| 1 | 1 | | 1 of 1 |
|---|
| 2 | 2 | | SENATE DOCKET, NO. 1615 FILED ON: 1/16/2025 |
|---|
| 3 | 3 | | SENATE . . . . . . . . . . . . . . No. 423 |
|---|
| 4 | 4 | | The Commonwealth of Massachusetts |
|---|
| 5 | 5 | | _________________ |
|---|
| 6 | 6 | | PRESENTED BY: |
|---|
| 7 | 7 | | Patrick M. O'Connor |
|---|
| 8 | 8 | | _________________ |
|---|
| 9 | 9 | | To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General |
|---|
| 10 | 10 | | Court assembled: |
|---|
| 11 | 11 | | The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill: |
|---|
| 12 | 12 | | An Act relative to student financial literacy. |
|---|
| 13 | 13 | | _______________ |
|---|
| 14 | 14 | | PETITION OF: |
|---|
| 15 | 15 | | NAME:DISTRICT/ADDRESS :Patrick M. O'ConnorFirst Plymouth and NorfolkPatricia D. JehlenSecond Middlesex2/20/2025 1 of 2 |
|---|
| 16 | 16 | | SENATE DOCKET, NO. 1615 FILED ON: 1/16/2025 |
|---|
| 17 | 17 | | SENATE . . . . . . . . . . . . . . No. 423 |
|---|
| 18 | 18 | | By Mr. O'Connor, a petition (accompanied by bill, Senate, No. 423) of Patrick M. O'Connor and |
|---|
| 19 | 19 | | Patricia D. Jehlen for legislation relative to student financial literacy. Education. |
|---|
| 20 | 20 | | [SIMILAR MATTER FILED IN PREVIOUS SESSION |
|---|
| 21 | 21 | | SEE SENATE, NO. 328 OF 2023-2024.] |
|---|
| 22 | 22 | | The Commonwealth of Massachusetts |
|---|
| 23 | 23 | | _______________ |
|---|
| 24 | 24 | | In the One Hundred and Ninety-Fourth General Court |
|---|
| 25 | 25 | | (2025-2026) |
|---|
| 26 | 26 | | _______________ |
|---|
| 27 | 27 | | An Act relative to student financial literacy. |
|---|
| 28 | 28 | | Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority |
|---|
| 29 | 29 | | of the same, as follows: |
|---|
| 30 | 30 | | 1 SECTION 1. Section 1Q of Chapter 69 of the General Laws, as so appearing, is hereby |
|---|
| 31 | 31 | | 2amended by striking paragraph (b) and replacing it with the following:- |
|---|
| 32 | 32 | | 3 (b) A school district, charter school, approved private day or residential school or |
|---|
| 33 | 33 | | 4collaborative school shall incorporate the financial literacy standards established pursuant to |
|---|
| 34 | 34 | | 5section 1D and subsection (a) into existing curriculum including, but not limited to, mathematics, |
|---|
| 35 | 35 | | 6history and social sciences, technology or business. |
|---|
| 36 | 36 | | 7 SECTION 2. Chapter 71 of the General Laws is hereby amended by adding the following |
|---|
| 37 | 37 | | 8new section:- |
|---|
| 38 | 38 | | 9 Section 98. (a) In all public schools, financial literacy shall be taught as required subjects |
|---|
| 39 | 39 | | 10to promote an understanding of personal finances and financial stability. Instruction shall include 2 of 2 |
|---|
| 40 | 40 | | 11(i) loans; (ii) interest and interest accrual; (iii) credit card debt; (iv) online commerce; (v) rights |
|---|
| 41 | 41 | | 12and responsibilities of renting or buying a home; (vi) saving, investing and planning for |
|---|
| 42 | 42 | | 13retirement; (vii) the role of banking and financial services; (viii) balancing a checkbook; (ix) |
|---|
| 43 | 43 | | 14state and federal taxes; (x) charitable giving; (xi) evaluating media content, including online |
|---|
| 44 | 44 | | 15content, that relates to personal finance matters; and (xii) saving, investing and planning for |
|---|
| 45 | 45 | | 16higher education or professional training. |
|---|
| 46 | 46 | | 17 SECTION 3. The department may apply for federal, state or other funding, including |
|---|
| 47 | 47 | | 18funding available through the Economic Empowerment Trust Fund established pursuant to |
|---|
| 48 | 48 | | 19section 35QQ of chapter 10 to implement the provisions of this section. |
|---|