland Financial Literacy Standards are based on the Jump$tart Standards.
State Assessment of Personal Finance Required  NO
Financial Literacy Bills Currently Being Considered by the State Legislature H.B. 843 Requires the state Board of Education to develop curriculum content for a course in financial literacy; requires each county board of education to implement the financial literacy curriculum content developed by the state board in every high school in the county; and requires students to complete a course in financial literacy in order to graduate from high school.
H.B. 1073 Requires the Prince George's County Board of Education to develop curriculum content for a specified course in financial literacy as a part of the county board's high school curriculum. Other requirements include: specified curriculum content to include specified instruction; the county board to implement specified curriculum content in high schools in Prince George's County; and specified students to complete a specified course to graduate from high school in Prince George's County. H.B. 127 and S.B. 262 passed in 2011 require the State Board of Education to develop curriculum content for a course in financial literacy; require each county board of education to implement the financial literacy curriculum content developed by the State Board in every high school in the county; and require students to complete a course in financial literacy in order to graduate from high school. 
Financial Literacy Education Bills Signed by Governor and/or Passed by the House and Senate  Signed by governor 5/7/09, the law requires the Prince George's County Board of Education to develop curriculum content for a semester-long course in financial literacy; requires the curriculum content to include instruction in choosing a career, earning an income, saving and investing money, credit, and budgeting; and requires students to complete a course in financial literacy in order to graduate from high school in Prince George's County.
Signed by the governor in 2008, a second bill creates a Task Force to Study How to Improve Financial Literacy in the state; requires the Task Force to study the ability of consumers to understand basic financial concepts and the problems created by a lack of financial literacy or knowledge; requires the Task Force to make recommendations regarding how to overcome specified problems and the utility of requiring financial literacy education as part of primary and secondary education.
Signed by the governor 5/2/12, Chapter 347 requires the state Department of Education, on or before December 1, 2015, and every five years thereafter, to report specified information on the financial literacy COMAR certification process to the governor and the General Assembly concerning matters relating to student growth, health, and well-being; and encourages county boards of education to incorporate specified lessons into the county boards' health education curriculum.
State Appropriations and State Dept Education Funding for K-12 YES Funded by public/private grants, rather than state funds.
Established Financial Literacy Month N/A