The Financial Literacy Trust Fund is a 501(c)(3) nonprofit organization created by the Massachusetts legislature per Act H.03347. The mission of the trust is to strengthen the personal financial knowledge of Massachusetts residents by supporting programs that have a proven track record of success in providing financial education. The trust has chosen the following three service areas as focus for their budding efforts:
Military Saves works with all service-members, their families, and civilian employees to help solve their financial needs. Westover Air Force Base in Chicopee and Ludlow will host a free financial education event for the 2013 Military Saves in the spring of 2013 to engage service members during a mandatory drill-weekend. The attendance for such an event is predicted to be high as personal finance records are one of the specific areas for security clearance adjudication.
Senior Citizens are acquiring debt faster than any other population. Providing grants to existing senior financial literacy programs to test whether than can be successfully scaled up would be a cost-effective way to target this.
The Money Conference is a FREE conference, focusing on money management, saving, retirement and financial survival strategies for people of all ages, racial, ethnic and economic backgrounds, and levels of financial knowledge. As part of Treasurer Grossman’s efforts to revitalize the program to target low and moderate-income families, the Money Conferences have been reinvented to be delivered in the 24 Massachusetts gateway municipalities. FLTF was also awarded a grant by the Attorney General’s Office to implement a “Train-the-Trainer” in 3 of these cities.
FLTF is identifying an engaging and educational online tool to be offered to K-12 students. This resource will have a financial “life planning” focus and a proven record of impacting financial decision making. A Request for Information (RFI) was posted and disseminated broadly. Initial due diligence has shown that further procurement will help define cost realities and structure so as to provide the Board with practical fundraising, selection, and launch of such an educational resource.