- Office of Economic Empowerment
On January 18, 2015, Treasurer Deborah Goldberg launched the Office of Economic Empowerment (OEE) to expand access to financial education and address urgent issues facing residents, such as financial capability gaps and growing wealth inequality. With this new department, spearheaded by Deputy Treasurer Alayna Van Tassel, Massachusetts residents would have for the first time an office tasked with providing dedicated resources to support their financial well-being.
As we near the end of our 10th year, we invite you to join us in looking back at the impact we've had—one community, one family, and one person at a time. Maybe you'll see yourself in these numbers. Whether you're a BabySteps family saving for your child's future, a Worth & Wealth participant learning how to make more informed financial decisions, or a trusted partner supporting our mission of uplifting residents, the story of OEE's 10 years couldn't have been written without you. If you're just learning about OEE, we're excited you're here, and we hope you join us in our work building a brighter future for everyone in our state.
Kickstarting Savings with BabySteps
In January 2020, following the success of pilot programs SeedMA and SoarMA, OEE launched BabySteps, Massachusetts’ first state-wide seeded 529 account program. With BabySteps, every eligible child born or adopted in Massachusetts can claim $50 to kickstart their savings for future college and career training costs. BabySteps is made possible through our partnership with the Massachusetts Educational Financing Authority (MEFA), Fidelity Investments, and public-private partnerships.
Now in its fifth year, we’ve seen how savings mindsets, college ambitions, and a culture of financial learning can sprout from just a small seed. Over 56,000 families have opened 529 accounts through BabySteps, and we’ve provided over $2,800,000 to start their savings. But that’s just the beginning—since the program launched, BabySteps families have saved over $1 billion towards their children’s future education!
"I feel proud that we are proactively saving for our children’s future. My advice would be to start as soon as you possibly can and contribute what makes sense for your family, even if it’s $20 a month."
— Chelsea Varao, BabySteps participant
Working with Communities to Close Wealth Gaps
One of our priorities is ensuring equitable access to our programs. And, as a result of an evaluation of BabySteps from Brandeis University’s Heller School for Social Policy and Management, OEE launched two pilot programs: SNAP into BabySteps and the BabySteps Lynn Grant. These pilots sought to support the state’s most vulnerable communities by addressing challenges in the enrollment process and increasing engagement among low-and-moderate income (LMI) families.
The BabySteps Lynn Grant, which ran from July 2023 to April 2024, provided a total of $50,000 to four community-based organizations to develop and execute outreach strategies that increased BabySteps engagement in Lynn. While Lynn has one of the highest birthrates in Massachusetts, its participation in BabySteps was disproportionately low compared with other cities.
Then, in September 2023, in partnership with the Department of Transitional Assistance (DTA), OEE launched SNAP into BabySteps, which provides families who are enrolled in both SNAP and BabySteps an additional $120 to save for their children’s future education.
With initiatives like SNAP into BabySteps and the Lynn Grant, we’ve seen how targeted incentives and direct community outreach can boost engagement among our LMI populations. Between 2023 and 2024, the average take-up rate (a measure of the percentage of claimed accounts for eligible babies) grew from about 5% in previous years to 8% across all gateway cities. And, in 2024, total BabySteps accounts in Lynn increased by about 7%.
Free and Accessible Financial Education for All
When she created the Office of Economic Empowerment in 2015, Treasurer Goldberg convened the Financial Literacy Task Force to examine the state of financial education in Massachusetts. This group of policymakers, educators, bankers, and advocates outlined 22 recommendations in their report to help expand access to and awareness of tools Massachusetts residents needed to manage their money, plan for the future, and make informed decisions.
Over the years, we’ve fulfilled these recommendations with financial education programming, coaching opportunities, grants, and digital resources to help people access money management and wealth-building skills, regardless of their age or background. This work has been supported and amplified through our valued partnerships with community organizations, state agencies, and financial institutions throughout the Commonwealth.
Building Confidence with Workshops and Coaching
We know how overwhelming it can be to even think about your finances, let alone make a plan to tackle challenges like mounting debt, buying a home, or negotiating a higher salary. That’s why, since 2016, OEE has partnered with Citizens to help Massachusetts residents feel more confident making financial decisions and planning for their future.
The Worth & Wealth Seminars and its Spanish language counterpart, Los Seminarios de Valor y Dinero, pairs financial education workshops with one-on-one coaching sessions from an accredited financial coach.
Through this partnership, we’ve hosted financial education workshops for over 1,900 participants. These valuable lessons continue to provide value to audiences online, where our digital library of webinars has gained over 4,500 views.
More importantly, we’ve heard from real people on how the seminars are making a difference in their everyday lives. Worth & Wealth and Valor y Dinero participants have shared how they’ve broken taboos and patterns of avoidance by talking openly about their finances, secured higher pay through salary negotiation tactics, paid down their credit card debt, and made a down payment on their family’s first home.
“I feel more confident about my financial situation now that I participated in the coaching sessions. I had a bit of anxiety knowing I had credit card debt, but now I feel less anxious knowing I can comfortably pay it off.”
— Anonymous, Worth & Wealth Coaching Participant
We’re proud to be there for people when they’re looking for guidance on managing their money, and to help them pave the way for their own financial success stories. Keep in touch with OEE to be the first to know about future Worth & Wealth opportunities.
Personalized Digital Financial Education
OEE continues to seek innovative and accessible digital solutions to deliver high-quality financial education to Massachusetts residents. From My Financial Life MA, our original website and learning lab, to our current offering, Enrich, we are always looking for ways to expand access to free tools that support people as they learn about and engage with their finances.
Enrich is a cutting-edge financial education platform that we offer at no cost to Massachusetts residents. Enrich users can take assessments, including a financial wellness check-up and money personality quiz, to get a personalized learning and money mindfulness plan to achieve their goals. Available in multiple languages and with a mobile-optimized design, Enrich is ready to meet the diverse financial education needs of Massachusetts residents, no matter where they are in their financial journey.
“Very surprised at the ease of use and depth of questions. I've been recommending it to others already.”
— Anonymous, Enrich User
Today, over 61,800 people from across the state have started learning with our financial education websites. Some of our most popular topics include budgeting, saving for retirement or other goals, and creating a financial plan.
We invite anyone living in Massachusetts to claim their free Enrich account and start learning today.
Financial Education Grants
Over the past 10 years, we’ve offered several grants to foster innovative financial education for Massachusetts residents, with programs designed to support veterans, students, new home childcare centers, and small businesses in the wake of the COVID-19 pandemic. Through our partnerships with financial institutions and state agencies, OEE has provided over $1.68 million in financial education grants.
One of our grants started in June 2015, when OEE partnered with the Commonwealth’s Division of Banks and Office of Consumer Affairs and Business Regulation to create the Financial Education Innovation Fund. This fund supports Massachusetts high schools and special education programs approved by the Department of Elementary and Secondary Education that host financial education fairs. Commonly known as “Credit of Life” fairs, these interactive events give students a platform to simulate real-life financial decisions and their impacts.
Schools and special education programs are encouraged to adapt the fairs to the unique needs and challenges of their student populations. We are consistently impressed with how schools who participate in the fund create equitable and inclusive fairs where every student has a chance to fully participate.
Since the fund was created, over $1.24 million has been provided to 124 schools and special education programs across the state, and over 65,000 students have participated in financial education fairs through the fund.
Through survey data and feedback, students overwhelmingly share their positive experiences, and that sometimes the fair was the only financial literacy education they had ever received in school. Many students also report feeling more financially capable, confident, and eager to apply the information and skills they learned to their own lives.
Visit our grant page to explore current funding opportunities from OEE.
Connecting with our Communities
At OEE, we know that our work to research and develop excellent programs would not be possible without input and collaboration from our many constructive partnerships with community members and organizations— people on the ground who experience and understand the diverse economic challenges facing Massachusetts residents today.
To support this work, in 2023, OEE started the Community Ambassador initiative. Ambassadors are community leaders, chosen for their commitment to improving the lives of residents and robust networks, who help foster awareness of OEE, increase engagement, and bring valuable feedback to inform and improve our programs.
Since the program launched, we’ve partnered with Ambassadors in Boston, Worcester, Springfield, the Berkshires, Lowell, Brockton, Quincy, New Bedford, Fall River, Lawrence, Revere, Everett, and Chelsea.
With the program completing its third year this month, our Community Ambassadors have helped forge connections with thousands of residents and hundreds of community-based organizations and small businesses. We look forward to future opportunities to expand our Ambassador networks and deepen existing ties.
Looking Ahead
As we ring in the end of our 10th year, the Office of Economic Empowerment remains guided by the same principles that launched our work in 2015: when people have access to the right tools, knowledge, and support, they can build stronger financial futures for themselves and their families. From helping parents plant the first seed of savings through BabySteps, to empowering individuals with confidence-building education and coaching, our impact is measured not just in numbers, but in lives changed. We are energized by what lies ahead and are deeply grateful to the residents, partners, educators, and advocates who make this work possible. Together, we look forward to continuing to uplift Massachusetts—one person, one family, and one community at a time.
