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Massachusetts might be falling behind other states when it comes to how much we know about our own finances.

In a new report on the state of Massachusetts financial literacy, Treasurer Deborah Goldberg and a special task force paint a troubling picture of citizens' ability to grasp their own finances. The report says seniors and many families, especially in immigrant and minority communities, lack access to and awareness of the banking and financial tools that they need to deal with debt, plan for retirement or college, or simply to save.

"A lack of financial education among adults is certainly a prime reason why people get suckered in into mortgages that that can't pay for, and any manner of any other schemes and scams," former Consumer Affairs undersecretary Barbara Anthony, who chaired the panel, said at a press conference Thursday.

Massachusetts is one of only 12 other states where financial education is not required for K-12 students.

The report outlines new recommendations for education and assessment for K-12 students and new projects the treasurer hopes will benefit college students and adults. Goldberg also hopes to better coordinate many of the existing public and private programs that are underused.

This gap in financial knowledge has consequences. The study reports that 65 percent of the state's graduates from 2014 left college with an average debt of $29,391, leaving Massachusetts ranked 11th in the country for average student debt.

Goldberg said Massachusetts has fallen behind other states when it comes to educating citizens about their own financial empowerment.

"Financial literacy to me is one of the essential skill bases that every individual in this state can benefit from," she said. "Not only benefit from, but I believe not creating access to these kinds of skills actually impedes being successful and thriving not just in Massachusetts but throughout our whole country."

Adults have little access to what they need to know about budgeting, banking, credit cards and consumer issues, the report says. First-generation immigrants, women, veterans and seniors are a particular focus of the report, where it says those communities could benefit from more volunteer-based help.

"The report concludes that many residents and families simply lack access to and awareness of the tools that they need to manage their money, plan for college, save for retirement, and make sound decisions for their future," the report's summary reads.

It's not just the kids, either. A shocking 63 percent of senior households in Massachusetts are considered "economically insecure" by the panel.

The panel looked into how much education it provided to K-12 students, college students and adults.

For K-12, the report recommends a testing system for students to determine how much they know about finances while in the state school system. They want public, private and nonprofit organizations to better work together and suggest adding incentives to programs to reach literacy goals.

In typical Beacon Hill-ese, the special committee behind the report wants to establish another advisory group to guide what new standards K-12 and college students should meet. For the college kids, it recommends more information geared toward affordability and loan forgiveness programs.