State Agencies Announce Recipients of Financial Literacy Education Grants

BOSTON — The State Treasurer’s Office of Economic Empowerment (OEE), in partnership with the Massachusetts Office of Consumer Affairs and Business Regulation (OCABR) and the Division of Banks (DOB), announced the recipients of the Financial Education Innovation Fund Grant for the 2022-2023 academic year.

Through a competitive application process that culminated in November, the agencies awarded 39 Massachusetts high schools, including eight first-time applicants, a total of $115,400 to expand or establish Credit for Life Fairs or other financial education fairs. This year’s round saw a 300% increase of special education schools applying for a grant.

“Credit for Life Fairs provide Massachusetts students the opportunity to increase their financial knowledge and skills at a critical time in their personal growth,” said State Treasurer Deborah B. Goldberg. “Participating in this kind of experiential learning impacts decision making and choices that can have long term positive outcomes for young people throughout the state."

“This grant is a fantastic way for students to learn more about real life personal finances that they will encounter after high school,” said Edward A. Palleschi, Undersecretary for the Office of Consumer Affairs and Business Regulation. “By taking the steps to conduct financial education fairs, schools are equipping students with vital information that they can take with them throughout their lives.”

“With this initiative, students are able to learn important financial information that they might not otherwise access in the classroom,” said Mary Gallagher, Commissioner of Banks. “I am particularly thrilled that more special education schools applied for a grant this year. I am excited for all of these students to have the opportunity to explore new concepts and use those lessons on their journeys after graduation.”

Total:

$115,400.00

Since 2015, over 40,000 Massachusetts students have attended Credit for Life Fairs. This is the tenth installment of awards through the Financial Education Innovation Fund, which was established as an ongoing effort to strengthen access to financial literacy. 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) 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.

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

The Office of Economic Empowerment (OEE) created by Treasurer Goldberg and is tasked with offering free and accessible financial education, promoting wage equality, and creating a bright future for children across the state. OEE delivers programs to all residents of Massachusetts and at every stage of their lives, regardless of their economic background.

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