Massnonprofit news

Citizens Bank this week announced that it will grant $490,000 to 16 Greater Boston nonprofit organizations in connection with an initiative to increase financial literacy in Massachusetts, which is one of 12 states that does not require financial education for students.

The announcement, jointly made with Massachusetts Treasurer Deborah Goldberg, noted, The “need for funding and education in Massachusetts communities is great; only 35.5% of households have three months’ worth of expenses saved.”

“Massachusetts citizens are walking a financial tightrope and are in need of the basic necessities that can help them become financially successful,” said Jerry Sargent, President, Citizens Bank, Massachusetts.

“Our Financial Literacy Task Force found that Massachusetts residents of all ages and backgrounds needed improved access and innovative tools to give them the skills they need to navigate today’s financial environment,” Goldberg said.

Receiving the grants were the following: Boston Chinatown Neighborhood Center, Boston – $25,000 Crittenton Women’s Union, Roxbury – $20,000 Girl Scouts of Eastern Massachusetts, Boston – $35,000 HAPHousing, Northampton – $50,000 Lawrence CommunityWorks, Lawrence – $30,000 Local Initiatives Support Corporation, Boston – $20,000 Madison Park Development Corporation, Roxbury – $20,000 Massachusetts Affordable Housing Alliance, Dorchester – $30,000 The Midas Collaborative, Allston – $10,000 The Neighborhood Developers, Chelsea – $30,000 Neighborhood of Affordable Housing, East Boston – $40,000 Teach For America, Boston – $15,000 uAspire, Boston – $50,000 United Way of Massachusetts Bay, Boston – $45,000 Urban Edge Housing Corporation, Boston – $20,000 Urban League of Eastern Massachusetts, Roxbury – $50,000

Another $22,000 was granted to the Economic Empowerment Trust Fund (EETF), created by the legislature and overseen by the state treasurer, to expand the missions of the Financial Literacy Trust Fund and the Commonwealth Covenant Fund, which were recognized as 501(c)(3) organizations.

EETF will support the Women’s Economic Empowerment series, a pilot program that will offer free training sessions in in Quincy and Newton focusing on wage negotiation, money management, retirement, and investment strategies for women of all ages, ethnicities, economic backgrounds, and levels of fiscal knowledge.

Grant recipients were chosen in a competitive application process based on their track record of success providing financial education programs, with clear and measurable goals for the program and sustainable program plans.

A Task Force on Financial Literacy, created by Goldberg, issued a report last December that, recommended, among other actions, the state increase accessibility to all financial education activities and initiatives and promote financial education.