Maryland’s initiative began in June 2002, led by Maryland’s then-Commissioner of Financial Regulation, Mary Louise Preis. At a meeting at the Federal Reserve Bank in Baltimore, representatives from trade groups, financial institutions, regulators, consumer groups and boards of education discussed the urgent need for more financial education in Maryland and how to work with the schools and other partnering organizations to deliver it effectively….
History of MCFL
In July 2003 the Maryland Coalition for Financial Literacy was formed as a division of the Maryland Council on Economic Education, a non-profit with 50 years of experience in teacher training in the field of economics. On November 4, 2003 the Maryland Council on Economic Education officially announced the creation of the Coalition at a gala celebration. With a broad based Advisory Council to lead its efforts, the Coalition aims to further education for youth and adults in areas of budgeting, banking, borrowing, maintenance of credit, spending, saving and investing.
The Coalition works with educational leadership groups, parents, foundations, the financial services industry and others to find the best financial education materials for Maryland schools, and then help to implement the state standards in personal finance education in each jurisdiction. The Coalition will also work with partners to develop programs for adult constituencies such as employee groups, senior citizens, first time homebuyers and new immigrant groups. Funding for the Coalition will be entirely provided by contributions from private and foundation sources.
Mission of MCFL
The mission of the Maryland Coalition for Financial Literacy, a program of the Maryland Council on Economic Education, is to bring together key stakeholders to advocate for the expansion of rigorous financial education so that all Marylanders, especially students, have the knowledge needed to make informed financial decisions in today’s complex financial environment.