SENATE DOCKET, NO. 1948        FILED ON: 2/18/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 380

The Commonwealth of Massachusetts

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PRESENTED BY:

Patrick M. O'Connor

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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:

The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:

An Act relative to student financial literacy.

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PETITION OF:

SENATE DOCKET, NO. 1948        FILED ON: 2/18/2021

SENATE  .  .  .  .  .  .  .  .  .  .  .  .  .  .  No. 380

The Commonwealth of Massachusetts

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In the One Hundred and Ninety-Second General Court
(2021-2022)

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An Act relative to student financial literacy.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:
 

SECTION 1. Section 1Q of Chapter 69 of the General Laws, as so appearing, is hereby amended by striking paragraph (b) and replacing it with the following:-

(b) A school district, charter school, approved private day or residential school or collaborative school shall incorporate the financial literacy standards established pursuant to section 1D and subsection (a) into existing curriculum including, but not limited to, mathematics, history and social sciences, technology or business.

SECTION 2. Chapter 71 of the General Laws is hereby amended by adding the following new section:-

Section 98. (a) In all public schools, financial literacy shall be taught as required subjects to promote an understanding of personal finances and financial stability. Instruction shall include (i) loans; (ii) interest and interest accrual; (iii) credit card debt; (iv) online commerce; (v) rights and responsibilities of renting or buying a home; (vi) saving, investing and planning for retirement; (vii) the role of banking and financial services; (viii) balancing a checkbook; (ix) state and federal taxes; (x) charitable giving; (xi) evaluating media content, including online content, that relates to personal finance matters; and (xii) saving, investing and planning for higher education or professional training.

SECTION 3. The department may apply for federal, state or other funding, including funding available through the Economic Empowerment Trust Fund established pursuant to section 35QQ of chapter 10 to implement the provisions of this section.