16 September, 2024
Massachusetts high schools can apply to receive a grant to host a financial education fair for their students
BOSTON - The State Treasurer’s Office of Economic Empowerment (OEE), in partnership with the Massachusetts Division of Banks (DOB) and the Office of Consumer Affairs and Business Regulation (OCABR), announced funding for the 2025 Financial Education Innovation Fund Grant. Created in 2015, the Financial Education Innovation Fund provides students with the opportunity to experience real-world financial simulations without the real-world consequences.
Credit for Life Fairs include interactive workshops that offer a fun and unique opportunity for students to learn about personal finance. These fairs often serve as a supplement or capstone to financial education classes and engage students in real-world saving, spending, and budgeting simulations. Student participants either choose or are assigned an occupation and make a variety of financial decisions, ranging from where to live and how to save for retirement to buying a television or owning a pet.
Massachusetts public or charter high schools and special education programs approved by the Massachusetts Department of Elementary and Secondary Education (DESE) are eligible to apply. Applicants looking to start a new program can receive up to $6,400 and those enhancing or expanding an existing fair can receive up to $3,200.
Schools that have over 50% of a student population considered low-to-moderate income, as designated by DESE, can apply for additional funding of $500.
Applications are open until Friday, October 25, 2024. Schools can learn more and apply by visiting mass.gov/CreditForLife.
Since 2015, over 40,000 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) 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
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, and creating pathways to economically stable futures for all residents across the state.
