Should Financial Literacy be Taught in Massachusetts Schools?
Credit scores, interest rates, and taxes – important financial concepts that many high school students in Massachusetts are not required to learn about. Sean Simonini, a student representative on his town’s school board, is pushing for a bill that would make financial literacy a requirement for every student in every district. Currently, only 16 out of more than 300 school districts in Massachusetts require students to pass a personal finance class.
Simonini believes that by not teaching financial literacy, Massachusetts is setting its students up for a lifetime of debt without understanding the consequences. He points out that 18-year-olds are signing off on loans that are equal to half a mortgage, sometimes amounting to hundreds of thousands of dollars, without being properly educated on the financial impacts that can have on their future.
Sue Camparato, a teacher in Swampscott, agrees with Simonini and argues that Massachusetts is falling behind other states in terms of financial education. Camparato teaches her students about credit scores, interest rates, stocks, how to save money, and how to file taxes. She has never had a student question the relevance of this knowledge, highlighting the importance of teaching financial literacy in schools.
Sam Snitkovsky, one of Camparato’s students, emphasizes the value of learning about personal finance from a certified teacher rather than relying on information from questionable sources online. Snitkovsky believes that financial education has never been more important, especially with the rise of so-called money gurus on platforms like TikTok targeting young people with misleading financial advice.
Contrary to the assumption that students are learning about money at home or in outdated home economics classes, Simonini reveals that over 50% of parents in the country don’t feel comfortable discussing finances with their children. State Treasurer Deb Goldberg, who leads Massachusetts’ Office of Financial Empowerment, agrees that financial literacy should be a requirement and suggests a public-private partnership to fund these programs across all districts.
Goldberg is hopeful that lawmakers will take action on this issue, as she believes Massachusetts cannot afford to receive another “F” in financial literacy. Efforts to teach financial literacy are already underway through programs outside of school, but there is a consensus among educators and officials that making it a requirement in schools is necessary to ensure that students are equipped with the skills they need to succeed in managing their finances.
As Simonini continues to push for his bill, he hopes to see a change that will benefit Massachusetts students and prevent them from making financial mistakes that could have long-term consequences. Ultimately, the goal is to provide all students with a solid foundation in financial literacy so that they can make informed decisions and navigate their financial future with confidence.
Analyst comment
Positive news: Financial literacy being taught in Massachusetts schools is positive news as it addresses a gap in education and sets students up for a better understanding of personal finance.
Market analysis: The market for financial literacy education materials and programs is likely to see increased demand and growth in Massachusetts as the requirement is implemented across all districts.
