Massachusetts is often noted for its "gold standard" of education. So, is it not the least bit shameful, or at least embarrassing, that our state does not require high school students to take a financial literacy class when a majority of states do?

Twenty-six states, including Rhode Island, New Hampshire, and Connecticut, have passed legislation making a personal finance course mandatory for high school students. Meanwhile, Massachusetts received an “F” from the Champlain College Center for Financial Literacy, which released a report card in 2023 evaluating how each “state delivers personal finance education in its public high schools.”

Meanwhile, across the state, credit card and student loan debt have spiked to eye-popping levels. As of the second quarter of this year, the average Massachusetts resident had a credit card balance of $8,556 and $33,710.38 in student loan debt. The latter is particularly troubling for young people like myself. For the next four years, countless high school seniors throughout the Commonwealth will be attending college, paying tens of thousands of dollars on top of day-to-day expenses.

Personal finance education is the clear solution. According to a 2021 Ramsey Solutions survey, among the teenagers who have completed a personal finance class, nearly 80 percent said that they’ve created a monthly budget for themselves, 94 percent felt confident about saving money, and 87 percent understood how to pay income taxes. And, as noted in the OEE’s report, such classes are tools that “increase social mobility for low-income or immigrant students.”

The need for financial literacy in Massachusetts is tremendous. And that's where H.594 comes in.

Sponsored by Rep. Ryan M. Hamilton (15th Essex), this bill would require that high school students take at least 1 personal finance course in order to graduate, ensuring that they have knowledge of the foundations of money and debt management, investments, budgeting, avoiding financial scams, and more, before they transition into a financially independent adulthood. (It would also provide for professional development opportunities for educators within the financial literacy framework.)

H.594 could not be more necessary. Financial literacy is a fundamental aspect of our lives, and our state’s education system must begin reflecting that. We must require personal finance courses for high schoolers—it’s the smartest investment we can make in our future.

Please, urge your elected representatives to vote for H.594.