Michelle Anderson is president of Junior Achievement of Maine. Brian King is president of Bank of America Maine.

Financial literacy skills are vital. Yet, Maine is one of just 15 states that do not require a financial education course for public high school students. We must do better for the next generation and prioritize robust financial education offerings.

Lack of financial literacy has consequences. In a recent study by Bank of America, researchers found with today’s high cost of living, almost half of Gen Z is still financially dependent on their parents and family. In addition, many are delaying milestones such as buying a home, saving for retirement or starting to invest within the next five years.

To solve this challenge, parents, teachers, youth organizations and financial institutions need to work together. Even young children can start to understand simple ideas like the value of saving versus spending.

Parents can begin by explaining where money comes from, why we need it and how it can be exchanged. Using age-appropriate language — such as talking about “saving for something special” or explaining how “buying today means you can’t buy other things until you have more money” — can make these concepts relatable.

At Junior Achievement of Maine (JA Maine), we’ve reached nearly 15,000 students across 194 schools in the past year, with support from more than 800 volunteers. These hands-on lessons help students build real-world skills in financial responsibility, entrepreneurship and career readiness.

JA Maine volunteers deliver interactive programs designed to bring these financial ideas to life. For many students, these lessons are their first exposure to budgeting, saving or credit. After learning about these topics, students can leave the classroom feeling empowered and curious about their financial future.

Families can also reinforce these lessons by turning to their financial institutions for support in teaching kids about money. Banks and credit unions play an important role in fostering early financial literacy by offering youth-oriented accounts, tools and educational resources that help children learn how to manage money in real-world situations.

These accounts often allow parents to guide and monitor their child’s spending while gradually introducing responsibilities like budgeting, saving for goals and using a debit card.

For example, Bank of America recently launched SafeBalance Banking for Family Banking, a bank account that offers parents the tools and resources they need to help their children practice healthy financial habits within a digital environment.

In Maine, where we have more older adults than children, empowering the next generation with financial skills is essential to our state’s future. Let’s work together — families, educators and community leaders — to prioritize financial education and help children build the foundation they need for a lifetime of smart financial decisions.

Junior Achievement of Maine equips students with these essential skills through hands-on simulations, budgeting tools and real-world scenarios that teach them how to earn, spend wisely, avoid debt and plan ahead.

Now is the time for families, educators and community leaders to come together and make financial education a priority. You can help shape Maine’s future by becoming a JA volunteer or partner.

To learn more, visit our website at www.jamaine.org.