S.204; Sponsored by Sen. Jamie Eldridge
S204 would require that financial literacy be taught in grades K-12 as part of the Massachusetts mathematics framework curriculum. Today’s youth are bombarded with a multitude of financial options and responsibilities at an increasingly young age. One out of every three teenagers has a credit card; even more have an ATM card. Yet many are ill-equipped to make informed decisions about financial matters. They don’t understand fundamental principles of money management and the larger economy.
Wall Street took advantage of the public with misleading and complex financial investments, which ultimately caused the financial collapse in 2008, further exacerbating economic inequality. By better educating residents about the tactics of Wall Street financial advisors and institutions, citizens can advocate for stronger state and federal regulation of financial institutions, in order to curtail reckless greed which led to the financial crisis that has had such disastrous consequences for so many Massachusetts families.
Status: Reported favorably out of the Senate Committee on Ways and Means.