SECTION 1. Chapter 69 of the General Laws, as appearing in the 2008 Official Edition, is hereby amended by inserting after section 1N the following section:-

Section 1O. To equip students with the knowledge and skills they need to become self-supporting and to enable students to make critical decisions regarding personal finances, the department of elementary and secondary education shall authorize and assist in the implementation of curriculum on personal financial literacy. The components of personal financial literacy covered in the curriculum shall include the following: understanding loans, borrowing money, interest, credit card debt, and online commerce; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; bankruptcy; balancing a checkbook; state and federal taxes; charitable giving; and identity theft and fraud.

The department shall develop standards and objectives for personal financial literacy, for grades pre-kindergarten to 12, inclusive, within the existing mathematics curriculum. The department shall make available to school districts a list of resources to aid in the selection of materials and resources on personal financial literacy. 

SECTION 2. The department shall establish an advisory committee to consist of 10 members: a representative from the department of elementary and secondary education, to be appointed by the commissioner of elementary and secondary education, who shall be designated as chair of the committee; 2 educators, 1 of whom shall be appointed by the Massachusetts Teachers Association and 1 of whom shall be appointed by the American Federation of Teachers Massachusetts; a superintendent appointed by the Massachusetts Association of School Superintendents; a representative from the Massachusetts office of consumer affairs and business regulation, to be appointed by the undersecretary of the Massachusetts office of consumer affairs and business regulation; a representative appointed by the state treasurer and receiver general; a representative appointed by the Massachusetts Bankers Association; a representative appointed by the Massachusetts Credit Union League; a representative appointed by the Massachusetts Council on Economic Education; and a professor from a Massachusetts college who teaches financial literacy or personal finance, to be appointed by the commissioner of higher education.

The advisory committee shall meet no less than 3 times annually. The advisory committee shall assess the trends and needs in personal financial literacy and make an investigation and study relative to the development of curriculum, high quality materials, and guidelines that public and nonpublic schools may use to implement a program of instruction on personal financial literacy. The advisory committee shall submit a report annually to the clerks of the senate and the house who shall forward the same to the chairs of the joint committee on education on or before December 31. The advisory committee shall consult with individuals with relevant experience including representatives from insurance and investment firms, real estate firms, and bankruptcy attorneys.

SECTION 3. The department of elementary and secondary education shall conduct a study concerning the feasibility of inclusion of personal financial literacy in the Massachusetts Comprehensive Assessment System and in the Massachusetts Curriculum Frameworks. The department shall submit a report with its conclusions and recommendations, including a timetable for implementation, to the chairs of the house and senate committees on ways and means and the chairs of the joint committee on education on or before December 31, 2011.