Students Balance Virtual Budgets
NORTH ADAMS Mass - Buy a cool car or save for the future? Choose between the latest fashions or health insurance? High school students from McCann Technical High School and Drury High School were challenged to balance the virtual budget of a 25-year old adult at a Credit for Life Fair at McCann Technical High School on Wednesday, October 8, 2008.The Credit for Life Fair was developed and administered by MountainOne Financial Partners, which includes: Hoosac Bank; Williamstown Savings Bank; South Coastal Bank; True North; and Coakley, Pierpan, Dolan & Collins. According to Stephen Crowe, MountainOne President and Chief Executive Officer, "as hometown financial organizations, we consider it our responsibility to help local folks of all ages become more financially savvy. The Credit for Life fair is yet another one of our programs focused on helping the younger generation make better and smarter financial decisions."
Prior to the Credit for Life fair, 200 seniors were asked to select a career they saw themselves in at the age of 25. This list of career choices was then turned over to MountainOne Financial Partners for the creation of personalized "virtual portfolios." The portfolio included a picture of what each student's financial future might look like, including salary, taxes and student loan payments.
During the three-hour event the students visited 14 booths to make purchase decisions. Staffed by local business and MountainOne associates, the booths included housing, transportation, clothing, education, insurance, health, savings, entertainment and many others. Students could also elect to find a second job, donate to charities and even seek credit counseling. And, because finances are never completely predictable, the students were required to draw a random card that brought them an unexpected twist, from an inheritance to a big medical expense. The staff at the "Fun, Fun, Fun" booth constantly tempted the students with impulse spending purchases "Throughout the process students were challenged to balance their budgets and it wasn't easy!" said Kathy Millard, principal of McCann Tech. "It was a real reality check for them, yet a lot of fun at the same time."
"The students left the fair with a greater appreciation of the challenges they will face in their financial futures," said Jean Sherman, chairperson of the event and Assistant Vice President at MountainOne. "We were pleased with the success of this first event and would like to thank all the people and businesses in the community for their assistance."
Jim Brosnan, superintendent of McCann Technical School, agreed with the successful characterization of the event. "This is an excellent program. Its unique interactive and self-reliant format challenged and engaged the students. They thoroughly enjoyed it. We are so pleased that MountainOne brought us this opportunity."
