Massachusetts requires financial literacy education for public school students, with mandates effective since 2014. The state has 107 financial literacy standards spanning 11 topic areas, covering grades 9-12.

Last updated: March 2026

107 Standards
11 Topic Areas
required Mandate Status
9-12 Grade Levels

Does Massachusetts Require Financial Literacy Education?

Yes. Massachusetts requires financial literacy instruction for public school students. Massachusetts requires personal financial literacy education for high school graduation. Students must complete coursework in financial literacy, including topics such as budgeting, credit, debt management, and consumer protection.

Mandate Details

Status
required
Effective Year
2014
Standalone Course
No
Grade Levels
9-12
Legislation
Acts of 2019, Chapter 132 (Student Opportunity Act) (2019-11-26)
H.594 (194th General Court, pending) (pending)

Key Agencies

Massachusetts Department of Elementary and Secondary Education (DESE)
State education agency; sets curriculum frameworks and standards; does not maintain adoption list
Massachusetts Association of School Superintendents (MASS)
Professional organization supporting district procurement and educational best practices
MHEC (Massachusetts Higher Education Consortium)
Primary procurement decision-makers for instructional materials selection
What this means for districts: Schools must adopt curriculum that aligns to Massachusetts's 107 financial literacy standards. Districts need to verify that their chosen curriculum maps to these specific requirements.

What Are Massachusetts's Financial Literacy Standards?

Massachusetts has 107 financial literacy standards organized across 13 topic areas. These topics range from Macroeconomics/Market Context and Banking & Payments to Financial Decision-Making & Behavior, covering the full spectrum of personal finance education.

52 standards
Macroeconomics/Market Context
4 covered 48 gaps
9 standards
Banking & Payments
8 covered 1 gap
7 standards
Credit & Debt
7 covered
7 standards
Investing
6 covered 1 gap
5 standards
Saving
4 covered 1 gap
5 standards
Entrepreneurship
0 covered 5 gaps
4 standards
Taxes
3 covered 1 gap
4 standards
Consumer Protection & Fraud
4 covered
4 standards
Identity Theft & Cyber Safety
4 covered
4 standards
Financial Systems & Regulation
0 covered 4 gaps
3 standards
Earning Income
1 covered 2 gaps
2 standards
Insurance & Risk Management
2 covered
1 standard
Financial Decision-Making & Behavior
1 covered

How Massachusetts School Districts Adopt Financial Literacy Curriculum

Massachusetts is an open territory state, meaning individual districts have the authority to select and purchase curriculum directly without state-level approval. Massachusetts does not maintain a state-level adoption list. Districts have autonomy to select instructional materials based on their own needs and curricula.

Purchasing Process

Individual school districts conduct their own procurement processes, often through RFPs or direct purchasing. Some districts participate in cooperative purchasing agreements to leverage collective buying power.

Decision Level

Curriculum and materials adoption decisions are made at the school district level, with some districts forming collaborative purchasing consortia.

Cooperative Purchasing Options

Massachusetts Educational Procurement Consortium (MEPC) New England Cooperative Purchasing (NECP) Various regional educational service centers and collaborative organizations

Curriculum That Meets Massachusetts's Financial Literacy Standards

Districts looking for a standards-aligned financial literacy curriculum can use iKnowFi Academy — a self-paced, online platform built on the Absorb LMS that maps directly to Massachusetts's learning objectives. iKnowFi Academy covers 44 of 107 standards (41.1% coverage) across 9 courses.

Massachusetts Standards Coverage

41.1%
44 of 107 standards covered 9 courses

Aligned Courses

Borrowing Money

3 modules · 3 standards aligned

Establishing Credit

2 modules · 3 standards aligned

Financial Building Blocks

1 module · 1 standard aligned

Financial Preparation and Recovery

3 modules · 11 standards aligned

Managing Your Debt

1 module · 1 standard aligned

Managing Your Money

3 modules · 13 standards aligned

The Importance of Saving

1 module · 2 standards aligned

Using Credit Cards

1 module · 2 standards aligned

Your Financial Future

3 modules · 8 standards aligned

Massachusetts's Financial Literacy Standards & iKnowFi Academy Alignment

All 107 standards — 44 covered by iKnowFi Academy.

Macroeconomics/Market Context 4/52 covered
ID Standard Grade iKnowFi Academy Course
ECON.T1.2 Explain how consumers and producers confront the condition of scarcity, by making choices that involve opportunity costs and tradeoffs. 9-12 Managing Your Money
ECON.T1.4 Describe how people respond predictably to positive and negative incentives. 9-12 Managing Your Money
ECON.T1.9b Use a production possibilities curve to explain the concepts of opportunity cost and tradeoffs. 9-12 Managing Your Money
ECON.T2.4 Recognize that consumers ultimately determine what is produced in a market economy (consumer sovereignty). 9-12 Managing Your Money
ECON.T1.1a Define each of the productive resources (natural, human, capital) and explain why they are necessary for the production of goods and services. 9-12 —
ECON.T1.1b Define each of the productive resources (natural, human, capital) and explain why they are necessary for the production of goods and services. 9-12 —
ECON.T1.3 Identify and explain the broad goals of economic policy such as freedom, efficiency, equity, security, growth, price stability, and full employment. 9-12 —
ECON.T1.6 Recognize that voluntary exchange occurs only when all participating parties expect to gain. 9-12 —
ECON.T1.7 Compare and contrast how the various economic systems (traditional, market, command, mixed) try to answer the questions: What to produce? How to produce? And for whom to produce? 9-12 —
ECON.T1.8 Describe how clearly defined and enforced property rights are essential to a market economy. 9-12 —
ECON.T1.9a Use a production possibilities curve to explain the concepts of choice and scarcity. 9-12 —
ECON.T1.9c Use a production possibilities curve to explain the concepts of unemployment, productivity, and growth. 9-12 —
ECON.T2.1a Define supply and demand. 9-12 —
ECON.T2.1b Define supply and demand. 9-12 —
ECON.T2.2 Describe the role of buyers and sellers in determining the equilibrium price. 9-12 —
ECON.T2.3 Describe how prices send signals to buyers and sellers. 9-12 —
ECON.T2.6 Demonstrate how supply and demand determine equilibrium price and quantity in the product, resource, and financial markets. 9-12 —
ECON.T2.7 Identify factors that cause changes in supply and demand. 9-12 —
ECON.T2.8 Demonstrate how changes in supply and demand influence equilibrium price and quantity in the product, resource, and financial markets. 9-12 —
ECON.T2.9 Demonstrate how government wage and price controls, such as rent controls and minimum wage laws, create shortages and surpluses. 9-12 —
ECON.T2.10 Use concepts of price elasticity of demand and supply to explain and predict changes in quantity as price changes. 9-12 —
ECON.T3.3 Recognize the role of economic institutions, such as labor unions and nonprofit organizations, in market economies. 9-12 —
ECON.T3.4 Identify the basic characteristics of monopoly, oligopoly, and pure competition. 9-12 —
ECON.T3.5 Explain how competition among many sellers lowers costs and prices and encourages producers to produce more. 9-12 —
ECON.T3.6 Explain how firms with market power can determine price and output through marginal analysis. 9-12 —
ECON.T3.7 Explain ways that firms engage in price and nonprice competition. 9-12 —
ECON.T4.1 Explain how government responds to perceived social needs by providing public goods and services. 9-12 —
ECON.T4.6 Describe how the costs of government policies may exceed their benefits because social or political goals other than economic efficiency are being pursued. 9-12 —
ECON.T4.8 Define and explain fiscal and monetary policy. 9-12 —
ECON.T4.9 Analyze how the government uses taxing and spending decisions (fiscal policy) to promote price stability, full employment, and economic growth. 9-12 —
ECON.T4.10 Analyze how the Federal Reserve uses monetary tools to promote price stability, full employment, and economic growth. 9-12 —
ECON.T5.1a Define aggregate supply and aggregate demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. 9-12 —
ECON.T5.1b Define aggregate supply and aggregate demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. 9-12 —
ECON.T5.1c Define aggregate supply and aggregate demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. 9-12 —
ECON.T5.1d Define aggregate supply and aggregate demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. 9-12 —
ECON.T5.1e Define aggregate supply and aggregate demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. 9-12 —
ECON.T5.1f Define aggregate supply and aggregate demand, Gross Domestic Product (GDP), economic growth, unemployment, and inflation. 9-12 —
ECON.T5.2 Explain how Gross Domestic Product (GDP), economic growth, unemployment, and inflation are calculated. 9-12 —
ECON.T5.3 Analyze the impact of events in United States history, such as wars and technological developments, on business cycles. 9-12 —
ECON.T5.4a Identify the different causes of inflation, and explain who gains and loses because of inflation. 9-12 —
ECON.T5.4b Identify the different causes of inflation, and explain who gains and loses because of inflation. 9-12 —
ECON.T5.5 Recognize that a country’s overall level of income, employment, and prices are determined by the individual spending and production decisions of households, firms, and government. 9-12 —
ECON.T5.6 Illustrate and explain how the relationship between aggregate supply and aggregate demand is an important determinant of the levels of unemployment and inflation in an economy. 9-12 —
ECON.T7.1 Explain the benefits of trade among individuals, regions, and countries. 9-12 —
ECON.T7.2a Define and distinguish between absolute and comparative advantage and explain how most trade occurs because of a comparative advantage in the production of a particular good or service. 9-12 —
ECON.T7.2b Define and distinguish between absolute and comparative advantage and explain how most trade occurs because of a comparative advantage in the production of a particular good or service. 9-12 —
ECON.T7.3 Define trade barriers, such as quotas and tariffs. 9-12 —
ECON.T7.4 Explain why countries sometimes erect barriers to trade. 9-12 —
ECON.T7.5 Explain the difference between balance of trade and balance of payments. 9-12 —
ECON.T7.6 Compare and contrast labor productivity trends in the United States and other developed countries. 9-12 —
ECON.T7.7 Explain how changes in exchange rates impact the purchasing power of people in the United States and other countries. 9-12 —
ECON.T7.8 Evaluate the arguments for and against free trade. 9-12 —
Banking & Payments 8/9 covered
ID Standard Grade iKnowFi Academy Course
PFL.T1.5a List methods of payment, including cash, credit card, debit card, checks, mobile payments, layaway plans, and rent-to-own programs. 9-12 Managing Your Money
PFL.T1.5b Analyze the costs and benefits of different payment methods. 9-12 Managing Your Money
PFL.T2.1 Recognize that banks and financial institutions are businesses that loan depositors’ funds to borrowers. 9-12 Managing Your Money
ECON.T6.1 Explain the basic functions of money (e.g., medium of exchange, store of value, unit of account). 9-12 Managing Your Money
ECON.T6.3 Explain the role of banks and other financial institutions in the economy of the United States. 9-12 Managing Your Money
ECON.T6.5 Compare and contrast credit, savings, and investment services available to the consumer from financial institutions. 9-12 Managing Your Money
9-12.CAS.c.2 Discuss the impact of computing technology on business and commerce (e.g., automated tracking of goods, automated financial transaction, e-commerce, cloud computing). 9-12 Managing Your Money
9-12.CS.d.2 Explain the concept of quality of service (e.g., security, availability, performance) for services providers (e.g., online storefronts that must supply secure transactions for buyer and seller). 9-12 Managing Your Money
ECON.T6.2 Identify the composition of the money supply of the United States. 9-12 —
Credit & Debt 7/7 covered
ID Standard Grade iKnowFi Academy Course
PFL.T3.1a Explain that credit card purchases are loans. 9-12 Using Credit Cards
PFL.T3.1b Explain why banks offer low introductory interest rates that increase when payments are late. 9-12 Using Credit Cards
PFL.T3.2a Define what a credit bureau is and what a credit rating is. 9-12 Establishing Credit
PFL.T3.2b Explain why credit ratings are important to borrowers and lenders. 9-12 Establishing Credit
PFL.T3.3 Evaluate the long-term consequences of failing to repay loans, including negative credit reports, property repossession, wage garnishment, and bankruptcy. 9-12 Managing Your Debt
PFL.T3.5a Create a credit plan for purchasing a major item, such as a car or a house, by researching and comparing various types of credit and loans (including credit cards and auto loans). 9-12 Borrowing Money
PFL.T3.5b Analyze the cost of each type of loan over time, such as fixed versus adjustable rates, loan length, down payment, and fees. 9-12 Borrowing Money
Investing 6/7 covered
ID Standard Grade iKnowFi Academy Course
PFL.T3.6a Define financial assets such as bank deposits, stocks, bonds, mutual funds, and real estate. 9-12 Your Financial Future
PFL.T3.6b Explain why these financial assets pay a return and how they carry risk. 9-12 Your Financial Future
PFL.T3.8a Explain why and how investors diversify their investments. 9-12 Your Financial Future
PFL.T3.8b Evaluate the trade-offs between risk and return. 9-12 Your Financial Future
ECON.T2.11 Explain how financial markets, such as the stock market, channel funds from savers to investors. 9-12 Your Financial Future
ECON.T6.6 Research and monitor financial investments such as stocks, bonds, and mutual funds. 9-12 Your Financial Future
PFL.T3.7 Explain how exchanges between buyers and sellers in financial markets determine the prices of financial assets and their returns. 9-12 —
Saving 4/5 covered
ID Standard Grade iKnowFi Academy Course
PFL.T2.2 Explain the relationships between principal, interest, and compound interest. 9-12 The Importance of Saving
PFL.T2.4 Research government policies such as IRAs and education savings plans and evaluate how these policies serve as incentives for people to save. 9-12 Your Financial Future
PFL.T2.6 Develop a savings and investment plan for a future goal such as college or retirement. 9-12 Your Financial Future
ECON.T1.5 Predict how interest rates act as an incentive for savers and borrowers. 9-12 The Importance of Saving
PFL.T2.3 Explain the differences between real and nominal interest rates. 9-12 —
Entrepreneurship 0/5 covered
ID Standard Grade iKnowFi Academy Course
ECON.T2.5 Explain the function of profit in a market economy as an incentive for entrepreneurs to accept the risks of business failure. 9-12 —
ECON.T3.1 Compare and contrast the following forms of business organization: sole proprietorship, partnership, and corporation. 9-12 —
ECON.T3.2a Identify the three basic ways that firms finance operations (retained earnings, stock issues, and borrowing), and explain the advantages and disadvantages of each. 9-12 —
ECON.T3.2b Identify the three basic ways that firms finance operations (retained earnings, stock issues, and borrowing), and explain the advantages and disadvantages of each. 9-12 —
ECON.T3.8 Illustrate how investment in research and development, equipment and technology, and training of workers increases productivity. 9-12 —
Taxes 3/4 covered
ID Standard Grade iKnowFi Academy Course
PFL.T1.3 Analyze how federal income tax rates affect people with different levels of income. 9-12 Financial Preparation and Recovery
ECON.T4.2 Describe major revenue and expenditure categories and their respective proportions of local, state, and federal budgets. 9-12 Financial Preparation and Recovery
ECON.T4.5 Define progressive, proportional, and regressive taxation. 9-12 Financial Preparation and Recovery
ECON.T4.7 Predict how changes in federal spending and taxation would affect budget deficits and surpluses and the national debt. 9-12 —
Consumer Protection & Fraud 4/4 covered
ID Standard Grade iKnowFi Academy Course
PFL.T1.6 Explain the role of state and federal governments in consumer protection. 9-12 Financial Preparation and Recovery
PFL.T2.5 Analyze the role and effectiveness of government agencies such as the Federal Reserve, Consumer Financial Protection Bureau, FDIC, and state banking departments in protecting consumers from fraud or unethical business practices. 9-12 Financial Preparation and Recovery
PFL.T3.4a Explain the consumer’s rights to full disclosure of credit terms. 9-12 Borrowing Money
PFL.T3.4b Explain the right to a free credit report annually under the law. 9-12 Establishing Credit
Identity Theft & Cyber Safety 4/4 covered
ID Standard Grade iKnowFi Academy Course
PFL.T4.3a Explain the problem of identity theft and its consequences. 9-12 Financial Preparation and Recovery
PFL.T4.3b Describe how to protect sensitive personal information when using the Internet, making telephone calls, and engaging in transactions. 9-12 Financial Preparation and Recovery
9-12.CAS.c.9 Discuss the social and economic implications associated with malicious hacking, software piracy, and cyber terrorism. 9-12 Financial Preparation and Recovery
9-12.CS.c.2 Examine common network vulnerabilities (e.g., cyberattacks, identity theft, privacy) and their associated responses. 9-12 Financial Preparation and Recovery
Financial Systems & Regulation 0/4 covered
ID Standard Grade iKnowFi Academy Course
PFL.T3.9 Explain the role of government agencies such as the Securities and Exchange Commission in regulating financial markets. 9-12 —
ECON.T4.3 Identify laws and regulations adopted in the United States to promote competition among firms. 9-12 —
ECON.T4.4 Describe the characteristics of natural monopolies and the purposes of government regulation of these monopolies, such as utilities. 9-12 —
ECON.T6.4 Describe the organization and functions of the Federal Reserve System. 9-12 —
Earning Income 1/3 covered
ID Standard Grade iKnowFi Academy Course
ECON.T3.9 Describe how the earnings of workers are determined by the market value of the product produced and workers’ productivity. 9-12 Financial Building Blocks
PFL.T1.1 Explain factors people may consider when choosing jobs, such as job satisfaction, independence, salary, benefits, and location. 9-12 —
PFL.T1.2 Describe how wages and salaries are determined by the labor market and economic conditions, such as recessions, and by different job categories. 9-12 —
Insurance & Risk Management 2/2 covered
ID Standard Grade iKnowFi Academy Course
PFL.T4.1 Explain the types and purposes of insurance, including health, disability, life, and property and casualty insurance. 9-12 Financial Preparation and Recovery
PFL.T4.2 Compare the cost and coverage of various types of insurance from different companies and analyze the factors that influence insurance premiums. 9-12 Financial Preparation and Recovery
Financial Decision-Making & Behavior 1/1 covered
ID Standard Grade iKnowFi Academy Course
PFL.T1.4 Describe the influence of advertising and social media on purchasing decisions using research and data. 9-12 Managing Your Money

Massachusetts Financial Literacy FAQ

Yes. Massachusetts requires financial literacy instruction, effective since 2014.

Massachusetts requires personal financial literacy education for high school graduation. Students must complete coursework in financial literacy, including topics such as budgeting, credit, debt management, and consumer protection.

Massachusetts's financial literacy requirements are established by Acts of 2019, Chapter 132 (Student Opportunity Act) and H.594 (194th General Court, pending).

Requires the Department of Elementary and Secondary Education to establish K-12 financial literacy standards and make curriculum resources available to schools, but does not mandate schools to teach financial literacy or require students to take a course. Pending bill that would require every high school student to complete at least one semester-long standalone personal financial literacy course before graduation; not yet enacted as of March 2026.

Massachusetts's financial literacy standards apply to grades 9-12. Standards are integrated into existing coursework.

Massachusetts has 107 financial literacy standards spanning 11 topic areas including Banking & Payments, Credit & Debt, Investing, Consumer Protection & Fraud, Saving.

Massachusetts's 107 standards are organized across 11 topics: Banking & Payments, Credit & Debt, Investing, Consumer Protection & Fraud, Saving, Identity Theft & Cyber Safety, Macroeconomics/Market Context, Taxes, Insurance & Risk Management, Financial Decision-Making & Behavior, Earning Income.

Massachusetts is an open-territory state where individual districts purchase curriculum directly.

Individual school districts conduct their own procurement processes, often through RFPs or direct purchasing. Some districts participate in cooperative purchasing agreements to leverage collective buying power.

iKnowFi Academy covers 44 of Massachusetts's 107 financial literacy standards (41% coverage) across 9 self-paced online courses.

Each course is aligned to Massachusetts's specific learning objectives, built on the Absorb LMS, and includes built-in assessments. Teachers assign them and students work independently.

Get Your Free Massachusetts Standards Alignment Report

See exactly how iKnowFi Academy maps to each of Massachusetts's 107 financial literacy standards — standard by standard, module by module.

  • 44 of 107 standards covered
  • 9 self-paced courses, ready to assign
  • Built-in assessments and progress tracking
  • No schedule changes needed — students work independently

Ready to see the full alignment?

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Last updated: March 2026