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When the financial crisis hit the U.S., a conversation about financial education for our high school students in Maryland took center stage. The need to understand finance is all around, with a growing number of mortgage foreclosures, bankruptcies and job losses facing our communities. While Maryland has not been as severely impacted as some other states, a number of leaders came to realize they needed to be a part of the solution. The current recession has forced us into the conclusion that if we are going to avoid this type of suffering in the future, we need to teach our children how to best handle money.

At the state level, bills were introduced during the 2008 legislative session to encourage financial education for all students. This led to the Task Force to Study How to Improve Financial Literacy in the State, co-chaired by Sen. C. Anthony Muse (D-Dist. 26) of Fort Washington, and Del. Dana M. Stein (D-Dist. 11) of Pikesville.

Work has moved very quickly on this important project. The Maryland State Board of Education and Superintendent Nancy S. Grasmick embraced the recommendations of the task force. Grasmick called for the development of the Maryland State Curriculum for Personal Financial Literacy Education. With the state's education system recognized as one of the finest in the nation, it only seemed logical that Maryland would develop a state curriculum for financial education. MSDE's Advisory Council on Financial Literacy Education has collaborated with MSDE to work with a team of educators, representatives of associations and nonprofit organizations, as well as banks and credit unions to outline what needed to be done. The department, working with educators and stakeholders, developed a draft state curriculum that is currently under review for local school systems' use.

The state curriculum is intended to guide local school system leaders as they offer financial education to students. The standards span from grades three to 12. What the standards do not do is mandate a "semester-long course" for high school students.

Why not? The facts are that when the proposed state curriculum is accepted by the State Board of Education, local school systems will be required to teach the content not only in high school, but in elementary and middle school as well. It is important to build a strong foundation for students, upon which they can develop more sophisticated financial knowledge and skills. We would not expect students to wait until they are seniors in high school to enroll in a math course, nor do we believe that financial literacy concepts should wait until a particular grade. Financial literacy must be taught early and reinforced regularly across the learning levels.

I want to commend the Maryland State Department of Education for its quick work to develop a curriculum that will offer students a strong foundation in financial education. This effort marks a significant step toward ensuring statewide, universal financial education. This approach ensures that students will begin their financial education early through ongoing instruction in financial education rather than taking just a single course when in high school.

We all recognize the impact of the current economic crisis in this country. And, as Stanford economist Paul Romer says, "A crisis is a terrible thing to waste." The United States and Maryland in particular must help meet the challenges of the current economic crisis through education. In the future, graduates of Maryland's schools will have many doors open to them with an abundance of employment opportunities not only from existing employers, but also those resulting from the Base Relocation and Closure. Avoiding money pitfalls is one way that our graduates will be better prepared for both employment and further education. Full implementation of the state's new financial education curriculum will ensure that Maryland's next generation of graduates will leave high school better prepared to make informed financial decisions leading to a more stable future.

The writer, who lives in Pikesville, is co-chairperson of the Maryland State Department of Education's Advisory Council on Financial Literacy Education and the regional director of community relations for Citi.