Financial Literacy Deficiencies Could Cripple State’s Economic Growth
Nationwide — A groundbreaking analysis of Charles County’s financial literacy curriculum has revealed a crisis that threatens the economic future of Maryland’s children and the state’s competitive position in the global economy. The comprehensive 100+ page study, officially requested by Charles County Board of Education member Dottery Butler-Washington, has uncovered that students receive only 45% of required financial education—leaving them dangerously unprepared for financial decision-making in adulthood.
• Wealth-building knowledge gap (64% deficiency) — leaving students without essential skills to build assets and create intergenerational wealth
• Risk management understanding (68% deficiency) — creating future adults who cannot adequately protect themselves against financial catastrophe
• Elementary education (grades 3-5) shows an alarming 62% deficiency rate — failing children at the crucial early stages of financial socialization
“Without proper implementation of these standards, our children face potentially devastating financial consequences, and Maryland’s economic growth will be stunted,” said Troy Smith, Founder and CEO of G1 Investment, LLC. “This is not merely an education issue—it’s an economic development emergency with implications for every Maryland family.”
Glenarden Mayor Champions Immediate Action
Mayor Dr. Cashenna A. Cross, H.C., has stepped forward as G1 Investment’s official Prince George’s Champion for the National Financial Literacy Assessment Initiative, committing to launch Glenarden as a bold pilot site for statewide financial literacy reform.
“The numbers are loud—but leadership must be louder,” says Dr. Cross. “The future is NOW. And Glenarden is not just participating—we’re setting the pace for economic equity across this nation.”
As a U.S. Air Force veteran with 26 years of service and Department of Defense Financial Management Level II certification, Dr. Cross brings unmatched fiscal insight to the initiative. Under her administration, Glenarden has already advanced key priorities identified in the G1 report: wealth-building, senior and youth financial education, veteran entrepreneurship, and culturally responsive community investment.
“We’re not just closing gaps—we’re building generational wealth,” adds Mayor Cross, whose motto, “#MovingTheMissionForward,” reflects her dedication to transforming financial literacy into a tool for lasting change.
A Call to Action For Maryland Parents
The analysis presents a stark reality for parents: despite Maryland’s strong financial literacy standards on paper, children are receiving less than half the financial education required by law. The consequences of this educational failure are dire:
• Children lacking wealth-building knowledge are 47% more likely to fall victim to predatory lending
• Students without comprehensive financial education earn 16.4% less over their lifetimes
• Communities with poor financial literacy show 32% higher foreclosure rates, directly impacting property values
With strong community support from local commissioners, mayors, delegates, and parent advocacy groups, this analysis serves as a wake-up call for Maryland families concerned about their children’s future financial well-being.
Economic Imperatives For State Leadership
The research details how proper financial literacy education serves as a powerful economic development tool with measurable returns on investment:
• 12-15% increase in small business formation within 8 years of implementation
• 7-9% reduction in public assistance costs within 10 years
• 28% lower bankruptcy filing rates in communities with robust financial education
The report’s comprehensive five-phase implementation plan presents a clear roadmap for addressing these deficiencies, with projected 10-year outcomes including:
• 27% increase in new small business formation
• 31% reduction in bankruptcy filings
• 56% increase in college savings plan participation
• 47% reduction in predatory lending activity
“This represents a historic opportunity for Maryland’s leadership to position our state at the forefront of financial education and economic development,” Smith added. “The data clearly demonstrates this should be viewed not as an educational expense, but as a strategic economic investment with substantial and measurable returns for Maryland families and businesses.”
Statewide Implications Warrant Governor’s Attention
While initially focused on Charles County, the findings suggest similar deficiencies likely exist statewide, creating an urgent need for a comprehensive audit of financial literacy education across Maryland. With its robust standards and diverse economic landscape, Maryland is uniquely positioned to become a national leader in this critical area.
The methodology used to conduct this analysis has been specifically designed for application across all 50 states. G1 Investment has established a National Financial Literacy Assessment Initiative with the goal of conducting similar analyses nationwide to identify curriculum gaps and economic opportunities.
A press conference featuring key community leaders and education officials will be held on Thursday, May 1, 2025, at 11:00 AM at the Woodmore Town Center at Glenarden, in collaboration with Urban Edge Properties, the shopping center owners, to present detailed findings and discuss implications for Maryland families and the state’s economic future.
About
G1 Investment, LLC is a financial services and community development firm dedicated to enhancing economic opportunity through financial literacy and education. The firm’s National Financial Literacy Assessment Initiative aims to transform financial education across America by identifying curriculum gaps and implementing economically impactful solutions.
For press inquiries, contact Troy Smith at tsmith@g1investment.com
Note to Editors: The full 100+ page analysis is available upon request. The report includes detailed mapping of current curriculum against state standards, specific recommendations for addressing each deficiency, implementation timelines, and economic impact projections. Information about the National Financial Literacy Assessment Initiative and its application to other states is also available.