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Should financial literacy classes be a requirement for Massachusetts students?

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Should financial literacy classes be a requirement for Massachusetts students?


BOSTON – Credit scores, interest rates and taxes. Nine out of 10 students in Massachusetts are not required to learn about these things. Should the state make financial literacy a requirement for students?

As a teenager navigating middle school and high school Sean Simonini never got “the talk.”

“So, you think of the ‘birds and the bees’ right, that’s pretty uncomfortable topic right? But people feel even more uncomfortable talking to their kids about credit cards!” Simonini said.

Simonini says our schools really aren’t talking about money either. He was a star student at Billerica High. He earned a full scholarship to the University of Massachusetts-Lowell.

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“But I couldn’t tell you anything about my taxes,” Simonini said. “Couldn’t tell you what a credit score was. What a 401k was.”

So, the 19-year-old college sophomore is on a mission which started in high school, when Simonini joined his town’s school board as a student representative. Lately, he’s been testifying at the State House pushing a bill which would make a standalone, financial literacy class a requirement for every student in every district. The classes and teacher training would be funded by the State, not the local communities, with a so-called “financial literacy trust fund.”

“I started pulling together what would an education look like, where every student walked away with the skills they need to succeed. One of the first gaps I saw staring back at me was the lack of financial literacy here in the Commonwealth,” Simonini said.

Right now, 25 states have financial literacy as a graduation requirement. Massachusetts isn’t one of them. Yet our neighbors in New Hampshire, Connecticut and Rhode Island do require the course. Champlain College in Vermont has a Financial Literacy Center and puts out a report card every year grading each state on their efforts. Twenty-nine states got an ‘A’ or ‘B’. Massachusetts got an ‘F.’

Why? Well, out of more than 300 school districts in our state, only 16 districts require students to pass personal finance class.

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Simonini says we are setting kids up to take on a lifetime of debt without knowing the ramifications. “We are allowing 18 year-olds to sign off on loans that are half a mortgage. Hundreds of thousands in an instant. And we are not orienting them at all to the financial impacts that can have on them decades down the road,” Simonini said.

Sue Camparato is teacher in Swampscott who believes Massachusetts is falling way behind other states. Swampscott is one of the districts that requires a personal finance class. Camparato teaches her students about credit scores, interest rates, stocks, how to save money and how to file taxes.

Sue Camparato Swampscott
Swampscott teacher Sue Camparato 

CBS Boston


“I never have anyone say, ‘When am I going to use this?’ Never,” Camparato said.

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One of her students, Sam Snitkovsky says this education has never been more important. He says kids are constantly targeted on sites like TikTok by so called money gurus peddling financial fiction. 

“This information isn’t coming from like ‘user3015.’ It’s coming from an actual teacher in the school, and you know the information is true,” Sam said.

Simonini thinks our lawmakers mistakenly think students are learning about money at home or in the nearly extinct “home ec” classes they took. “Over 50% of parents in this country don’t feel comfortable talking to their kids about money,” Simonini said.

State Treasurer Deb Goldberg leads the state’s Office of Financial Empowerment which offers a ton of free programs outside the class for young children all the way through senior citizens. “When we do our Credit for Life fairs for high school students, it is amazing what they don’t know,” said Goldberg.

Goldberg also believes a financial literacy course should be a requirement and is hoping lawmakers will move on the issue.

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Goldberg believes a public-private partnership between Beacon Hill and outside partners could pay for the programs in every district. There are certainly hurdles to clear but she and Simonini think it’s needs to happen. Massachusetts cannot get an “F” on its next report card.  

If you have a question you’d like us to look into, please email questioneverything@cbsboston.com.   



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Massachusetts

A look inside the nuclear-powered attack submarine USS Massachusetts – The Boston Globe

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A look inside the nuclear-powered attack submarine USS Massachusetts – The Boston Globe


A view of the Virginia-class nuclear powered attack submarine USS Massachusetts (SSN-798). The submarine is docked at the Conley Terminal in South Boston.David L. Ryan/Globe Staff

The latest USS Massachusetts is a Virginia-class, fast-attack submarine that can patrol undetected with an arsenal of Tomahawk cruise missiles and torpedoes. The keel was laid in 2020 at Newport News Shipbuilding in Virginia, and construction costing about $2.8 billion continued through its christening in May 2023.

More than 10,000 shipbuilders — including electricians, pipefitters, welders, and myriad other workers — brought the submarine into being. Extensive and demanding sea trials followed the christening, and now the boat — as submariners like to call their vessels — will be formally accepted by the Navy.

On deck, sailor Brayden Priest, holds an underway ensign flag.David L. Ryan/Globe Staff

During its initial trials, which were completed in October, the submarine’s systems and components were tested, including submerging the submarine for the first time and conducting high-speed maneuvers while on the surface and submerged.

The commissioning ceremony begins at 10 a.m. at the Conley Terminal in South Boston. The public has been invited free of charge to the event, but the USS Massachusetts Commissioning Committee is no longer taking additional requests because of overwhelming demand.

To coincide with the ceremony, the USS Constitution, the world’s oldest commissioned warship, will proceed from its berth in the Charlestown Navy Yard toward the USS Massachusetts.

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“In that moment, in one visual, there will be none older, none newer, none better, and none finer than the duo of the USS Constitution and the USS Massachusetts,” said Dinis Pimentel, chair of the USS Massachusetts Commissioning Committee.

Sailors Sarai Martinez Araujo with Grace Marie Williams work in the mess hall of the ship.David L. Ryan/Globe Staff

“You’ll see Navy heritage and tradition, and our most capable, most lethal, and most stealthy submarine,” he added.

The ship’s sponsor is Sheryl Sandberg, the founder of LeanIn.Org and former chief operating officer of Meta Platforms.

The submarine’s home port is scheduled to be Groton, Conn., and its voyages over an expected life span of 30 years could take the ship on underwater assignments anywhere in the world.

More than half of its 377 feet is occupied by a nuclear reactor that could power a small city, according to the Commissioning Committee. Its crew is divided among the engineering department, which operates the reactor, and other sailors assigned to weapons, navigation, and on-board supply duties.

The USS Massachusetts is the 25th Virginia-class submarine, which usually are named for states, to be delivered to the Navy.

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Pimentel said that having the commissioning in Boston is a natural fit during the 250th anniversary of the country’s founding, and also considering the city’s close ties to the American Navy during that entire time.

“This is a capital ship,” Pimentel said of the USS Massachusetts, “and the Navy likes to be able to commission ships in places attached to their namesakes, where the area is meaningful.”

Torpedo tubes aboard the ship.David L. Ryan/Globe Staff
The helm in the control room of the ship.David L. Ryan/Globe Staff
Fresh bread is made each day aboard the ship in the galley.David L. Ryan/Globe Staff
A sailor enters the ward room and removes his hat as a traditional navy exercise. The table in the ward room can also serve as a surgery table.David L. Ryan/Globe Staff
Sailor Alejandro Najeravenzor looks over his bunk area in the torpedo room on board the ship.David L. Ryan/Globe Staff
A sailor exits through a hatch on the deck of the ship.David L. Ryan/Globe Staff

Globe Photo David L. Ryan Brian MacQuarrie can be reached at brian.macquarrie@globe.com.





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Think you’re middle class in Massachusetts? Here’s the income range

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Think you’re middle class in Massachusetts? Here’s the income range


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Your household can earn more than $200,000 a year and still be considered part of the “middle class” in Massachusetts, according to a recent study by SmartAsset.

Massachusetts ranks as the top state with the highest income range for households to be considered middle class, based on SmartAsset’s analysis using 2024 income data from the U.S. Census Bureau. The Pew Research Center defines the middle class as households earning roughly two-thirds to twice the national median household income.

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According to a 2022 Gallup survey, about half of U.S. adults consider themselves middle class, with 38% identifying as “middle class” and 14% as “upper-middle class.” Higher-income Americans and college graduates were most likely to identify with the “middle class” or “upper-middle class,” while lower-income Americans and those without a college education generally identified as “working class” or “lower class.”

Here’s how much money your household would need to bring in annually to be considered middle class in Massachusetts.

How much money would you need to make to be considered middle class in MA?

In Massachusetts, households would need to earn between $69,900 and $209,656 annually to be considered middle class, according to SmartAsset. The Bay State has the highest income range in the country for middle-class households. The state’s median household income is $104,828.

In Boston, the range is slightly lower. Households need to earn between $65,194 and $195,582 annually to qualify as middle class, giving the city the 19th-highest income range among the 100 largest U.S. cities. Boston’s median household income is $97,791.

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How do other New England states compare?

Massachusetts has the highest income range for middle-class households in New England. Here’s what households would have to earn in neighboring states:

  1. Massachusetts (#1 nationally) – $69,885 to $209,656 annually; median household income of $104,828
  2. New Hampshire (#6 nationally) – $66,521 to $199,564 annually; median household income of $99,782
  3. Connecticut (#10 nationally) – $64,033 to $192,098 annually; median household income of $96,049
  4. Rhode Island (#17 nationally) – $55,669 to $167,008 annually; median household income of $83,504
  5. Vermont (#19 nationally) – $55,153 to $165,460 annually; median household income of $82,730
  6. Maine (#30 nationally) – $50,961 to $152,884 annually; median household income of $76,442

Which state has the lowest middle-class income range?

Mississippi ranks last for the income range needed to be considered middle class, according to SmartAsset. Households there would need to earn between $39,418 and $118,254 annually. The state’s median household income is $59,127.



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Massachusetts AG Campbell accused of breaking professional conduct amid audit lawsuit

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Massachusetts AG Campbell accused of breaking professional conduct amid audit lawsuit


AG Andrea Campbell called Diana DiZoglio’s personal cell phone a day after an SJC justice moved the legislative audit legal case to the full court, a call that the auditor alleges violates the state’s professional conduct rules.

DiZoglio’s fight with Campbell is steaming ahead, even as the attorney general claims that there’s a “path forward” for the voter-approved audit of the state Legislature, over 15 months after 72% of the state signed off on the ballot measure.

DiZoglio’s office argues that Campbell’s attempt to call the auditor on her personal cell phone violates Rule 4.2 of the Massachusetts Rules of Professional Conduct, which prohibits lawyers from communicating directly about a case with an individual represented by another attorney without consent.

“The Attorney General is our state’s top law enforcement officer and should follow the Rules of Professional Conduct,” DiZoglio said in a statement on Wednesday. “I will not participate in dark, shadow conversations with the AG about this lawsuit.”

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“That she is trying to get me to speak with her alone, via private cell phone, without my legal counsel present, is unacceptable,” the auditor added.

Campbell’s office is firing back at DiZoglio’s claim, which it says is a “false and baseless accusation.”

“If the Auditor is interested in a solution,” the office said in a statement shared with the Herald, “the AG is available to speak with her or the Auditor’s staff can speak with our office – but as it stands, her office refuses to engage with us directly on a path forward.”

DiZoglio and Campbell have been locked in a legal tug-of-war since voters approved the audit in November 2024.

Siding with legislative leadership, Campbell has claimed that DiZoglio has not answered basic questions on the scope of the legislative audit. The AG argues that the auditor’s review may also violate the state Constitution.

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In February, DiZoglio sued House Speaker Ron Mariano and Senate President Karen Spilka for refusing to comply with the audit. The auditor is asking the SJC to allow her to appoint an outside attorney, as Campbell is representing the top Beacon Hill Democrats.

DiZoglio spotlighted Campbell’s attempt to talk with her on her personal cell phone after the AG appeared on GBH’s Boston Public Radio on Wednesday. The auditor also released emails between the two offices regarding the call.

In her radio segment, Campbell admitted to calling the auditor after seeing her at a recent event in Worcester and that she had yet to hear back from DiZoglio. The AG said the message that she is trying to convey to the auditor is that “there’s a pathway forward.”

Speaking at an event on March 16, DiZoglio said, “I have only asked for financial receipts and state contracts. There is nothing unconstitutional about …  getting access to that information.”

Campbell argues DiZoglio has “changed” her stance on the audit’s scope.

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Deputy Auditor Michael Leung-Tat expressed his concerns about Campbell’s call to DiZoglio in an email on Monday to Assistant Attorney General Anne Sterman and First Assistant Attorney General Pat Moore.

Leung-Tat emphasized that the last time DiZoglio and Campbell spoke via phone was allegedly in November 2023, when the AG informed the auditor of her support of the legislative audit.

“They don’t have a relationship beyond our office’s official communications,” Leung-Tat wrote, “and, as you know, official business between our offices is conducted at the staff level. … it appears that the Attorney General was calling the Auditor about the pending litigation before the SJC.”

“As you are aware,” the deputy auditor added, “we have been engaged with your office seeking assistance in our efforts to audit the Legislature since 2023, so it is curious that the Attorney General only just now decided to call.

In an email reply, Moore said there was “nothing unethical” about Campbell’s call and that the AGO was “surprised to see” the auditor’s “unfounded assertion.”

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“The Auditor has also used her time in those forums make false allegations against the Attorney General and officers of every other branch of state government, recently including judges,” Moore wrote. “Having now heard multiple variations of these comments, the Attorney General felt it appropriate to reach to talk with the Auditor.”

After multiple exchanges back and forth, Moore refuted Leung-Tat’s claims that DiZoglio has answered Campbell’s questions to help the legislative audit proceed. The first assistant AG added that the office “takes pride in our professionalism.”

“We do not, just to pick one example,” Moore wrote, “claim that every state agency funded by legislative appropriation is corrupt; nor that the courts adjudicating our cases are.”

“Nor do we take exception to conferring with those against whom we are litigating,” he added. “We do that every day.”

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