By Bob Katzen

This bill would require the Department of Elementary and Secondary Education to develop and assist in the implementation of curriculum on personal financial literacy to equip students with the knowledge and skills they need to become self-supporting and to enable them to make critical decisions regarding personal finances. All students in grades 9-12 would be required to take the course.

The components of the curriculum would include the understanding of loans, borrowing money, interest, credit card debt and online commerce; the rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; balancing a checkbook; state and federal taxes; charitable giving; preventing identity theft; avoiding online scams; and learning a basic understanding of cryptocurrencies.

“I filed [the bill] because I’ve seen firsthand the gap in personal financial literacy education for students across Massachusetts,” says sponsor Rep. Ryan Hamilton (D-Methuen). “While some students may learn helpful money practices at home, too many of our young people are thrust into life after high school with minimal understanding of key topics such as building credit, managing a budget or investing for one’s future. Failing to teach the next generation these critical skills while they are still in school misses an important opportunity to not only set up our students for success as young adults, but to help our educators, parents and caretakers learn more about subjects they too may have missed while in school.”