Section 1R. (a) Financial literacy standards established pursuant to section 1D shall promote an understanding of personal finances including, but not limited to: (i) loans; (ii) interest and interest accrual; (iii) credit card debt; (iv) online commerce; (v) rights and responsibilities of renting or buying a home; (vi) saving, investing and planning for retirement; (vii) the role of banking and financial services; (viii) balancing a checkbook; (ix) state and federal taxes; (x) charitable giving; (xi) evaluating media content, including online content, that relates to personal finance matters; and (xii) saving, investing and planning for higher education or professional training.
(b) A school district, charter school, approved private day or residential school or collaborative school may incorporate the financial literacy standards established pursuant to section 1D and subsection (a) into existing curriculum including, but not limited to, mathematics, history and social sciences, technology or business.
(c) The department shall make resources available to school districts, charter schools, approved private day or residential schools and collaborative schools to assist in the selection of materials and curriculum on personal financial literacy. The department shall identify and offer information on resources for professional development activities and instruction on personal financial literacy. The department may consult with private or non-profit experts in the field of behavioral science or related disciplines and government stakeholders to identify such resources.
(d) The department may apply for federal, state or other funding, including funding available through the Economic Empowerment Trust Fund established pursuant to section 35QQ of chapter 10, to implement this section.
(e) Upon the action of the general court, there shall periodically be a review by the department relative to the implementation of the financial literacy standards, including a study of financial literacy programs being offered in the commonwealth to students in kindergarten to grade 12. The general court may direct the commissioner to consult with the office of the state treasurer to, subject to appropriation, convene a working group consisting of educators experienced in teaching curriculum related to financial literacy or personal finance and any individuals or organizations the department deems relevant with expertise in financial services, including, but not limited to, banking, borrowing and consumer protection. The review shall include a report on best practices and recommended improvements to the financial literacy standards. The report shall be submitted to the clerks of the house of representatives and the senate and the joint committee on education.
Structure Massachusetts General Laws
Part I - Administration of the Government
Chapter 69 - Powers and Duties of the Department of Elementary and Secondary Education
Section 1.5 - Applicability of Sec. 2 of Chapter 70 to This Chapter
Section 1a - Department of Elementary and Secondary Education; Commissioner; Duties
Section 1b - Board of Elementary and Secondary Education; Duties
Section 1d - Statewide Educational Goals; Academic Standards; Vocational Training; Grant Program
Section 1e - Curriculum Frameworks
Section 1g - Minimum Length of School Day and School Year
Section 1h - Adult Basic Education and Literacy Services System; Grants; Objectives
Section 1m - Discretionary Grant Program
Section 1n - Alternative Education Grant Program
Section 1o - Truancy Prevention Program Certification Process
Section 1p - Safe and Supportive Schools Framework
Section 1q - State Seal of Biliteracy; Award; Criteria
Section 1r - Financial Literacy Standards; Establishment and Implementation
Section 2 - Statement of Amounts Spent for Vocational Schools; Annual Report
Section 4 - Compilation of Statistics as to Certain Institutions
Section 6 - Teachers; Applications for Positions; Qualifications
Section 8 - Use of School Buildings
Section 8a - Medical Emergency Response Plans; Model Plan
Section 9 - Classes for Illiterates and Foreigners
Section 9a - Establishment of Class
Section 10 - Reimbursement for Expenditures
Section 10a - Education for American Citizenship; Director
Section 11 - Powers and Duties of the Division of Immigration and Americanization
Section 30 - Approval of Organization Certificate or Charter Amendments; Periodic Inspections
Section 31 - Prerequisites to Approval of Organization Certificate or Charter Amendments
Section 36 - Use of Cultural Organizations by Schools and Community Organizations; Grants