The Massachusetts Asset Development Commission, co-chaired by Senator James B. Eldridge and Tina Brooks, undersecretary of Housing and Community Development, reported in June that more than 40% of all Massachusetts households were either in financial distress or one bit of bad news away from financial crisis. The commission said: “Financial education is a cornerstone [of personal financial health] because of the need to have the knowledge to analyze financial information, make wise and informed decisions, and respond to opportunities and emerging events.” This need is especially critical for low- and moderate-income families.

As Treasurer, Steve Grossman will aggressively use the resources of the office to help Bay State residents gain more control over their financial future. He knows as a businessman and investor that knowledge is a key to financial success. The Treasurer’s office’s core function is management of the public’s money. The public pays for this expertise – and is entitled to share it.

Steve will establish an Office of Financial Education in the Treasury. As a starting point, the education office will employ existing financial literacy resources as well as develop Internet-based informational materials and courses in partnership with Massachusetts educational institutions. Interactive tools can help consumers assess their financial situation and plan strategies. Steve will work collaboratively with non-profit and other community institutions as well as labor unions to ensure the broadest possible distribution of these much-needed educational tools.

Taking education and empowerment to a higher level will require the formation of public-private task forces or partnerships, as recommended by the Asset Development Commission. Steve will explore opening one-to-one counseling centers, an “800” number for telephone consultation services, special programs aimed at building small- and mid-sized businesses in economically stressed sections of the state, and advocacy with the legislature and Congress.

In these times of tight resources, the government cannot afford this undertaking alone. Steve will take the lead in bringing together the institutions that can provide education and assistance to financially stressed Massachusetts citizens.