MFEC Background

MFEC Background

MFEC research with practitioners and financial institutions indicates a need for --and interest in—coordinating efforts across the state.

The MFEC is currently opening a centralized office of financial education to better coordinate financial education efforts in the state. It is also designing a public awareness campaign to increase financial awareness and capabilities. Initial donors in the startup are: Citi Community Development, Mass Credit Union League, Mass Bankers Foundation, Financial Planning Association of Mass, Cape Cod Five Cents Savings Bank, Leader Bank, Sovereign Bank Foundation, TD Bank Foundation, Boston Private Bank & Trust. The Midas Collaborative will host the MFEC. 

Our organization is in formation.  Please visit here as we grow.

November 14, 2011-March 1, 2012-- MFEC is hosting a video contest for middle school students called "Needs and Wants." If you are interested learning more about the contest or participating in it click HERE.

October 21, 2011--MFEC hosted the 2011 Summit on Financial Education, which included among many other highlights, the launch of the centralized office. The agenda included:

  • Gail Hillebrand, Associate Director of Consumer Education & Engagement gave a presentation on the federal Consumer Financial Protection Bureau. 
  • State Treasurer Steve Grossman congratulated MFEC on the launch and committed to support and coordinate efforts to expand financial skills across the state.
  • Barbara Anthony, Undersecretary of the Office of the Mass office of Consumer Affairs & Business Regulation, presented the proclamation by Governor Deval Patrick of October as Financial Education Month.
  • Susanne Cameron, State Director for Citi Community Development announced Citi's investment in office of financial education on behalf of MFEC and its initital investors. More donations were requested.
  • Life Skills Productions, presented a video called Faces of Financial Education

For more details on the agenda please click here.

October 1, 2010 --MFEC hosted the 2010 Summit on Financial Education and released  "Staying Afloat, Managing Your Finances in a Changing Economy" (PDF). To view the notes on the 2010 Summit on Financial Education click here.

Background:

2007 – 2009 The Massachusetts Asset Development Commission conducted research and recommended policies and initiatives to help Massachusetts families encourage savings and build and protect asset building. The Commission’s final report “Removing Barriers, Building Futures” was presented to the Governor and Legislature on June 2009.

October 2008 Many of the MADC working group members and MADC Commissioners found that financial education was an underlying barrier for families trying save money or build assets. In order to specifically address this matter, members began to voluntarily convene and discuss the strategies to take on the challenge to improve the delivery of financial education in Massachusetts.

March 2009 This informal group developed to a more formal group, with its membership increasing at each meeting. Members included representatives from entities such as the FDIC, The Federal Reserve Bank of Boston, Massachusetts Community & Banking Council, and the Office of Massachusetts State Treasurer & Receiver General, The Mass Bankers Association, The Midas Collaborative, Mass INC, the City of Boston’s EITC Coalition. The name of the “Collaborative” was chosen, as a working title. An Interim Steering Committee was formed.

Summer, 2009 The Massachusetts Financial Education Collaborative began a strategy to learn more from front-line service deliverers and financial education providers by conducting front-line research in financial education in the state. Working groups formed to focus on youth, adults, older adults, as well as a task force to explore the formation of a centralized office.

October 28, 2009 MFEC hosted the first Summit on Financial Education, at the Federal Reserve Bank of Boston, a convening of direct service providers, curriculum developers, and other parties engaged in financial education to network and brainstorm on innovative delivery methods and opportunities for coordination.

The day opened with greetings from Richard Walker, Vice President of Community Affairs for the Federal Reserve Bank of Boston and State Treasurer Timothy Cahill. Remarks by Barbara Anthony, Undersecretary for Consumer Affairs, included a Proclamation from the Governor, declaring October to be Financial Education Month in the Commonwealth, and recognizing the formation of the Massachusetts Financial Education Collaborative. Participant-centered breakout sessions elicited a number of suggestions, which served as a guide for the Interim Steering Committee of the MFEC.

 


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