| Massachusetts is one of 11 states to receive an F grade on its efforts to produce financially literate high school graduates, according to an analysis by Champlain College’s Center for Financial Literacy.
The 2017 National Report Card on States’ Efforts to Improve Financial Literacy in High Schools attempted to measure how well high schools are providing personal finance education. The report only gave five states an A grade, while 27 states received grades C, D or F.
One reason cited for Massachusetts’ failing grade is because the curriculum does not require high school students to take a personal finance course in order to graduate; it also does not required schools to offered financial education.
And although Massachusetts has curriculum frameworks for social studies, which includes a framework for a grade 12 elective in economics, there are no personal finance concepts included in the curriculum framework.
Although a failing grade, the report card did point out several steps Massachusetts has taken to improve financial literacy.
The state legislature established a Financial Literacy Advisory Committee to advise the Department of Elementary and Secondary Education on the development of a three-year financial literacy pilot program for high schools in gateway municipalities in 2012. Grants were awarded to 10 high schools to pilot innovative personal finance programs in 2013.
Massachusetts legislators have introduced more than 20 bills since 2005 that attempt to have financial literacy taught in the state’s schools, but so far, none of these bills have been passed.
The report also referenced Massachusetts as a state implementing pilot programs for child savings accounts – Massachusetts $eedMa and $oarMa.
