More than 1,100 North Shore high school juniors got a glimpse of their financial futures Thursday by assuming the role of 25-year-old adults budgeting their expenses.
The daylong exercise was a part of the Institution for Savings’ 15th annual Credit for Life Fair at the O’Keefe Sports Complex at Salem State University.
Participants came from 12 area high schools including Amesbury, Newburyport, Triton Regional, Pentucket Regional, Ipswich, Masconomet Regional, Salem, Swampscott, Beverly, Rockport and Gloucester high schools as well as the Landmark School in Beverly, organizers said.
At the start of the event, students set out to visit a variety of booths staffed by financial planners, state employees, business executives, bank and credit union employees and 125 community volunteers, to make decisions about how much or how little to spend on needs.
“I still have a phone, but I chose to get limited data, and at first I didn’t have internet or TV, but then I got a part-time job as a social media manager and was able to afford both,” said Triton Regional High School junior Lucia Stanely who chose the occupation of cosmetologist.
“[Working two jobs] is definitely something I would now consider in the future, especially because in this case I could work remotely from my apartment.”
In addition to booths covering different aspects of an independent 25-year-old’s expenses and needs, two bonus booths, money smarts, and safety and security, were also included.
Sylvie Tardif, a junior from Swampscott High who chose the occupation of marine biologist, said she learned how difficult budgeting essentials like transportation and housing could be.“I’m definitely going to have to be more financially organized in the future,” she said.
The safety and security booth, staffed by local public safety professionals, focused on important issues to keep young adults safe, such as texting and avoiding substance use while driving, having smoke detectors in living spaces and more.
It also included an opportunity for students to try on “fatal vision goggles” and try to walk in a straight line to simulate the inherent danger of driving under the influence.
The Credit for Life Fair is a collaboration among multiple Massachusetts banks that in addition to Institution for Saving includes Cape Cod 5, Rockland Trust, HarborOne Bank, BayCoast Bank, Country Bank, Westfield Bank, The Savings Bank, North Easton Savings Bank and Liberty Bank.
“There’s 28 states that have personal finance courses mandated in order for graduation,” Institution for Savings President and CEO Michael Jones said. “And Massachusetts is not one of them, even though we have some of the best education in the country.”
High school juniors were selected for the fair because many are just starting to do things like getting part-time jobs and paying bills, bank Senior Vice President of Marketing and Communications Mary Anne Clancy said.
“They’re at that age where they’re thinking about going into college or the world of work, and we want to make sure they’re ready when they go out into that world.”