Mass. State Sen. Supports Bill To Teach Financial Literacy

Financial literacy legislation that aims to develop standards and objectives to be used in mathematics curriculum for personal financial literacy is making its way through theJamie Eldridge Massachusetts State House.

Senate Bill 204, “An Act Relative to Financial Literacy in Schools,” was given a favorable report by the Joint Committee on Education, reports. The bill would require that personal financial literacy be taught for grades K-12 at all schools in the commonwealth.

“Today’s youth are bombarded with a multitude of financial options and responsibilities at an increasingly young age, yet many are ill-equipped to make informed decisions about financial matters,” State Senator Jamie Eldridge, the bill’s sponsor, said, reports. “By teaching children the financial education basics in school, we will help them make educated financial decisions in the future, preventing future bankruptcies, foreclosures, and unmanageable debt. The investment we make in teaching our children financial literacy now will pay substantial future dividends.”

The financial literacy lessons will include information on loans, interest, credit card debt, rights and responsibilities of renting or buying a home, saving, investing and planning for retirement, among other things.

Currently, at least 13 states require students to take a personal finance class or study personal finance in an economics course as a high school graduation requirement, reports.