BayCoast Insurance Participates in Engaging Program, Teaching Real World Financial Lessons to High School Students
Growing up, did you ever have a parent or adult tell you that money doesn’t grow on trees? Maybe you’ve used this phrase with your own kids to help them better understand the value of a dollar and the importance of carefully managing the money they earn – whether it be from an allowance for completing household chores or working a part-time job at the local grocery store.
Learning how to manage your earnings wisely is a beneficial skill that you’ll use throughout your entire lifetime. That’s why BayCoast Insurance is proud to participate in a unique financial literacy program that teaches high school students critical budgeting lessons designed for the real world.
That program is called Credit For Life.
Held at area high schools, students participating in Credit for Life fairs are given the opportunity to simulate life as a 25-year-old adult. They are assigned a career, salary, and credit score, with the goal of learning how to make smart spending decisions based on their assigned life situation. Students visit a variety of booths staffed by local community organizations and businesses, including BayCoast Insurance, where they must figure out how to purchase life’s basic necessities, such as housing, food, clothing, transportation, and healthcare while staying within budget. It is an engaging experience that helps students truly understand the cost of living so they are better equipped to make critical financial decisions as they enter adulthood.
BayCoast Insurance staff members volunteer their time at Credit for Life fairs by manning a booth, where they educate students on the importance of insurance, which helps to protect investments, such as a house or vehicle. BayCoast Insurance volunteers also educate students by defining key insurance terms, such as premium, policy, and deductible. Learning about these critical aspects of insurance today may help students make the right choices for their specific life situations in the future.
The results of Credit for Life fairs have been eye-opening.
“Students are still buzzing about the recent Credit for Life fair at our school,” said Meagan Tracey, Associate Principal of Early College Access at New Heights Charter School of Brockton. “Many students felt as though this was the first time they had any real grasp on what ‘adulting’ could look like for them. I know these money lessons will follow the kids in their lives. It is a joy to see the ripple effects of an event like this because positive change is always the outcome!”
Credit for Life is brought to our community by BayCoast Bank. The Bank’s Financial Literacy Education Officer and Fall River resident, Lucia Rebelo, oversees the program, which is expanding.
“Credit For Life is now available both online and in person, so it’s accessible to more schools than ever before,” said Rebelo.
If your school is interested in hosting a Credit for Life fair, please do not hesitate to email financialliteracy@baycoastbank.com for assistance.
