It’s tough not to note the irony—they have no money to teach about money.
In another example of the extreme need to include financial wellness programs in 401k platforms, the Sante Fe New Mexican reports that personal finance instruction for high school students “is the latest victim of layoffs linked to the state’s budget crisis.”
“The New Mexico State Treasurer’s Office has trimmed six positions with approval from the State Personnel Board — including two employees who ran a financial literacy program for youths, Deputy State Treasurer Sam Collins said on Tuesday,” the paper reports. “The layoffs come even as the agency seeks more funding next year to fill top accounting posts.”
The Treasurer’s Office is struggling with an 8.5 percent budget reduction during this fiscal year, it adds, “as New Mexico seeks to close a stubborn budget shortfall linked to downturn in the oil and natural gas sector and the nation’s second-highest unemployment rate.”
“How do I teach financial literacy if I’m not fiscally responsible myself?” Democratic State Treasurer Tim Eichenberg lamented to the paper. “I can’t tell you how saddened I am to cut that program.”
The financial literacy program provided lessons to 5,000 students at public schools before it was dissolved. Eichenberg told the New Mexican he hopes to resurrect the effort if state finances improve.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of 401(k) Specialist and Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.
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