Working with a number of local organizations, Massachusetts Bankers Association and our member banks are committed to improving the financial literacy among adults, families, homeowners and business owners.
Many of our member banks participate in, or organize, financial literacy initiatives in their local schools, communities, state colleges and universities. A few of the programs utilized by members include:
Mass Banker continues to play a leadership role in working with the FDIC in promoting the Money Smart Program; Boston Alliance for Economic Inclusion (BAEI); and assist in the development of the BankOn Boston initiative via the City of Boston’s Office of Financial Empowerment.
Treasurer Deb Goldberg, in conjunction with the Financial Literacy Task Force, released a statewide report on the status of financial education initiatives throughout the Commonwealth. MBA was pleased to see the Treasurer make financial literacy a cornerstone of her administration and was honored to serve on the Task Force. For more information on the report, please click here.
CHAPTER 438 OF THE ACTS of 2018
On January 20, 2019, Governor Baker signed into law, Chapter 438 of the Acts of 2018, An Act Relative to Financial Literacy in Schools. This new law, which MBA is proud to have championed throughout its multi-year legislative journey, requires the Department of Elementary and Secondary Education (DESE) to assist schools in the selection of materials and curriculum on personal financial literacy, and resources for professional development activities.
The following topics are addressed in the law: (1) loans; (2) interest and interest accrual; (3) credit card debt; (4) online commerce; (5) rights and responsibilities of renting or buying a home; (6) saving, investing and planning for retirement; (7) the role of banking and financial services; (8) balancing a checkbook; (9) state and federal taxes; (10) charitable giving; (11) evaluating media content, including online content, that relates to personal finance matters; and (12) saving, investing and planning for higher education or professional training. For more information on the law, please click here.