2024
ANNUAL
REPORT
ECONOMIC EMPOWERMENT
TRUST FUND
 FY24 | Economic Empowerment Trust Fund
TABLE OF CONTENTS
ii. iii.
FY24 EETF Message from
Board Members Treasurer Goldberg
1. 2.
Financial Overview BabySteps
3.
Financial Education
i.
 FY24 EETF Board Members
Treasurer Deborah B. Goldberg Tom Moreau
Chair Assistant Secretary for Policy and
Planning
Barbara Anthony
Treasury Appointee Former Lieutenant Governor
Evelyn Murphy
Elizabeth Barajas-Román Treasury Appointee
Treasury Appointee
Todd Ostrowski
Roy Belson Commissioner of Elementary and
Treasury Appointee Secondary Education Designee
Senator Jamie Eldridge Michael Prisco
Senate President Appointee House Minority Leader
Bradley Jones Jr. Appointee
Jacqueline McPherson
Office of Economic Development Jerry Rubin *
Designee Treasury Appointee
Hamel Husbands Representative Daniel Ryan
Treasury Appointee Speaker of the House Appointee
Raichelle L. Kallery Former Mayor of Framingham
Senate Minority Leader Appointee Dr. Yvonne Spicer
Treasury Appointee
Dr. Ellen Kennedy
Treasury Appointee Emily Torres-Cullinane
Attorney General Designee
Britte McBride
Undersecretary of Consumer Affairs Representative Steven Ultrino
and Business Regulation Designee Speaker of the House Appointee
* Resigned on March 8, 2024
ii.
 FY24 | Economic Empowerment Trust Fund
MESSAGE FROM
TREASURER GOLDBERG
As Chair of the Economic Empowerment Trust Fund, and
pursuant to M.G.L Chapter 10 Section 35QQ, I am pleased
to file the Fiscal Year 2024 Annual Report, the ninth
released by our board.
As Chair of the Economic Empowerment Trust Fund, and pursuant to M.G.L Chapter 10
Section 35QQ, I am pleased to file the Fiscal Year 2024 Annual Report, the ninth released by
our board.
We are very excited to announce that the Office of Economic Empowerment will celebrate its
10 year anniversary next month. Our mission has never wavered in its commitment of
providing people with the skills and resources they need to achieve financial stability and
security in their lives.
Whether it is emphasizing the importance of financial education, expanding our BabySteps
Savings Plan, or recruiting Community Ambassadors to engage with people across the
Commonwealth, we are always ready, willing, and able to help our fellow Massachusetts
residents. Thanks to strategic collaborations with statewide partners, we will continue to
provide innovative solutions to address economic disparities and ensure that everyone can
pursue their goals.
Thank you for your continued support.
Sincerely,
Deborah B. Goldberg
Treasurer & Receiver General
Chair, Economic Empowerment Trust Fund
iii.
 FY24 | Economic Empowerment Trust Fund
FINANCIAL
OVERVIEW
FY2024 Financials
The Economic Empowerment Trust Fund (EETF) started the year with a balance total of
$1,063,943. A slate of donors awarded the Trust Fund with extensive funding in FY24, and the
EETF sincerely appreciates their generosity and support for its mission.
REVENUE
Sources of revenue included:
$620,000 in Legislative Appropriation Total Revenue
$90,000 in Corporate Donations $710,743
$743 in Interest Income
OPERATIONAL EXPENSES
Operational expenses included Comptroller Operational
chargebacks, website hosting, ads, and financial Expenses
services
$21,314
PROGRAM EXPENSES
Program expenses included:
$616,039 for BabySteps programs and grants Program
$37,771 for Women’s Empowerment programs Expenses
$19,776 for Community Ambassadors $678,624
$5,048 for Financial Wellness
BALANCE
Starting FY24 Balance * Ending FY24 Balance
$1,063,943 $1,074,749
* The starting balance of $1,063,943 for FY24 is $1,096 less than the ending balance of $1,065,039 in
the FY23 EETF Annual Report due to reconciliations conducted in early 2024. 1.
 FY24 | Economic Empowerment Trust Fund
BABYSTEPS
Overview
Since it launched in 2020, the BabySteps Savings Plan has helped families start saving for their
children’s future education, vocational training, and apprenticeship costs. The program provides
a free $50 seed deposit when families open a MEFA U.Fund 529 account within one year of their
children’s birth or adoption.
Funding
During FY24 Since the program launched
39,382 children have been enrolled in
A total of 11,892 BabySteps accounts
the program and received the $50 seed
were funded with the $50 seed deposit
deposit into their 529 savings account,
during FY24 for a total of $594,600
totaling $1,969,100.
Pilots
SNAP into BabySteps, a program which began in September of 2023, provides monthly
deposits to save for future educational goals for participants in both SNAP and the BabySteps
Savings Plan. A total of $24,970 was dispersed to 635 accounts.
The Lynn Grant, the initiative which funds Lynn organizations a total of $50,000 in the
development and execution of outreach strategies in order to increase enrollment in the
BabySteps Savings Plan, ran from the beginning of FY24 to April 2024.
By the end of the grant period, the four grantees
had increased enrollment in Lynn, and created
unique outreach strategies.
BabySteps Engagement
13,363 pieces of material (rack cards, posters, and booklets) ordered by
community organizations and state agencies.
37 presentations and informational meetings served to community
health centers, partner organizations, and families.
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 FY24 | Economic Empowerment Trust Fund
FINANCIAL
EDUCATION
Overview
OEE continues to adopt a hybrid approach to financial education, offering “just-in-
time” digital programming and connecting at in-person events in communities
across the state. With entirely new programs and updates to long-running ones,
more residents are sharpening their financial skills.
FinWell for State Employees & Retirees
The Office of Economic Empowerment was awarded a grant from the National
Association of State Treasurers (NAST)and Wells Fargo in 2022 for the FinWell
program.
This financial wellness program for state employees and retirees offers free access
to financial education through the digital platform, Enrich. The platform offers
articles, videos and self assessment quizzes to support state employees and
retirees in their financial goals and to empower individuals to make important
financial decisions. We continue to conduct in-person and on-line awareness
efforts to ensure state employees and retirees utilize the Enrich platform.
Highlights from this year are the videos we created to promote the platform and
the outreach event at the state house during Financial Literacy Month.
The FinWell grant ends in December 2024. The Office of Economic Empowerment
has secured a contract with Enrich and the financial education platform is now
available to every resident of Massachusetts.
FinWell Program Supporters & Funders:
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 FY24 | Economic Empowerment Trust Fund
FINANCIAL
EDUCATION
The Community Ambassadors Program
The Community Ambassadors Program is an initiative aimed at increasing the
number of Massachusetts residents who have a deep understanding of financial
foundations by creating a network of community spokespeople. These spokespeople,
chosen because of their own networks and existing commitment to the state and its
residents, help spread awareness of OEE's programs, increase engagement in key
focus areas, and further its mission of empowering all Massachusetts residents.
In FY2024, OEE concluded its programming for the 2023 cohort with a “Feedback
Forum” at the State House, featuring Treasurer Goldberg. This event allowed
Ambassadors to provide valuable input into OEE’s initiatives. In the spring, OEE
selected seven new Ambassadors representing nine communities: two in Boston, one
in Brockton, one covering New Bedford and Fall River, one covering Chelsea and
Revere, one in Worcester, and one in Lowell.
This cohort began its journey with comprehensive training in partnership with M&T
Bank, equipping the Ambassadors with a deep understanding of OEE’s programs,
resources, and community engagement strategies. The 2024 Ambassadors have since
connected with 220 businesses and organizations, hosted over 35 financial
workshops, participated in more than 40 tabling events, and delivered over 25
presentations on OEE programming. They have also begun enrolling families directly
into the BabySteps Savings Plan, further extending the reach of OEE's offerings.
Highlights from the Community Ambassador Program in 2024
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 FY24 | Economic Empowerment Trust Fund
FINANCIAL
EDUCATION
Money Talks
At the height of the COVID-19 pandemic, OEE 13+
hosted weekly Money Talk Tuesdays to provide hours
viewers with timely information about stimulus
payments, financial relief, and other updates during
an unstable economic period. Since then, OEE has 2,350
hosted these virtual workshops in a semi-regular interactions
27,007
cadence throughout the year.
views
In FY24, OEE will transitioned the Money Talk
Tuesday series to Instagram and Facebook Reels.
Experts and OEE staff provided viewers with
61
personal finance information in bite-sized, highly follows
shareable clips.
Money Talks Performance on Instagram in 2024
Operation Money Wise
For the seventh year, the Division of Banks
(Division) and the Treasurer’s Office of Economic
Empowerment (OEE) partnered to fund Operation
Money Wise, a grant to support financial
education initiatives for the financial literacy and
empowerment of members of the Military,
Veteran, Family, and Survivor Community (MVFSC).
The grants are funded through the Divisions’ Mortgage Loan Settlement Trust which
states that the Division may deploy settlement funds (penalties/fines derived from
mortgage servicing and foreclosure abuses) for purposes including education programs
to assist consumers in understanding financial transactions. This partnership showcases
how two offices within state government sharing an intersecting cause can work
together efficiently and effectively to mobilize resources and help Massachusetts
residents.
Applications were accepted from April 22 to May 31, 2024, resulting in grants totaling
$35,000 to seven organizations. Eligible recipients include Massachusetts non-profit
organizations, higher education institutions, and public agencies. Of the awarded
organizations, six were non-profit organizations, one was a Massachusetts institution of
higher education, and one was a Massachusetts public agency.
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 FY24 | Economic Empowerment Trust Fund
FINANCIAL
EDUCATION
Financial Education Fairs
The Financial Education Innovation Fund Grant is a funding opportunity for
Massachusetts public or charter high schools, districts, and special education
programs approved by the Massachusetts Department of Elementary and Secondary
Education (DESE) to deliver financial education fairs to high school students.
These fairs serve as fun and interactive events for students to improve their
knowledge about personal finance concepts. OEE manages this program in
partnership with the Massachusetts Division of Banks (DOB) and the Office of
Consumer Affairs and Business Regulation (OCABR).
During the 2023-2024 school year, 59 schools were awarded grants, totaling over
$223,548 awarded from the Innovation Fund. Among them were 15 schools hosting a
fair for the first time and 44 returning schools. Through targeted outreach to diverse
and underrepresented communities, this round saw an increase in seed funding for
special education schools and schools in Gateway Cities. For the first time in the
program’s history, schools with over 50% of a student population considered low-to-
moderate income, as designated by DESE, can receive an additional $500 in funding.
Students take part in a Credit for Life financial education fair at Andover High School.
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 FY24 | Economic Empowerment Trust Fund
FINANCIAL
EDUCATION
Worth & Wealth
The Worth & Wealth Seminars and its Spanish-speaking initiative, Valor y Dinero, are
a partnership between Citizens, the Office of Economic Empowerment, and Money
Map Coaching to deliver financial education workshops, coaching, and community for
Massachusetts residents. Workshops took place in the evenings over the course of
six months and covered topics including investing 101, negotiation strategies, the
gender wage gap, and saving for retirement. Participants gained access to opt-in one-
on-one financial coaching with our partner, Oriana Martinez Falkowski, an Accredited
Financial Counselor.
198 people joined at least one Worth & Wealth workshop. Participants joined from
nearly every county of Massachusetts, with the highest participation from Middlesex
County, Worcester County, and Suffolk County residents. Our team utilizes the
Consumer Financial Protection Bureau’s Financial Skills Scale In our post-survey
assessment of participants. In assessing those who participated in surveys, the
average financial skill score increased by 32.5% after participation in the program. Of
those who participated in the financial coaching program, 88.9% of respondents said
the session allowed them to set one or more financial goals for themselves.
Los seminarios me ayudaron a llevar con detalle mis ingresos y
gastos, a su vez a tomar mejores decisiones financiera en un futuro.
Translation: The seminars helped me keep track of my income and
expenses in detail, in turn making better financial decisions in the future
- Valor y Dinero participant
Thank you for putting together such a great, expansive program
that was accessible for all women!
- Worth & Wealth participant
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