BOSTON – Senator Michael O. Moore (D-Millbury) joined Treasurer Deborah Goldberg and members of the Financial Literacy Task Force last week to announce the release of the Task Force’s final report.
The advisory group was established earlier this year under the guidance of the Treasurer’s Office of Economic Empowerment to examine the state of financial education and to develop recommendations on how to empower citizens with the resources they need to budget their money for long-term financial stability. The Task Force included policymakers, educators, representatives of the banking industry, and financial literacy advocates.
As Senate Chair of the Joint Committee on Higher Education, Sen. Moore was appointed in April by Senate President Stan Rosenberg (D-Amherst) to serve on the Task Force as a member of the College Subcommittee.
“Teaching the skills to properly manage finances can go a long way to address issues faced by residents of all ages,” said Sen. Moore. “This report outlines important recommendations about how we can teach the youngest of our students the importance of smart saving, ensure that college-bound students understand the complexities of student loans, and teach young adults about the danger of credit card debt.”
Earlier this year, a national study by Champlain College ranked Massachusetts as ‘failing’ 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.
The Task Force Report offers wide-ranging recommendations that identify opportunities for greater collaboration between government, non-profit and private sectors, in addition to highlighting existing opportunities available to residents of the Commonwealth. A summary and copy of the Financial Literacy Task Force’s final report is available online by visiting the Treasurer’s website, www.mass.gov/treasury/taskforce.