Press Release  State Treasurer’s Office and Division of Banks Announce High School Grant Recipients of The Financial Literacy Education Innovation Fund

Boston — State Treasurer Deborah B. Goldberg and the Division of Banks announced today the 2016-2017 recipients of Financial Education Innovation Fund grants, an initiative that provides capital to expand Credit for Life and financial education fairs in high schools across the Commonwealth. These awards are funded by a grant from the Division of Banks through settlements over alleged unlawful lending practices.

“I have experienced firsthand the critical skills these ‘ Credit for Life’  fairs teach our high school students,”  said Treasurer Goldberg.  “These new grants will help students to budget their money responsibly and make informed financial decisions as they prepare to enter college or begin their careers.”

Through an extensive application process that culminated this month, the Treasurer’ s Office awarded 27 high schools across the Commonwealth nearly $80,000 in grant money to expand upon or establish these programs.

“Credit for Life fairs help students understand the real-life consequences of poor financial habits,” said John Chapman, Undersecretary of the Office of Consumer Affairs and Business Regulation, whose office includes the Division of Banks. “Teaching students why their credit scores matter, that credit cards aren’t’ free money, and the importance of living within their means teaches them that money management skills are necessary tools for success.” 

“I am pleased that we are able to support these 27 high schools’ Credit for Life fairs this spring,”  said David Cotney, Commissioner of Banks.  “Our hope is that more schools will consider organizing Credit for Life fairs and expand upon their existing event framework in the next school year.”

This is the third installment of these innovation grants, which were established as an ongoing effort to strengthen financial literacy, so schools will have the opportunity to apply during the next round of funding.

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