SALEM — “What type of car can I afford on an actuary’s salary?” “What’s an HMO?” “I had no idea my parents paid that much for cable TV!”
These were just a few of the comments from high school students navigating their future at the 14th annual Credit for Life Fair held last Thursday at Salem State University.
More than 1,100 North Shore high school juniors from 14 high schools attended the event, fully underwritten and organized by the Institution for Savings. They were joined by 150 community volunteers, including 50 IFS employees, Newburyport Mayor Sean Reardon, Amesbury Mayor Kassandra Gove, division of bank examiners, financial planners, realtors, non-profit leaders and more.
The Institution for Savings event is the largest of its kind in New England. High schools attending the event included Amesbury, Newburyport, Triton Regional, Pentucket Regional, Ipswich, Georgetown, Masconomet Regional, Hamilton-Wenham Regional, Salem, Swampscott, Beverly, Rockport and Gloucester high schools, as well as the Landmark School in Beverly.
Using the bank’s Credit for Life website (creditforlife.org), students created profiles on their mobile devices, then chose professions. Then using their assigned monthly “salaries,” along with a credit card and savings account, they visited 12 booths set up in the Rockett Arena and purchased everything they would need to live as 25-year-olds. Booths included housing, transportation, food and nutrition, education and training, health and wellness, panning for the future and more.
The goal of the event, according to Institution for Savings President and Chief Executive Officer Michael Jones, was to help local high school students develop personal budgeting skills that they will use throughout their lives.
“The greatest part of the morning was listening in to the students talk about their choices and decision-making,” said Jones, whose twin sons attended the event from Ipswich High School. “Seeing them trying to decide if they can afford to live on their own or need a roommate, or choosing a used Jeep over a lease is so gratifying to me because that is exactly what this event is geared to do: get them to start learning how to manage their money before they leave high school.”
Local community volunteers this year included Gove and Reardon, North Shore Chamber CEO Karen Andreas, The Salem Pantry’s executive director Robyn Burns, Greater Newburyport Chamber of Commerce President Nate Allard and more.
“The Credit for Life Fair is an amazing event to witness in person,” Reardon said. “Financial literacy is such an important skill that currently is not required for graduation in Massachusetts schools. Institution for Savings deserves a lot of credit for bringing hundreds of juniors from 14 different high schools to come and participate in this immersive real-world financial simulation.”
A group of financial planners from EP Wealth Advisor and The Sentinel Group were also on hand to advise the students, as were staffers from Salem State University. Kristin MacDonald from the office of State Sen. Bruce Tarr also volunteered as did Phil DeCologero and Madison Gonzalez from the office of State Auditor Diana DiZoglio.
DeCologero, who has volunteered at the fair several times, said he is “always amazed” at the planning by organizers, the enthusiasm of volunteers, and the seriousness of students.
“I wish I had access to this type of programming when I was in high school, and it’s clear the students who do get to participate understand the benefit of the resources they’re being exposed to. Thank you to Institution for Savings for devoting so much to helping so many,” DeCologero said.
Gove said the fair offers “incredible hands-on learning experience” for Amesbury students.
“In the absence of required standardized financial literacy in our school, they’re filling the gap. Our students beg us for real life education and opportunities for ‘adulting’ and this program checks all the boxes. Every student should experience Credit for Life,” Gove said, after the event.
A highlight of the morning was the Safety & Security Booth, staffed by police officers from eight North Shore communities.
Swampscott police Officer Brian Wilson brought Sora, the department’s comfort dog along as well. Officers talked with the students about important issues that keep young adults safe, such as texting and avoiding substance use while driving, having smoke detectors in living spaces and more. Students also took turns trying out impairment goggles which simulate levels of alcohol impairment to make them aware of how alcohol can adversely affect their vision and functions.
“The students learn so much, and have fun doing it,” Andreas said. “They talk about credit card debt, saving for emergencies, whether they should adopt a dog and afford the vet bills. It’s an outstanding learning experience.”