BOSTON (1/22/08)--The Massachusetts Credit Union League is supporting legislation that would require the Massachusetts Department of Education to include all aspects of personal finance as a major component of the existing math curriculum in state public schools. State Rep. Stephen LeDuc (D-Marlborough) introduced the legislation earlier this month. The bill was favorably reviewed by the state legislature’s Education Committee, and is waiting to be heard before the full legislature, according to LeDuc (Marlborough Enterprise
Jan. 16). He hopes the bill will be passed before the current legislative session ends, LeDuc wrote in the newspaper. The bill is geared to help students learn personal finance math skills to help them succeed in life, LeDuc wrote, noting that the need for financial literacy cuts across all socio-economic segments of the population. Financial education will afford students knowledge of personal economics that will carry into their adult lives, he wrote. The personal finance curriculum would provide instruction in the following areas:
* Personal budgeting; * Savings; * Compound interest rates; * Taxation; * Residential real estate planning; * Consumer spending; * Retirement planning; * Educational savings; * Personal insurance needs; * Estate planning; * Stock and bonds; and * Understanding borrowing.