Mass. high school students quizzed on their financial literacy

Monday, October 7, 2013

During the filming of a high school quiz show at the State House on Friday, a student was asked what he liked about finance.<--break->

“Money,” he responded. Despite the laughs that followed, the quiz show sponsored by the Massachusetts Bankers Association was aimed at a serious issue: expanding financial education in Massachusetts schools. After the last recession, in which poor decisions by home buyers and investors both played a role, many economic policy makers say improving financial literacy has become increasingly important.

“I don’t mean we should blame all the households for what happened. Far from it,” said Jeff Fuhrer, executive vice president at the Federal Reserve Bank of Boston. “But some of them would have protected themselves from the predatory lending, some of the inappropriate mortgages that they took out that didn’t fit their income and their lifestyle.”