Students across the Merrimack Valley will learn financial responsibility through a new bill backed by Methuen Sen. Diana DiZoglio. (File photograph)
A new law Gov. Charlie Baker signed last week aims to give Massachusetts students the tools they need to navigate their financial futures, including milestones like buying a home and planning for retirement.
The House and Senate on New Year’s Day sent Baker a bill, backed by Methuen Democrat Sen. Diana DiZoglio, that allows state education officials to establish standards around financial literacy, which schools could incorporate into their existing curricula in subjects like math, business, and social sciences.
“As a nation, our failure to teach the importance of financial literacy has led to the exploitation of millions of people and triggered a financial crisis a decade ago that we have only recently recovered from as a nation,” DiZoglio told the State House News Service.
DiZoglio, who assumed the senate seat left vacant by Kathleen O’Connor Ives, said the financial and civics education laws together will “ensure students learn real world skills that will benefit them for the rest of their lives and make them more engaged, responsible citizens in our state.”
According to the financial education coalition MassSaves, which backed the bill, students who have taken a class in personal finance are more likely to behave in financially responsible ways. The group said 93 percent of those who have taken such a class save money, 60 percent have a budget and 32 percent have invested money.