Financial Education in Massachusetts
Last month, the Financial Empowerment Network (FEN) presented to the Massachusetts Association of School Committees, continuing a statewide conversation about what it will take to ensure every student graduates prepared to navigate their financial future. At the center of the presentation was a clear and urgent message: financial literacy is a foundational life skill, but access to it in Massachusetts is still inconsistent and inequitable.
The Midas Collaborative works at the intersection of asset building and financial education while utilizing policy and advocacy as a tool to address systemic marginalization. An inequity not typically named is access to financial education in high schools. As Massachusetts considers next steps, including the landmark support for legislation like H.4670, the conversation has shifted from whether financial education should be required to how it should be delivered. While H.4670 passed the House unanimously (155–0) and represents meaningful progress, it’s missing a key element: a requirement for a standalone semester-long course. This leaves many students open to the risk that financial education will remain uneven and inequitable across districts. The legislation does include the establishment of a Financial Literacy Trust fund and critical reporting requirements. While it’s a start, there is more work to be done to achieve the lasting impact that students deserve.
Today, that reality is reflected in the data. Out of approximately 475 public high schools in Massachusetts, only 20 require a personal finance course for graduation, and just 6.8% of students are enrolled in a standalone course (landscape map). At the same time, Massachusetts has received an “F” rating for financial literacy education from the Champlain College Center for Financial Literacy, even as 30 states (and counting) have already enacted stronger requirements. But what stood out just as much as the data was the level of alignment across stakeholders. Students, families, and educators are all asking for more. Statewide survey results from both the K-12 Graduation Council and MassINC show that 93% of respondents support requiring a personal finance course for graduation, while 74% of young adults support a requirement and 82% wish they had received more financial education in high school.
The presentation also situated this issue in the context of students’ real lives. Today’s young people are making high-stakes financial decisions earlier than ever, navigating student loans, digital banking, credit, online scams, and rising costs of living, often without formal preparation. The gap between what students are expected to manage and what they are taught continues to widen.
A key theme throughout the presentation was that delivery method matters. Research consistently shows that students benefit most when financial literacy is taught as a dedicated course rather than embedded across subjects. Embedded approaches, while well-intentioned, often lead to inconsistent coverage and uneven outcomes, particularly, across districts with varying levels of capacity. This is also reflected in national trends. Several states that initially relied on embedding financial literacy into other subjects have since strengthened their policies to require standalone courses after seeing gaps in implementation and impact. The research is clear that consistency requires structure and in this case that means a required standalone semester long course.
Importantly, the presentation addressed one of the most common concerns which is cost. Evidence from researchers like Dr. Carly Urban, a Professor of Economics at the University of Montana, shows that requiring a standalone personal finance course does not significantly increase district spending, as most schools are able to adapt existing courses and teaching staff. At the same time, the long-term impact is substantial. Students who take a personal finance course can see an estimated $100,000 to $127,000 in lifetime financial benefits through improved decision-making.
Examples from the schools who have successfully implemented a requirement within Massachusetts reinforce that this is not just theoretical, it is already happening. Schools have successfully implemented graduation requirements by leveraging existing resources, free curriculum, and gradual rollout strategies, demonstrating that this shift is both practical and achievable. This is ultimately about equity. Without a clear, statewide requirement, financial education remains something students may or may not receive. With a semester-long, standalone course, it becomes something every student is guaranteed.
This is a critical moment to help shape the future of financial education in Massachusetts. The Graduate Council is seeking your feedback to help inform key implementation decisions and design details before the final report is released in June 2026. Your input will help ensure that the requirements are equitable, meaningful, and responsive to the needs of students, families, educators, and communities across the Commonwealth. We encourage you to review and submit feedback.
To learn more about the data, research, and perspectives shared, watch the full recording of the presentation and stay connected by following our newsletter to stay up to date on the advancement of a standalone personal finance requirement for all students.
Additional Reading Materials
FEN: Why Massachusetts Students Need Personal Finance as a Graduation Requirement
Reimagining High School, Reimagining Readiness, Interim Report of the Statewide Graduation Council
Tyton Partners, Investing in Tomorrow 2024 Report
What is the Educational Cost of Mandating Personal Finance Education?
How Does Financial Education in High School Affect the Subjective Financial Well-being of Adults?
