State financial literacy grants go to six high schools partnering with credit unions

Massachusetts Treasurer Steven Grossman and Elementary and Secondary Education Commissioner Mitchell Chester recently awarded state-funded grants to 11 high schools located in 10 Gateway City school districts to develop and pilot financial literacy programs for the 2013-2014 school year.  Six of those high schools are partnering with credit unions.

The Financial Literacy Pilot Program, which was established by the Legislature in July 2012, is a three-year pilot program to help 10 Gateway City school districts equip high school students with the knowledge and skills necessary to become self-supporting and make critical decisions regarding personal finances. The first-year planning grants awarded will provide support to teams of educators and their partners in the development of financial literacy programs that align with the 2011 Massachusetts Curriculum Frameworks for Mathematics and the Economic Education Council's National Standards for Financial Literacy. The grant recipients will implement their financial literacy programs during the next school year.

"As we begin National Financial Capability month in April, we are taking action to give young people strong financial foundations for their future," said Treasurer Steven Grossman. "These 10 communities will help provide each student with the tools to achieve basic financial literacy before graduation."

"I am pleased that these schools will develop financial literacy units of study that will infuse the state's new mathematics frameworks into the classroom in a practical, real-world manner," said Commissioner Mitchell Chester. "It is more important than ever that every student leave high school equipped with the ability to apply personal financial literacy concepts and skills that are pivotal to making key life decisions."

The high schools receiving grant awards that are partnering with credit unions are:

  • Lowell Public Schools: Lowell High School with Jeanne D'Arc Credit Union and Community Teamwork, $20,000
  • Lynn Public Schools: Lynn Classical High School with Centerboard and Metro Credit Union, $20,000
  • Quincy Public Schools: North Quincy and Quincy High Schools with Quincy Credit Union and Quincy College, $20,000
  • Revere Public Schools: Revere High School with Revere Municipal Credit Union, $20,000
  • Worcester: Worcester Technical High School with Worcester Credit Union and UMass Medical Regional Science Resource, $20,000

An 11-member Financial Literacy Advisory Committee, which Treasurer Grossman and Commissioner Chester co-chair, will evaluate the success of the pilot program and issue a report on the effectiveness of the program after its first three years of implementation.