New Report Shows Massachusetts Falling Behind in Financial Literacy

Report highlights the urgency of enhancing monetary literacy training for commonwealth college students 

BOSTON, April 25, 2022 /PRNewswire/ — A brand new report launched as we speak by FitMoney exhibits the very actual penalties that accompany low ranges of monetary literacy within the Commonwealth throughout instances of rising inflation and a monetary atmosphere of rising complexity.  

The Massachusetts Monetary Literacy Health Report additionally exhibits that the state is failing to make sure all college students have entry to instruction that might give them crucial monetary data they will want to achieve life. In response to the report, Massachusetts lags behind an growing variety of states taking wanted steps to enhance and increase monetary literacy training for his or her youth.  

FitMoney’s report additionally discovered: 

• Greater than half of American households cannot cowl a $1,000 emergency expense with financial savings.
• Common shopper debt in Massachusetts is highest amongst New England states – $115,671.
• Lower than 5% of scholars in Massachusetts are assured to take a private finance course.
• Barely 1/4 of faculty districts in Massachusetts say they educate monetary literacy in center/ elementary faculty, but consultants say that youngsters’ cash habits kind as early as 7 years outdated.

FitMoney despatched a replica of the report back to Governor Baker as we speak, alongside with a letter urging him to shine a light-weight on the problem and to assist monetary literacy measures being thought-about by the legislature.

“The stakes for the youth of Massachusetts are excessive and our state is frankly falling behind; the time to behave is now,” stated FitMoney Government Director, Jessica Pelletier. “Whereas we’re grateful for Governor Baker’s management on this subject, we urge him and lawmakers on Beacon Hill to make monetary literacy training not simply an choice, however a precedence for all children within the commonwealth.”

There are at the moment 5 payments on monetary literacy into account, in addition to a $250,000 funding measure within the proposed 2023 funds. Whereas monetary literacy has been included in tutorial requirements since a 2019 invoice went into impact, Massachusetts doesn’t require faculties to show a compulsory course and even to supply an elective one. Twenty-four others states do. 

Evaluation the report right here.

Learn the letter right here.

About FitMoney
FitMoney is a Newton-based nonprofit group devoted to enhancing monetary literacy in Massachusetts and throughout the nation. FitMoney supplies free, unbiased monetary literacy packages to assist Okay-12 college students develop life abilities for a financially match future.

SOURCE FitMoney