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Budget Summary FY2018

Outside Section 113
Data Current as of:  11/30/2017




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Statewide Financial Literacy for Elders

SECTION 113.   Notwithstanding any general or special law to the contrary, there shall be a special legislative commission established to study and develop a statewide financial literacy program on personal financial management to be offered to senior citizens in the commonwealth. The focus of the commission shall be to provide a universal program for the purpose of teaching senior citizens how to best manage their personal finances, maintain their financial independence and avoid financial exploitation. The course shall include materials on the use of computers and smart phones relative to personal financial management and shall assist participating senior citizens in the program on how to best utilize technology to aid to their personal financial management.

The commission shall consist of the house and senate chairs of the joint committee on elder affairs, who shall be the co-chairs; the house and senate chairs of the joint committee on education or their designees; the speaker of the house of representatives or a designee; the president of the senate or a designee; the house minority leader or a designee; the senate minority leader or a designee; the state treasurer or a designee; the secretary of elder affairs or a designee; the secretary of health and human services or a designee; 2 representatives of the council on aging; and 2 residents of the commonwealth who are 65 years or older.

The commission shall submit its finalized proposal for the senior financial literacy program, along with any recommendations, to the house and senate committees on ways and means, the joint committee on elder affairs, the joint committee on education and the clerks of the house of representatives and the senate by February 1, 2018.