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State Agencies Announce Financial Literacy Grant Recipients


Massachusetts high schools will use funding to host financial education fairs for their students.


BOSTON – The State Treasurer’s Office of Economic Empowerment (OEE), in partnership with the Division of Banks (DOB) and the Office of Consumer Affairs and Business Regulation (OCABR), announced the 2024 recipients of the Financial Education Innovation Fund Grant.

 

Following a competitive application process that concluded in November, the state agencies awarded grants to 59 schools, totaling $223,548. This funding will allow Massachusetts high schools and special education programs to host financial education fairs, known as Credit for Life Fairs, for their students.

 

Of the 59 recipient schools, 15 received funding as Seed Applicants and will host fairs for the first time, including for students in Agawam, Brighton, Brockton, Cambridge, Cheshire, Dorchester, Everett, Fall River, Fitchburg, Lexington, Lynn, Middleborough, Milton, and Springfield.

 

For the first time in the program’s history, participating schools that have a large population of low-to-moderate income students will receive an additional $500. Ten schools received this additional funding to bring much-needed financial education to students in the state’s most vulnerable communities.

 

“High school students deserve the opportunity to learn the financial skills they will need for every situation encountered throughout their lives,” said State Treasurer Deborah B. Goldberg. “Credit for Life Fairs gives these young adults the opportunity to experience real world scenarios that help prepare them in making informed decisions as they approach graduation and beyond."

 

“The Division of Banks is proud to support this initiative with another round of funding,” said Mary Gallagher, Commissioner of Banks. “With hands-on, high-quality lessons offered at these fairs, students can develop financial management skills they will use for the rest of their lives.”


“The Credit for Life Fairs help students learn about financial topics like how to budget and save, pay for college, and live within your means.” said Layla R. D’Emilia, Undersecretary for the Office of Consumer Affairs and Business Regulation. “We are excited to continue funding this program to improve students’ financial knowledge and prepare them to confidently and independently manage their own finances.”


Seed Grants:


*Has requested additional funding due to DESE low-income status


Innovation Grants:



Continuation Grants:


*Has requested additional funding due to DESE low-income status


Total: 

$223,548.00


Since 2015, over 45,000 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), which is a division of the Office of Consumer Affairs and Business Regulation within the Executive Office of Housing and Economic Development, 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 state. 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 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 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.


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