By Bob Katzen

The Education Committee held a public hearing on legislation that 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.

“Far too many of our young people are thrust into life after high school with limited education on basic financial skills and habits,” said sponsor Rep. Ryan Hamilton (D-Methuen). “This is unacceptable in a world where ever-increasing college costs lead to high student debt burden and inflated rent and living costs make finding a stable job and place to live challenging for our young people especially. Ensuring that all students in Massachusetts receive financial literacy education prior to graduation is critical to both empowering the next generation and spreading greater information on healthy money practices throughout our communities.”