A healthy economy depends on informed consumers, workers and voters. Lately, the dizzying array of products and services can lead to confusion, poor planning, and financial vulnerability. In order to, our investors benefit from The Midas Collaborative asset-protection programs, which enable them to…secure their assets against detrimental products and practices prevalent in the current consumer market.
We assist in asset protection by highlighting low cost, sustainable financial products available to Massachusetts residents. These include:
- Low cost savings accounts, offered by members of the Basic Banking Program of the Mass Community & Banking Council, a Midas partner,
- Affordable, sustainable mortgages, offered by banks across the state through the One Mortgage Program.
- Free life insurance offered to Midas constituents by Mass Mutual Insurance, a Midas partner,
- US Savings Bonds, promoted by CommonWealth, a Midas partner,
- Matched Savings Accounts, offered by Midas members throughout the state.
We assist in spreading the word/informing the community on issues related to high cost financial products and services through community partners, partners and the general public.
- Reducing the use of check cashing: Partnered with the Massachusetts Office of Consumer Affairs and Business Regulation on the "Bank on It" campaign to reduce the use of check cashers, with distribution of brochures in English and Spanish (PDF).
- Creating/developing consumer information for use across the state: Developed and distributed a Massachusetts-specific resource for consumers. Distributed over 56,000 copies of the publication "Staying Afloat: Managing Finances in a Changing Economy" across the state with 26 community-based partner organizations in English, Spanish, Portuguese, and Haitian Creole, with support from the Massachusetts Office of Housing and Community Development and the partnership of the Massachusetts Financial Education Collaborative.
- Delivering ongoing training of direct service providers through quarterly meetings and statewide trainings in market trends and industry practices.
- Hosting the Mass Saves website to keep the general public current on issues, topics, local workshops, and events.
Steering Committee members of the MassSaves Coalition during the 2009 Mass Financial Education Summit
While education is paramount, individuals can only manage that which is within their control. Midas works to promote an economic and financial marketplace that provides opportunities for all Massachusetts residents to save, transact, and invest safely. Our policy agenda reflects this commitment.