Press Release Financial Literacy Education Grant Winners Announced by Baker-Polito Administration and State Treasurer’s Office

Boston — The Baker-Polito Administration and State Treasurer Deb Goldberg’s Office announced the recipients of Financial Education Innovation funding for the 2019 – 2020 academic year. It’s a program that adds up for high school students across the state who benefit from these financial literacy workshops called Credit for Life Fairs which take place in their own communities.

“The Credit for Life fairs offer high- quality experiential learning for high school students in Massachusetts,” states Treasurer Deborah Goldberg. “Young adults acquire the financial skills they need as they prepare to enter college and the workforce.”

“Having attended the Credit for Life Fairs, I can attest to the high impact they have on participants. Engaging high school students by asking them to manage a budget based on take-home salary, rent costs, car loan payments, food expenses, and other factors illustrates real life in a way that resonates. We are proud to be a part of this learning experience,” said Edward A. Palleschi, Undersecretary for the Office of Consumer Affairs and Business Regulation.

“It’s never too soon to learn about how to manage your money which is why financial literacy is important for high school students,” said Mary L. Gallagher, Commissioner of Banks. “Teaching young people about the types of economic decisions they will need to make once they are living on their own is a way to help them make informed decisions as adults.”

Through an extensive application process that culminated this month, the Treasurer’s Office of Economic Empowerment awarded 46 high schools across the Commonwealth a total of $121,447 in funding to expand or establish financial education programs, including nine first-time applicants. This is the eighth installment of awards through the Financial Education Innovation Fund, which was established as an ongoing effort to strengthen financial literacy.

Since its inception in 2015, more than 40,000 students in Massachusetts have participated in funded Credit for Life Fairs. This financial education program is funded by the Division of Banks through a settlement over alleged unlawful lending practices. Credit for Life Fairs are an innovative way for students to learn about making real world decisions about saving, spending, and budgeting their money based on a range of career choices and lifestyle decisions. 

The 2019-2020 Innovation Fund Recipients are:

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