New report finds persistent housing pressures, wealth disparities, and limited access to financial education despite Massachusetts’ high median income
BOSTON — The Massachusetts Office of Economic Empowerment has released its 2026 Massachusetts Financial Wellbeing Scorecard, offering a detailed snapshot of the financial health of residents and highlighting ongoing challenges facing households across the Commonwealth.
The report, published by Treasurer Deborah B. Goldberg’s Office of Economic Empowerment (OEE), examines key indicators of economic wellbeing, including income, housing affordability, financial education, and access to wealth-building opportunities. Drawing on multiple surveys, research studies, and original data collected through an OEE-administered online survey, the Scorecard is intended to inform policymakers, community organizations, and advocates working to improve financial stability for Massachusetts residents.
While Massachusetts continues to rank as the state with the highest median household income in the nation, the report finds that economic prosperity remains unevenly distributed. Significant income gaps and disparities in wealth accumulation continue to affect residents across racial, ethnic, and gender lines.
“Our state is home to a lot of wealth, but our economy still isn’t working equally for everyone,” Treasurer Goldberg said in a statement announcing the report’s release. “This Scorecard highlights the challenges many residents face and our ongoing commitment to expand economic stability, opportunity, and security for people across Massachusetts.”
Among the report’s key findings is the growing burden of housing costs. According to data cited from Boston Indicators, nearly half of Massachusetts renters are considered cost-burdened, meaning they spend more than 30 percent of their income on housing expenses. Rising housing costs continue to place pressure on household budgets and limit opportunities for saving and long-term financial planning.
The Scorecard also highlights a widespread lack of access to financial education. Data from the National Financial Capability Study found that a majority of Massachusetts residents report having received little or no financial education, potentially limiting their ability to navigate major financial decisions involving savings, credit, debt management, and retirement planning.
The findings underscore the mission of the Office of Economic Empowerment, which Treasurer Goldberg established in 2015 to provide residents with tools and resources designed to improve financial literacy and economic opportunity.
“For over a decade, the Office of Economic Empowerment has provided tools and resources to help Massachusetts residents of all ages make informed financial decisions,” said Alayna Van Tassel, executive director of the Office of Economic Empowerment. “The Scorecard offers valuable insight into how we can best serve residents moving forward.”
Officials say the report is designed to serve as both a benchmark and a planning tool, helping stakeholders identify areas where targeted investments, policy changes, and educational initiatives could improve financial outcomes for individuals and families.
The release comes as state leaders continue to grapple with affordability concerns, particularly around housing, childcare, and the cost of living. While Massachusetts remains one of the nation’s strongest economic performers by several measures, the Scorecard suggests that many residents continue to face significant barriers to achieving long-term financial security.
The Office of Economic Empowerment plans to use the findings to guide future programming and partnerships aimed at strengthening financial wellbeing across the Commonwealth.
By providing a comprehensive picture of residents’ financial experiences, state officials hope the 2026 Massachusetts Financial Wellbeing Scorecard will help inform efforts to create a more equitable and financially resilient Massachusetts.
