BOSTON – Last Thursday, September 25th, Boston City Councilor Ed Flynn held a hearing to discuss the inclusion and status of financial literacy programs in Boston Public Schools. The hearing discussed the importance of having students learn about finance in high school to help prepare them for balancing the responsibilities of everyday life, and planning for their future post-graduation.

The hearing included panelists from the Boston Public Schools such as Development Officer for Strategy, Partnership, and Innovation, Anne Roger Clark, Executive Director of Post-Secondary Initiatives, Marsha Inniss-Mitchell, and Chief of Teaching and Learning, Angela E. Hedley-Mitchell. Councilor Flynn also invited industry experts, including the Executive Director of Early Investors, Nislo Galvao, and Managing Partner of City Real Estate Development, Stephen Whalen.

Councilors asked if there was a way to facilitate a requirement on educating every student on financial literacy. Chief of Teaching and Learning, Boston Public Schools, Angela E. Hedley-Mitchell noted, The DESI’s High School Graduation Council is looking at creating seals, or certification, for financial literacy, as well as civics. Financial literacy is not one of the approved courses under Masscore graduation requirements, but the State Graduation Council is looking to adopt a certification process.

Financial literacy involves critical thinking and planning to solve the real world problems each of us face upon entering the workforce and life on our own. Students should become familiar with monthly budgeting and expenses, gain an understanding regarding the cost of living and housing, and be able to comprehend various financial vehicles like checking and savings accounts, or the importance of investing in retirement accounts at an early age due to the power of compounding.

In 2023, The Boston Globe reported that the number of states that have approved legislation for financial literacy programs in public schools have increased from eight to twenty-three – yet Massachusetts remains behind on this effort. Although 70% of Massachusetts’ schools offer some electives in financial literacy, most students graduate with little to no knowledge of the fundamentals of budgeting, saving, investing, and maintaining good credit.

“Time and again, I hear neighbors say that our kids are not armed with the knowledge they need to make sound financial decisions when they enter the real world. While some high school students may already work part-time jobs, and have debit or credit cards at a young age – it is eye-opening for many when confronted with monthly bills, the cost of living, and long-term financial planning,” said Councilor Flynn. “As our students prepare for life after high school, it is critical that we provide them with an understanding of the demands of being an adult, as well as knowledge of basic financial tools they need to succeed.”

For more information, please contact Councilor Flynn’s office at 617-635-3203 or [email protected].