Bill > H627

This bill establishes a comprehensive framework to enhance financial literacy education throughout Massachusetts. It creates a Financial Literacy Trust Fund administered by the Commissioner of Elementary and Secondary Education, which can receive public and private funding to support financial education initiatives. The bill mandates that personal financial literacy be a required subject for high school students (grades 9-12), requiring at least one standalone financial literacy course before graduation. The course curriculum will cover a wide range of topics including earning and spending income, taxes, banking, credit, investments, consumer protection, asset protection, emerging financial technologies, and home ownership. Additionally, the bill requires schools to provide experiential learning opportunities in financial literacy and directs the department of education to offer professional development for educators. A special legislative commission is also established to study and develop broader financial literacy strategies for the commonwealth, including potential adult financial literacy standards and methods to improve financial education across different age groups and demographics. The commission will explore various approaches to financial literacy education, including public-private partnerships and potential state program credits, and is required to submit a report with recommendations by December 1, 2025.

Budget and Finance, Education

https://malegislature.gov/Bills/194/H627