February 21, 2010
BOSTON — On Beacon Hill, state lawmakers are proposing a bill to help students better understand personal finance. It would require all public school students to be taught financial literacy as part of math courses, including how to manage money and avoid debt.
The curriculum would involve educating students about the basics of credit cards, mortgages and money management.
“We’ve just seen in the past two years what happens when people aren’t financially literate — arguably the biggest housing crisis in the history of the country. So if more people had those financial literacy skills, I don’t think the crisis would have been as large as it was,” said state Sen. Jamie Eldridge, one of the bill’s sponsors.
“Before you sign the dotted line, if you don’t have the background knowledge, you won’t understand what this loan or credit card costs you and what the best options that are out there for you,” said state Sen. Barry Finegold, another of the bill’s sponsors.
The same measure passed the state Senate last year, but never made it through the House.