With growing consumer debt and high rates of foreclosures, financial literacy is becoming a more and more common subject of discussion, among politicians and educators alike. In an attempt to raise public awareness about financial literacy, the Maryland State Comptroller has made a number of public statements regarding the importance of understanding money and debt.

In an attempt to advance that goal, the state school system has begun providing financial literacy lessons to schoolchildren between third and twelfth grades. The hope among state educators is that teaching children to manage money earlier will protect them from the overwhelming debt that burdens many Maryland residents later in life.

The push for financial literacy education could not be timelier. As consumer debt continues to swallow families whole and debt management remains as difficult for governing officials as it does for recent graduates, providing our children with basic financial knowledge may be long overdue.

With so many adults in financial crisis and so many financial institutions collapsing under the weight of the current economic recession, it is difficult to believe that financial literacy is the key to all of our problems. As we all know, many of the institutions hit the hardest by the recent recession were supposedly overseen by some of the brightest economic minds in the world.

While financial literacy is certainly a step in the right direction, it is clear that education alone is not the answer. Sometimes debt happens. Unforeseen accidents, medical bills, lost jobs and poor economies can all affect our economic health. When these things happen, it may be time to seek the assistance of a bankruptcy attorney to learn more about what options are available. Even the best and the brightest find themselves in hard times now and again.

Source: Washington Post, "Financial education can't wait till high school," James H. DeGraffenreidt Jr., Charlene M. Dukes and Bernard J. Sadusky, Feb. 3, 2012