WASHINGTON D.C. — Congresswoman Teresa Leger Fernández reintroduced the Financial Fitness Act on June 4. The bill will create a public personal finance education portal on the Department of Education website to help students and families grow their financial literacy skills and better prepare for their future.
“Students and families face substantial and difficult financial decisions when they choose to pursue higher education," Leger Fernández said. "Students of color and low-income students tend to carry the heaviest burden when it comes to paying for college. We must give students and families the tools to make the best financial decisions possible."
She went on to explain why she wanted to create the portal.
“New Mexico is ranked as one of the lowest in the country for financial knowledge, but we can fix that," she said. "My legislation would create an accessible and comprehensive personal finance portal that allows students and the public to develop and improve their financial fitness to better prepare for their future. I was inspired by the success of the financial fitness programs we used when I was with Homewise. As we rebuild our economy, I want every student to build their own financial strength and awareness so they can succeed financially."
The Financial Fitness Act:
- Creates and establishes a personal finance education portal through the Department of Education that is publicly available.
- Provides information on core personal finance concepts such as borrowing, budgeting, saving, and investing.
- Helps students learn about managing student loans including loan types, benefits, policies, and forgiveness.
