Press Release  Over a Dozen Massachusetts Schools Receive Funding to Host Financial Literacy Fairs

BOSTON – The State Treasurer’s Office of Economic Empowerment (OEE), in collaboration with the Division of Banks (DOB) and the Office of Consumer Affairs and Business Regulation (OCABR), announced the recipients of the newest round of the Financial Education Innovation Fund Grants. These grants provide Massachusetts high schools and special education programs with funding to hold financial education events for students called “Credit for Life Fairs.”

Following an application period that ended on February 17^th, the three agencies awarded grants to 15 schools, totaling $42,265.00.

“The Credit for Life Fairs offer high-quality experiential learning for young adults in Massachusetts,” said State Treasurer Deborah B. Goldberg. “Students deserve access to education that will prepare them for the kind of financial situations they will encounter throughout their lives.”

“We are proud to continue to support financial education efforts by providing the funding for the Credit for Life Fair program. These fairs held around the Commonwealth provide opportunities hopefully to equip students with tools to be better informed about personal financial decisions,” said Commissioner of Banks Mary Gallagher.

“This grant is a fantastic opportunity to convey financial concepts to students who will soon enter adulthood,” said Edward A. Palleschi, Undersecretary for the Office of Consumer Affairs and Business Regulation. “These fairs are important venues for preparing our next generation to manage their financial well-being. I am glad to deliver an opportunity once again for such valuable lessons.”

The recipients are:

Total: $42,265.00.

This marks the 11^th round of grant funding since 2015 and the second round of funding for the 2022-2023 school year. In December, the three agencies granted a total of $115,400 to 39 Massachusetts schools during this school year’s first round of funding.

Since 2015, over 40,000 Massachusetts students have attended Credit for Life Fairs. The Financial Education Innovation Fund Grant was established as an ongoing effort to strengthen access to financial literacy throughout Massachusetts. This financial education program is funded by the Division of Banks through a settlement over alleged unlawful lending practices.

About the Division of Banks

The Division of Banks (DOB) is the chartering authority and primary regulator for financial service providers in Massachusetts. DOB's primary mission is to ensure a sound, competitive, and accessible financial services environment throughout the Commonwealth.

About the Office of Consumer Affairs and Business Regulation

The Office of Consumer Affairs and Business Regulation protects and empowers consumers through advocacy and education, and ensures a fair playing field for the Massachusetts businesses its agencies regulate.

About the Office of Economic Empowerment

Treasurer Goldberg created the Office of Economic Empowerment, led by a deputy treasurer, with the deliberate goal of implementing a range of economic empowerment initiatives that include closing the race and gender wage gap, addressing racial equity, increasing access to financial education, and creating pathways to economically stable futures for all residents across the state.

###