BOSTON – Senator Michael O. Moore (D-Millbury) was appointed to the Task Force on Financial Literacy under the leadership of Treasurer Deb Goldberg and the Office of Economic Empowerment. The Task Force is charged with examining the state of financial education in Massachusetts.
“Financial literacy is not limited to learning how to balance a checkbook; it also encompasses how to effectively save for retirement, and how to better understand the impact of economic decisions” said Sen. Moore. “I am both eager and excited to take part in the Task Force’s efforts to identify critical areas that need attention, and to provide key recommendations on how to achieve enhanced financial literacy in our Commonwealth.”
A recent national study by Champlain College ranked Massachusetts with a failing grade on the overall financial literacy of Bay State residents. According to the study, residents lack the tools and resources they need to make informed decisions about budgeting, saving and money management.
“As we prepare to build a statewide financial literacy program in Massachusetts, this task force will offer valuable insights, research and guidance,” said Treasurer Deb Goldberg. “I look forward to working with this diverse group as we create a blueprint for economic security and financial stability that works for everyone throughout our state.”
The Task Force will convene policymakers, educators, banks, and advocates to examine the state of financial education and develop recommendations on how to empower citizens with the resources they need to budget their money for long-term financial stability. The Task Force will convene for six months and will file a final report with the State Treasurer no later than November 1, 2015.