State Senate Passes Bill On Financial Literacy In Public Schools, Includes Amendment From Sen. Bruce Tarr

(NOTE: State Senator Bruce Tarr represents the 1st Essex and Middlesex District, which includes Wilmington.)

BOSTON, MA — On Thursday, the Senate unanimously passed legislation designed to integrate financial topics such as investing, insurance, banking, and savings into existing school curricula for students.

Senate Minority Leader Bruce Tarr (R- Gloucester) succeeded in including within the curricula framework outlined in the bill language intended to assist students in learning about saving, investing, and planning for higher education or post graduate professional training.

“Being able to go to college or obtain professional training after high school is an important goal for many students, and through this amendment they will be able to develop a plan to have the resources to get there. This is an important component of the financial literacy to which this bill aspires,” said Senator Tarr. “I am glad that the Senate agreed to support my proposal.”

Tarr’s amendment directs the Department of Elementary and Secondary Education to create and implement school curricula and objectives on personal financial literacy for grades K-12 to better prepare graduates to pursue a college degree or post graduate training. In addition, the bill establishes other curricula standards that relate to personal finance matters including banking, understanding state and federal taxes, charitable giving, borrowing, online commerce, and housing rights and responsibilities.

“Personal financial security stems from the ability to work hard and save money and each of these can be enhanced by students learning how to create household budgets, manage debt, use the power of compounded interest, and understand the value of investing,” said Senator Tarr.

S.2343, An act relative to financial literacy in schools, sponsored by Senator Jamie Eldridge (D-Acton), would allow personal financial literacy to be integrated within the existing mathematics, social sciences, technology, business, or other curricula where teachers have the capacity to teach financial literacy for all schools in the Commonwealth.

(NOTE: The above press release is from State Senator Bruce Tarr’s Office.)

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