New financial literacy legislation
MassSaves members and other pose by the grand staircase in the State House as they celebrate the passage of a new law that establishes standards around financial literacy in schools. These standards specify topics to cover including loans, interest, planning for higher education and balancing a checkbook, which schools can then incorporate into their current curricula.
Predatory practices such as payday loans exist in almost every major city. This, coupled with the fact that nearly a quarter of all residents in Massachusetts have debts in collection, reinforces the importance of this new legislation. The new law seeks to provide students with tools that will help them better understand their personal finances and teach them how to make smarter financial decisions.