Senate, March 12, 2026 -- The committee on Financial Services to whom was referred the petition (accompanied by bill, Senate, No. 752) of Paul R. Feeney for legislation to promote financial literacy, wealth-building, and economic opportunity for all, report the accompanying bill (Senate, No. 2988).
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Date
Branch
Action
3/12/2026
Senate
3/12/2026 SenateBill reported favorably by committee and referred to the committee on Senate Ways and Means
An Act promoting financial literacy, wealth-building, and economic opportunity for all
Active
8 section(s) · formatted for easier reading
▸SECTION 1
Notwithstanding any general or special law to the contrary, the Office of Consumer Affairs and Business Regulation in concert with the Executive Office of Economic Development and Division of Banks shall establish the Massachusetts Financial Literacy and Longevity Hub.
The mission of the hub shall be to democratize access to financial products and demystify opportunities for wealth building in the commonwealth. The hub shall be a centralized information portal with resources for Massachusetts consumers, including, but not limited to:
(i) Financial education;
(ii) Personal financial planning and budgeting;
(iii) Insurance products, with relevant definitions;
(iv) Financial tools, with relevant definitions;
(v) List of accreditable financial institutions, banks, and credit unions, and certified financial advisors searchable by geographic zip code;
(vi) Wealth building opportunities;
(vii) Retirement planning;
(viii) Financial independence for individuals with disabilities;
(ix) Informational Resources regarding purchasing power and debt, including, but not limited to, buying a home, paying for education, buying or leasing a new or used vehicle, opening a credit card, paying for healthcare expenses
The hub shall assemble answers to frequently asked questions as well as provide opportunities to get in touch with a certified financial advisor, access to relevant consumer hotlines, and resources to connect to a regional financial literacy education center, pursuant to section 3 of this act.
▸SECTION 2
(a) Notwithstanding any general or special law to the contrary, there shall be a consortium to be known as the Adult Financial Literacy Education Consortium.
The consortium shall be appointed and convened by the commissioner of the department of higher education and shall consist of 13 members representing interdisciplinary fields including, but not limited to, education, financial literacy, higher education, law, banking, consumer protection, and social work; provided, at least 1 member shall be the commissioner of the division of banks, or their designee; 1 member shall be the undersecretary of the office of consumer affairs and business regulation, or their designee; 1 member shall be a representative of the Office of Economic Empowerment; 1 member shall be a representative of the Massachusetts Bankers Association; 1 member shall be a representative the Cooperative Credit Union Association; 1 member shall be a representative of Compass Working Capital; 1 member shall be a representative of the Federal Reserve Bank of Boston; 1 member shall be a representative of a Massachusetts Community College or public university; 1 member shall be a representative of a Massachusetts private insertion of higher education; 1 member shall be a representative of the Certified Financial Advisors (CFAs) of Massachusetts; 1 member shall be a representative of the Massachusetts chapter of the National Association of Insurance and Financial Advisors. The commissioner may appoint other members that the commissioner deems appropriate.
(b) The consortium shall establish recommendations relative to a universal adult financial literacy curriculum in the commonwealth, including: (i) priority populations; (ii) curriculum components and recommendations; (iii) delivery methods to reach the greatest number of adults in the commonwealth, including, but not limited to, community colleges and regional service providers; (iv) identify state programs to provide programming, including Massachusetts student loan program; and (v) explore opportunities for financial incentives for completing the course.
(c) The consortium shall submit its recommendations to the shall file a report of its findings and recommendations, together with drafts of legislation necessary to carry those recommendations into effect, by filing the same with the clerks of the senate and the house of representatives and the chairs of the joint committee on financial services within 1 year of the effective date of this act.
(d) Pursuant to the recommendations of the consortium, the department of higher education shall establish a universal adult financial literacy curriculum that can be disseminated to institutions of higher education and service providers across the commonwealth.
▸SECTION 3
Notwithstanding any general or special law to the contrary, there shall be regional financial literacy centers situated across the commonwealth that provide access to the universal financial literacy program to adults.
▸SECTION 4
The Massachusetts department of higher education shall establish a competitive grant program to fund financial literacy programs at regional financial literacy education centers across the commonwealth free of charge.
▸SECTION 5
(a) There is hereby established a special legislative commission pursuant to section 2A of chapter 4 of the General Laws to serve to improve the financial literacy and education of all people in the commonwealth through development of a statewide strategy to promote financial literacy and education. The commission shall solicit input from the public, educators, businesses and the financial services industry on financial literacy trends, the prevalence of written and online financial education platforms, as well as other resources that could be utilized to benefit the people of the commonwealth.
(b) The commission shall study and review: (1) establishing adult financial literacy standards that shall promote an understanding of personal finances including, but not limited to: (i) loans; (ii) interest and interest accrual; (iii) using credit and making investments, risks of various financial instruments and basic diversification of assets; (iv) online commerce; (v) rights and responsibilities of renting or buying a home or making other large purchases or investments; (vi) saving, investing and planning for retirement; (vii) the role of banking and financial services; (viii) balancing ledgers and checkbooks; (ix) state and federal taxes; (x) charitable giving; (xi) evaluating media content, including online content, that relates to personal finance matters; (xii) saving, investing and planning for higher education or professional training (xiii) earning and spending income, methods of payment, consumer protection, and budgeting; (xiv) protecting and insuring assets, preventing identity theft and avoiding online scams; and (xv) emerging technologies in the financial industry, a basic understanding of cryptocurrencies, online commerce and computer stock-trading, how to evaluate digital media content relating personal finance matters and how to recognize risk; (2) existing means, methods and best practices to facilitate financial literacy to all people of the commonwealth; (3) the cost to the commonwealth to implement an online financial literacy depository or similar application including existing materials and resources; (4) the impact of including tax-based or state program credits to encourage the completion of financial literacy education; and (5) the exploration of public-private partnerships to maximize the programs reach and effectiveness for all people in the commonwealth. The commission shall report on the potential impact on establishing a state-wide financial literacy program for all people in the commonwealth and provide recommendations on the future financial literacy in the commonwealth.
(c) The commission shall consist of: the chairs of the joint committee on financial services, who shall serve as co-chairs; 1 member appointed by the treasurer; the secretary of education or a designee; the commissioner of banks or a designee; 1 member appointed by the Cooperative Credit Union Association; 1 member appointed by the Massachusetts Bankers Association; 1 member appointed by the Massachusetts Teachers Association; and 3 members appointed by the governor who shall have experience implementing financial literacy education programs in the commonwealth. The appointees of the governor shall represent diverse geographic areas of the commonwealth.
(d) Not later than December 1, 2026, the commission shall file a report and its recommendations with the clerks of the house of representatives and the senate, the joint committee on financial services.
▸SECTION 6
Chapter 71 of the General Laws is hereby amended by adding the following section:-
▸SECTION 102
(a) The department of elementary and secondary education shall implement regulations to require a guaranteed semester long class, for students in 11th or 12th grade, in personal finance for all Massachusetts public high schools. In addition to curriculum, the class shall include an experiential learning component or project prior to completion.
(b) Instruction on personal financial literacy shall include, but shall not be limited to: (i) earning and spending income, local, state and federal taxes, charitable giving, methods of payment, consumer protection, balancing ledgers and checkbooks and budgeting; (ii) long-term savings, the role of banks and financial institutions, simple and compound interest, financial regulation and planning for the future; (iii) using credit and making investments, risks of various financial instruments and basic diversification of assets; (iv) protecting and insuring assets, preventing identity theft and avoiding online scams; (v) emerging technologies in the financial industry, a basic understanding of cryptocurrencies, online commerce and computer stock-trading, how to evaluate digital media content relating to personal finance matters and how to recognize risk; and (vi) rights and responsibilities of renting or buying a home or making other large purchases or investments.
(c)(1) The department shall assist schools in providing: (i) instruction on personal financial literacy by facilitating access to high-quality curricular materials; and (ii) professional development opportunities, including trainings, seminars, conferences and materials for educators to use in the teaching of personal financial literacy.
(2) The department may provide trainings, seminars, conferences and materials for educators to use in the teaching of personal financial literacy in person or through the use of synchronous or asynchronous audio, video, electronic media or other telecommunications technology.
▸SECTION 7
Section 6 shall take effect beginning in the 2026-2027 school year.
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SECTION 1. Notwithstanding any general or special law to the contrary, the Office of Consumer Affairs and Business Regulation in concert with the Executive Office of Economic Development and Division of Banks shall establish the Massachusetts Financial Literacy and Longevity Hub.
The mission of the hub shall be to democratize access to financial products and demystify opportunities for wealth building in the commonwealth. The hub shall be a centralized information portal with resources for Massachusetts consumers, including, but not limited to:
(i) Financial education;
(ii) Personal financial planning and budgeting;
(iii) Insurance products, with relevant definitions;
(iv) Financial tools, with relevant definitions;
(v) List of accreditable financial institutions, banks, and credit unions, and certified financial advisors searchable by geographic zip code;
(vi) Wealth building opportunities;
(vii) Retirement planning;
(viii) Financial independence for individuals with disabilities;
(ix) Informational Resources regarding purchasing power and debt, including, but not limited to, buying a home, paying for education, buying or leasing a new or used vehicle, opening a credit card, paying for healthcare expenses
The hub shall assemble answers to frequently asked questions as well as provide opportunities to get in touch with a certified financial advisor, access to relevant consumer hotlines, and resources to connect to a regional financial literacy education center, pursuant to section 3 of this act.
SECTION 2. (a) Notwithstanding any general or special law to the contrary, there shall be a consortium to be known as the Adult Financial Literacy Education Consortium.
The consortium shall be appointed and convened by the commissioner of the department of higher education and shall consist of 13 members representing interdisciplinary fields including, but not limited to, education, financial literacy, higher education, law, banking, consumer protection, and social work; provided, at least 1 member shall be the commissioner of the division of banks, or their designee; 1 member shall be the undersecretary of the office of consumer affairs and business regulation, or their designee; 1 member shall be a representative of the Office of Economic Empowerment; 1 member shall be a representative of the Massachusetts Bankers Association; 1 member shall be a representative the Cooperative Credit Union Association; 1 member shall be a representative of Compass Working Capital; 1 member shall be a representative of the Federal Reserve Bank of Boston; 1 member shall be a representative of a Massachusetts Community College or public university; 1 member shall be a representative of a Massachusetts private insertion of higher education; 1 member shall be a representative of the Certified Financial Advisors (CFAs) of Massachusetts; 1 member shall be a representative of the Massachusetts chapter of the National Association of Insurance and Financial Advisors. The commissioner may appoint other members that the commissioner deems appropriate.
(b) The consortium shall establish recommendations relative to a universal adult financial literacy curriculum in the commonwealth, including: (i) priority populations; (ii) curriculum components and recommendations; (iii) delivery methods to reach the greatest number of adults in the commonwealth, including, but not limited to, community colleges and regional service providers; (iv) identify state programs to provide programming, including Massachusetts student loan program; and (v) explore opportunities for financial incentives for completing the course.
(c) The consortium shall submit its recommendations to the shall file a report of its findings and recommendations, together with drafts of legislation necessary to carry those recommendations into effect, by filing the same with the clerks of the senate and the house of representatives and the chairs of the joint committee on financial services within 1 year of the effective date of this act.
(d) Pursuant to the recommendations of the consortium, the department of higher education shall establish a universal adult financial literacy curriculum that can be disseminated to institutions of higher education and service providers across the commonwealth.
SECTION 3. Notwithstanding any general or special law to the contrary, there shall be regional financial literacy centers situated across the commonwealth that provide access to the universal financial literacy program to adults.
SECTION 4. The Massachusetts department of higher education shall establish a competitive grant program to fund financial literacy programs at regional financial literacy education centers across the commonwealth free of charge.
SECTION 5. (a) There is hereby established a special legislative commission pursuant to section 2A of chapter 4 of the General Laws to serve to improve the financial literacy and education of all people in the commonwealth through development of a statewide strategy to promote financial literacy and education. The commission shall solicit input from the public, educators, businesses and the financial services industry on financial literacy trends, the prevalence of written and online financial education platforms, as well as other resources that could be utilized to benefit the people of the commonwealth.
(b) The commission shall study and review: (1) establishing adult financial literacy standards that shall promote an understanding of personal finances including, but not limited to: (i) loans; (ii) interest and interest accrual; (iii) using credit and making investments, risks of various financial instruments and basic diversification of assets; (iv) online commerce; (v) rights and responsibilities of renting or buying a home or making other large purchases or investments; (vi) saving, investing and planning for retirement; (vii) the role of banking and financial services; (viii) balancing ledgers and checkbooks; (ix) state and federal taxes; (x) charitable giving; (xi) evaluating media content, including online content, that relates to personal finance matters; (xii) saving, investing and planning for higher education or professional training (xiii) earning and spending income, methods of payment, consumer protection, and budgeting; (xiv) protecting and insuring assets, preventing identity theft and avoiding online scams; and (xv) emerging technologies in the financial industry, a basic understanding of cryptocurrencies, online commerce and computer stock-trading, how to evaluate digital media content relating personal finance matters and how to recognize risk; (2) existing means, methods and best practices to facilitate financial literacy to all people of the commonwealth; (3) the cost to the commonwealth to implement an online financial literacy depository or similar application including existing materials and resources; (4) the impact of including tax-based or state program credits to encourage the completion of financial literacy education; and (5) the exploration of public-private partnerships to maximize the programs reach and effectiveness for all people in the commonwealth. The commission shall report on the potential impact on establishing a state-wide financial literacy program for all people in the commonwealth and provide recommendations on the future financial literacy in the commonwealth.
(c) The commission shall consist of: the chairs of the joint committee on financial services, who shall serve as co-chairs; 1 member appointed by the treasurer; the secretary of education or a designee; the commissioner of banks or a designee; 1 member appointed by the Cooperative Credit Union Association; 1 member appointed by the Massachusetts Bankers Association; 1 member appointed by the Massachusetts Teachers Association; and 3 members appointed by the governor who shall have experience implementing financial literacy education programs in the commonwealth. The appointees of the governor shall represent diverse geographic areas of the commonwealth.
(d) Not later than December 1, 2026, the commission shall file a report and its recommendations with the clerks of the house of representatives and the senate, the joint committee on financial services.
SECTION 6. Chapter 71 of the General Laws is hereby amended by adding the following section:-
Section 102. (a) The department of elementary and secondary education shall implement regulations to require a guaranteed semester long class, for students in 11th or 12th grade, in personal finance for all Massachusetts public high schools. In addition to curriculum, the class shall include an experiential learning component or project prior to completion.
(b) Instruction on personal financial literacy shall include, but shall not be limited to: (i) earning and spending income, local, state and federal taxes, charitable giving, methods of payment, consumer protection, balancing ledgers and checkbooks and budgeting; (ii) long-term savings, the role of banks and financial institutions, simple and compound interest, financial regulation and planning for the future; (iii) using credit and making investments, risks of various financial instruments and basic diversification of assets; (iv) protecting and insuring assets, preventing identity theft and avoiding online scams; (v) emerging technologies in the financial industry, a basic understanding of cryptocurrencies, online commerce and computer stock-trading, how to evaluate digital media content relating to personal finance matters and how to recognize risk; and (vi) rights and responsibilities of renting or buying a home or making other large purchases or investments.
(c)(1) The department shall assist schools in providing: (i) instruction on personal financial literacy by facilitating access to high-quality curricular materials; and (ii) professional development opportunities, including trainings, seminars, conferences and materials for educators to use in the teaching of personal financial literacy.
(2) The department may provide trainings, seminars, conferences and materials for educators to use in the teaching of personal financial literacy in person or through the use of synchronous or asynchronous audio, video, electronic media or other telecommunications technology.
SECTION 7. Section 6 shall take effect beginning in the 2026-2027 school year.