Financial literacy a crucial element in students’ development

By Sophie Hong — CCHS Class of 2026

In a world where credit scores can shape your future and budgeting skills can determine long-term stability, financial literacy is no longer optional — it is essential. Yet in Massachusetts, where many residents put a premium on learning, a significant gap remains: financial education. 

While Massachusetts has some financial literacy standards, they are vague and don’t adequately cover all grades K-12. In 2023, Champlain College’s Financial Literacy Center gave Massachusetts an “F” in personal finance education. It was one of only five states to receive that failing grade.

In the Concord Public Schools, there is no financial literacy requirement. At Concord-Carlisle High School, a financial literacy math course is an elective — not required — and most students never take it.

The National Financial Educators Council defines financial literacy as “the ability to use knowledge and skills to manage one’s financial resources effectively for lifetime financial security.” This encompasses budgeting, credit, student loans, retirement planning, and more. Without these skills, young people can make mistakes, such as falling into debt traps, that would limit their financial freedom. 

Research supports financial literacy education. Champlain College found that financial instruction overwhelmingly improves credit scores, reduces loan delinquency, and helps students avoid predatory financial traps. It also leads to better borrowing decisions, especially for first-generation and low-income college students.

Making it work 

Some worry that a personal finance course could be costly or overload student schedules. George “Scott” Guild, co-chair of the Financial Empowerment Network, surveyed 13 Massachusetts high schools with a financial literacy requirement to learn how their implementation processes work. Only one had to hire an additional teacher; most enlisted math, business, or social studies faculty. Professional development was also cost-free; teachers used free curricula from organizations like Next Gen Personal Finance and Jumpstart.

Scheduling wasn’t a major barrier, either. Only three schools eliminated a course to make space; the other 10 integrated financial literacy into an existing course or shifted other subjects to different grades. For example, one school moved civics to eighth grade. 

CCHS perspectives

“I know nothing about personal finances, minus the various things my parents say throughout the years, but it would be great if I knew more,” says recent graduate Eleanor Yoshida.

Faculty members echo that notion.

“Personally, when I look back on my own experience with financial literacy in school, it was non-existent,” English teacher Melea Ray recalls. 

Ray organized last year’s senior Financial Literacy Reality Fair: “As an adult, I’ve really felt as though this was a disadvantage.” She wishes she had learned more about personal finance to apply to her daily life. 

Financial literacy teacher Laurie Fortunato strongly believes all high schools should have a financial literacy requirement. “While we think many students know about money, it’s surprising to learn how much they really don’t know,” she says. 

“Each year I teach, I’m surprised but excited to hear a student tell me they opened their first bank account or got their first credit card. “There are so many financial mistakes that people make — I hope we can educate students enough to prevent these.”

Taking steps

At CCHS, students and teachers are taking matters into their own hands. Ray’s Reality Fair was a big success, giving seniors hands-on experience with real-world finances. 

“My hope is to continue to work towards cultivating this supportive financial environment again next year, making it potentially even more technology-simulated and accessible to more students,” she says.

This year, I founded the Financial Education & Outreach Club to empower and educate youth and our community on personal finance. We’ve held workshops for elementary schoolers at the Boys & Girls Club in Maynard and recently organized a Reality Fair for all fifth graders at Alcott Elementary School. 

Beyond our school, Greater Boston organizations like The Midas Collaborative, Women’s Money Matters, and Junior Achievement also advocate for financial education. Free programs from groups like Next Gen Personal Finance and Jumpstart provide free financial education resources for everyone.

Financial literacy isn’t just about personal benefit — there’s also a societal one. Informed citizens make smarter decisions about issues like taxes, health care, and retirement planning.

Concord-Carlisle is an exceptional school district, but it’s time to ensure students graduate with the tools they need for lifelong financial health. 

If you believe every student in Massachusetts should learn financial literacy before graduating, please support bills H. 46, H. 636, and S. 421. The stakes are too high to ignore this overdue priority.