Bill > H4670

This bill establishes a Personal Financial Literacy Education Fund to support financial education for middle and high school students in Massachusetts. The fund will be administered by the commissioner of elementary and secondary education and can receive money from appropriations, public and private sources, and earned interest. The fund will support procuring and developing financial literacy curriculum materials, providing professional development for educators, and creating a competitive grant program for public schools to implement financial literacy education. The bill requires schools to provide personal financial literacy instruction covering topics such as income, taxes, savings, credit, investments, asset protection, emerging financial technologies, and housing-related financial decisions. Schools must align their instruction with standards set by the Department of Elementary and Secondary Education, though they are not required to offer the instruction every year. Private donations to the fund will be reviewed to ensure they do not inappropriately influence educational content. The commissioner must provide an annual report detailing the fund's activities, including funding sources, expenditures, grants awarded, and implementation progress. The financial literacy education requirements will take effect in the 2026-2027 school year, aiming to improve students' financial knowledge and preparedness.

Budget and Finance

House Committee on Ways and Means (House)

https://malegislature.gov/Bills/194/H4670