State Agencies Announces 2022-2023 Grant for High School Financial Education Fairs
BOSTON — The State Treasurer’s Office of Economic Empowerment, in partnership with the Massachusetts Division of Banks and the Office of Consumer Affairs and Business Regulation, is accepting applications for the 2022-2023 Financial Education Innovation Fund Grant. This grant provides funding for high schools throughout Massachusetts to host Credit for Life Fairs, workshops that teach students financial literacy.
Massachusetts public and charter high schools and Chapter 766 Special Education Schools are eligible to apply for the Innovation Fund Award. Funding for joint Credit for Life Fairs, including more than one school, may qualify for grants in excess of $5,000. Eligible applicants must submit a completed application to the Office of the State Treasurer by September 29th, 2022, to be considered for awards of up to $5,000.
“High school students deserve economic education that prepares them for every situation they will encounter throughout their lives,” said State Treasurer Deborah B. Goldberg. “Credit for Life Fairs give students the opportunity to learn financial skills in real world scenarios so they can apply these lessons after graduation.”
During Credit for Life Fairs, high school students participate in interactive workshops to gain a better understanding of financial topics like budgeting, maintaining a savings account, and managing credit scores. Students are placed in the shoes of a 25-year-old professional and are tasked with maintaining their lifestyle while living within their means.
Applications for the 2022-2023 Financial Education Innovation Fund Grant are open until September 29th, 2022. Due to the COVID-19 pandemic, schools have the option to offer these fairs either virtually or in person. Schools can apply for the grant by following this link: https://www.mass.gov/how-to/apply-for-financial-education-fair-funding.
“Supporting Massachusetts high schools with this grant is a great step towards increasing financial literacy in the state,” said Edward A. Palleschi, Undersecretary for the Office of Consumer Affairs and Business Regulation. “Credit for Life Fairs are a unique opportunity to provide schools with necessary and informative financial education.”
“By providing this grant to help schools host Credit for Life Fairs, we hope to increase access to financial literacy education for Massachusetts students,” said Mary Gallagher, Commissioner of Banks. “Our aim is to provide students with more confidence when managing their personal finances in the future.”
In 2021, The Office of Economic Empowerment released a Report on Personal Financial Literacy Education in Massachusetts Schools. It found that while many schools offer at least one financial literacy elective, a majority of districts don’t require schools to teach these as mandatory courses in the curriculum.
Since 2015, over 40,000 Massachusetts students have attended Credit for Life Fairs. This financial education program is funded by the Division of Banks through a settlement over alleged unlawful lending practices.
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, improving college affordability, and investing in STEM careers and education.
About the Office of Consumer Affairs and Business Regulation The Office of Consumer Affairs and Business Regulation led by Undersecretary Edward A. Palleschi works to protect and empower consumers through advocacy and education, while ensuring a fair playing field for the Massachusetts businesses its agencies regulate.
About the Division of Banks The Division of Banks 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.